Brussels (Platts)–17Jun2015/1236 pm EDT/1636 GMT EU financial authority ESMA is rethinking its two-pronged test to see if energy companies should be treated as financial firms and subject to financial rules, according to its chairman, Steven Maijoor. “You can expect to see some major refinements in the ESMA proposal compared to the text that went out for consultation” earlier this year, Maijoor told the European Parliament‘s economics committee Tuesday. ESMA is preparing detailed regulatory technical standards to implement the EU‘s updated markets in financial instruments legislation, known as MiFID II. These standards are to include the rules for deciding if a company’s commodity derivatives trading activities are large enough for it to be deemed a financial company. ESMA spokesman Reemt Seibel said Wednesday that ESMA was still considering “all options and all the arguments raised,” and would not give further details because the text is not yet finalized. ESMA was due to submit final regulatory technical standards to the European Commission by July 3 for approval to be made binding. This formal submission will be delayed until probably end-September, however, to give ESMA and the EC’s legal services time to ensure the text is in line with the primary MiFID II … continue reading
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Source: CTRM Center