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  1. Questions and Answers on MiFID II and MiFIR commodity derivatives topics (ESMA70-872942901-36) (updated 23 September 2022)
  2. 4 Position reporting [Last update: 23/09/2022]
  3. Question 6 At what level should Asset Managers aggregate positions? Is this to be done at group level or a lower level (e.g. fund/legal entity identifier etc.)? [Last update: 23/09/2022]
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Version date: 23 September 2022 - onwards
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Question 6 At what level should Asset Managers aggregate positions? Is this to be done at group level or a lower level (e.g. fund/legal entity identifier etc.)? [Last update: 23/09/2022]

Art. 58 of MiFID II

At what level should Asset Managers aggregate positions? Is this to be done at group level or a lower level (e.g. fund/legal entity identifier etc.)?

Answer 6

Under Article 4(2) of RTS 21a, as an exception to the general rule on calculating positions for legal entities within a group, the parent undertaking of a collective investment undertaking (CIU), or of the management company of a collective investment scheme, should not aggregate the positions in commodity derivatives in any collective investment undertaking where it does not in any way influence the investment decisions in respect of opening, holding or closing those positions. In that case, positions are to be reported at CIU/LEI level. Alternatively, if the parent undertaking influences investment decisions by the collective investment undertaking or by the management company of a collective investment undertaking, it should aggregate the positions held in the relevant collective investment scheme(s).

The

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