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Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2022-09-23","question_submitted_on":"2022-09-23","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1546, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1546, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1546","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-1546-third-country-issues.md","body_sha256":"a0ead2343dfbef518107e4413aa4a7f1ea8e6c40a1173e1e61fe29e83d0ef3d9"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1546 — Q&A — Third country issues [Answer Published]\"\nshortTitle: \"ESMA Q&A 1546 — Q&A — Third country issues [Answer Published]\"\nanswer_id: ESMA_QA_1546\ntopic: \"Third country issues\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II\"\ndate: 23 September 2022\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1546\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 23 September 2022\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1546\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1546: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2022-09-23\"\n  question_submitted_on: \"2022-09-23\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1546, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1546, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 23 Sep 2022 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 23 September 2022 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1546)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1546 — Q&A — Third country issues \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1546 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 23 September 2022; question submitted 23 September 2022 |\n| **Legal basis** | MiFID II |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Third country issues**\n\n### Question\n\nShould economically equivalent contracts traded on a third-country venue be considered EEOTC for position limit and position reporting purposes under MiFID II?\n\n***\n\n### Answer\n\n\\[ESMA 70-872942901-36 Commodity derivatives Q&A, Q&A 6.1\\]\n\nWhether or not positions held in commodity derivatives contracts traded on third-country venues that are economically equivalent (EE) to contracts traded on an EU trading venue, are to be considered as EETOC for position limit and position reporting purposes under Article 58(2) of MiFID II depends on the characteristics of that third-country trading venue, as set out in ESMA Opinion 70-154-466 of 15 December 2017\\[1\\].\n\nMarket participants holding positions on third country venue contracts, that may be considered EEOTC under Article 58(2) of MiFID II and Article 6 of RTS 21 or considering trading such contracts, should contact their CA and make them aware of those contracts. The CA will then get in touch with the third-country venue with a request for further information. Based on the information provided, ESMA will determine whether the third-country trading venue meets the criteria set out in the ESMA Opinion. If so, the respective third-country venue will be listed in an Annex to the Opinion.\n\nWhere a third-country trading venue appears in the annex to the Opinion, EE contracts traded on that venue will not be considered EEOTC for position limit and position reporting purposes. EE contracts traded on any other third-country trading venue that does not appear in the Annex to the Opinion will be considered EEOTC.\n\nESMA is aware that it is important for market participants to have legal certainty as soon as possible on the treatment of their transactions in EE contracts on third-country trading venues for position limit and reporting purposes. Whilst ESMA cannot commit to any set timeline for the assessment of the information received through NCAs, all notifications will be processed as expediently as possible.\n\n\\[1\\] https://www.esma.europa.eu/sites/default/files/library/esma70-156-112\\_cdtf\\_opinion\\_eeotc\\_third\\_countries.pdf\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1546)\n"}