Published date: 10 August 2017

Opinion on position limits on RAPESEED contract (ESMA70-155-993)

I. Introduction and legal basis

1. On 2 June 2017, the European Securities and Markets Authority (“ESMA”) received a notification from the Autorité des Marchés Financiers (“AMF”) under Article 57(5) of Directive 2014/65/EU on markets in financial instruments (“MiFID II”) regarding the exact position limits the AMF intends to set for the RAPESEED commodity derivative contract in accordance with the methodology for calculation established in Commission Delegated Regulation (EU) 2017/591 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits in commodity derivatives (“RTS 21”) and taking into account the factors referred to in Article 57(3) of MiFID II.

2. ESMA’s competence to deliver an opinion is based on Article 57(5) of MiFID II. In accordance with Article 44(1) of Regulation (EU) 1095/2010 of the European Parliament and of the Council of 24 November 2010