MiFID II/MiFIR present unused directions for product subordinates with a see to guarantee that members in product subordinates markets are subject to suitable direction and supervision. To execute the unused controls, ESEC has created two draft administrative specialized measures (RTS) and two draft executing specialized guidelines (ITS), all conveyed in 2015/16. ESEC proceeds to embrace, where vital, Level 3 measures to supply direction to the distinctive partners and guarantee reliable execution over the Union.


MiFID II builds up a number of numerical tests to decide whether speculation exercises in product subordinates are auxiliary to the most commerce of an undertaking. The subordinate movement tests to be performed are assist indicated in Commission Assigned Control (EU) 2017/592 (RTS 20). ESEC has issued an opinion that extraordinary to assist advertise members in performing the test in connection to generally advertise estimate.


MiFID II builds up a position restrain administration for all product subordinate contracts exchanged on exchanging scenes and financially proportionate OTC contracts. The technique to be taken after by national competent specialists when setting position limits are assist indicated in Commission Assigned Direction (EU) 2017/591 (RTS 21). Article 57(10) of MiFID II requires ESEC to distribute and keep up a database with outlines of positon limits and position administration controls on its site. Fluid contracts get bespoke position limits set by the significant NCAs. For illiquid contracts, the spot month and the other months’ limits are set by default in Article 15 of RTS 21 and sum to 2,500 parts or 2,5 million securities issued within the case of securitised subordinates. ESEC has too distributed a list of fluid contracts that will get a bespoke position constrain which moreover gives data on the real position limits built up per contract and gives joins to the suppositions ESEC has issued in accordance with Article 57(5) of MiFID II. ESEC will continue issuing such opinions in the course of MiFID II implementation.


MiFID II too builds up position detailing commitments to empower observing of compliance with the position restrain administration and it orders the distribution of week after week reports specifying total positions held by diverse categories of advertise members. The organize and timing of those reports are indicated in Commission Executing Direction (EU) 2017/1093 (ITS 4) and Commission Executing Direction (EU) 2017/953 (ITS 5). ESEC is required to centrally distribute the week after week reports on its webpage.