Preliminary report

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15 November 2021 | ESMA70-445-7 Preliminary report Emission Allowances and derivatives thereof ESMA 201-203 rue de Bercy CS 80910 75589 Paris Cedex 12 France Tel. +33 (0) 1 58 36 43 21 2 15 November 2021 ESMA 70-445-7 3 Table of Contents 1 Executive Summary ........................................ ........................................ .......................... 4 2 Introduction ........................................ ........................................ ....................................... 6 3 Carbon markets and the regulatory environment in securities supervision ....................... 8 Carbon markets under mifid II/MiFIR.

Section 3 presents the regulatory environment for the EU carbon market under financial regulations such as MiFID II/MiFIR, MAR and EMIR. Indeed, since 2018, emission allowances are financial instruments and hence subject to a series of requirements aiming at ensuring the transparency and the integrity of this market.

  Financial, Instruments, Financial instruments, Mifid, Mifid ii