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On 29 September 2014, ESMA published a consultation paper (the Consultation Paper) seeking industry feedback for guidelines relating to certain commodity derivatives, namely those falling under C6 and C7 of Annex I of the Markets in Financial Instruments Directive (MiFID). One of the reasons for publication of the guidelines is to ensure consistent treatment of these contracts under the European Market Infrastructure Regulation (EMIR) which has been in force throughout the European Union (EU) since 12 August 2012. EMIR was implemented with the objective of increasing transparency and reducing risk in the European OTC derivatives markets. The obligations under EMIR include certain clearing, risk mitigation and reporting requirements for parties entering into OTC derivatives