Mifid II – Introducing a new regime of position reporting for commodities derivatives

EU Directive (EU) 2016/65 (MiFID II) limits the size of positions in commodity derivatives that persons can hold. The regulations also contain a requirement on monitoring and following up of these position limits. The provisions are supplemented by new, extensive reporting requirements regarding positions in commodity derivatives, emissions rights and derivatives thereof .

The requirement on position reporting is set out in Article 58 of MiFID II and Commission Implementing Regulation (EU) 2017/1093 and has been introduced into Swedish law through Chapter 15 of the Securities Market Act.

This act stipulates that trading venues and investment firms that deal in economically equivalent OTC contracts outside of market venues must report to Finansinspektionen on a daily basis as of 3 January 2018 a complete breakdown of the positions of commodities derivatives held by all persons and the clients thereof. To facilitate this reporting, FI will provide a reporting tool.

FI will regularly publish information on this page about the tool for the daily position reporting of commodity derivatives.

If your company intends to report positions in commodity derivatives to Finansinspektionen, please inform FI as quickly as possible by sending an email to rapportering@fi.se. Please specify "Position Reporting Article 58" in the Subject field.

Application to open an account for the production environment

Rapporteurs need to fill out an authorisation application form and submit it to FI in order to gain access to the production environment of the commodity derivative position reporting system (position reporting system). There are instructions available for each application form. Email scanned authorisation application forms to rapportering@fi.se. Send original application forms to Finansinspektionen, Box 7821, 103 97 Stockholm, Sweden.

Firms reporting their own positions in commodity derivatives

Firms intending to report their commodity derivative positions themselves should fill in the form, Position reporting of commodity derivatives – Authorisation application for access to the production environment.

NOTE: Only firms intending to submit position reports to FI from their own IT systems should fill in this form and submit it to FI. If another firm will report EEOTC positions on behalf of your firm, your firm does not need to submit an authorisation application to FI. The firm that will carry out the delegated reporting submits the authorisation application.

Delegated reporting - EEOTC

Firms intending to report their own EEOTC positions and/or those of a third party should use the form, Position reporting of commodity derivatives – Delegated reporting of EEOTC positions.

Once an account has been created in the system, the account information needed to connect to FI's SFTP server will be sent to the contact person specified in the form.

Log-in information

Log-in information is sent by certified mail to the contact person specified in the authorisation application. The letter also contains additional information needed to connect to the production environment of the position reporting system.

Connection

It is only possible to connect to the system using an FTP client that supports SFTP. NOTE: There is no online interface for position reporting of commodity derivatives.

The IP address to connect to the production environment and log-in information are sent by letter to Submitting Entities. See "Log-in information" above. Go towards Port 22. By connecting to Port 22, FI's server automatically encrypts the connection using a pre-installed certificate. When connecting, a window pops up asking if you trust the host key at FI. Click OK to accept the key and encrypt the channel.

The letter containing the log-in information also contains information about the folder structure on FI's SFTP server. Files to be sent to FI are placed in the Outgoing folder. Receipts are downloaded from the Incoming folder.

Technical specifications

The zip folder with technical specifications below contains the following files:

  • Commodity derivative position reports (xsd)
  • head.001.001.0 (xsd)
  • head.003.001.01 (xsd)
  • FCA Sample Current Version 1 (xml)
  • FCA Sample Current Version 2 (xml)

 Technical specifications - position reporting (zip)

 Commodity Position Reporting instructions

Planned service disruptions

FI occasionally needs to shut down the TRS 2 system for maintenance or to rectify problems or other disruptions.

Planned service disruptions occur

  • as needed, 5:00 pm–23:59 pm every Wednesday.

Responsibility of rapporteurs during service disruptions

When the TRS 2 system is closed, it is not possible to report transactions via the system. Persons responsible for reporting must ensure that the information is stored during the service disruption and submitted as soon as the system opens again.

During service disruptions, it is particularly important for persons responsible for reporting to ensure that all information has been reported.

Problems with TRS 2 are reported to rapportering@fi.se.

Notifications about service disruptions

Subscribe to updates related to reporting to FI. Check the box for "Reporting" under "Subscribe to fi.se" on the Subscribe page.

Test reporting

All firms intending to file position reports starting on 3 January are encouraged to have filed trial reports in the test environment of the position reporting system before reporting live.

Application to open an account for the test environment

Rapporteurs need to fill out an authorisation application form and submit it to FI in order to gain access to the test environment of the commodity derivative position reporting system. There are instructions available for each application form. Email scanned authorisation application forms to rapportering@fi.se. Send original application forms to Finansinspektionen, Box 7821, 103 97 Stockholm, Sweden.

Firms that intend to report their commodity derivative positions themselves should fill in the form, Authorisation Application Commodity Derivative Position Reporting TEST

NOTE: Only firms that intend to submit position reports to FI from their own IT systems should fill in this form and submit it to FI. If another firm will report EEOTC positions on behalf of your firm, your firm does not need to submit an authorisation application to FI. The firm that will carry out the delegated reporting submits the authorisation application.

Firms that intend to report their own EEOTC positions and/or those on behalf of a third party should use the form, Authorisation Application Commodity Derivative Position Reporting Delegated Reporting EEOTC, TEST

Once an account has been created in the system, the account information needed to connect to FI's SFTP server will be sent to the contact person specified on the form.

Last reviewed: 2017-10-16
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