On 26 May 2026, there was published a report from the European Commission (Commission) to the European Parliament and the Council on the Commission’s assessment of the markets for commodity derivatives, for emission allowances and for derivatives of emission allowances, pursuant to Article 90(5) of the Markets in Financial Instruments Directive II (MiFID II).
Per Article 90(5) of MiFID II, the report assesses, among other things, the position limit and position management controls regimes relying on data provided by Member State competent authorities to ESMA in accordance with Article 57(5) and (10) of MiFID II and the elements referred to in the second and third subparagraphs of Article 2(4) of MiFID II and the criteria for establishing when an activity is to be considered to be ancillary to the main business at group level pursuant to Commission Delegated Regulation (EU) 2021/1833. When putting the report together, the Commission requested input from the European Securities and Markets Authority, the European Banking Authority, and the Agency for the Cooperation of Energy Regulators. The Commission also consulted market participants.
In the report the Commission concludes that the analysis of market trends did not point to an urgent need to make substantive changes to the reviewed elements of the commodity derivatives framework, even though certain targeted amendments could be considered in the future.