The Council of the European Union has issued a corrigendum on 5 August 2026 correcting two linguistic errors in the French and Portuguese versions of Directive (EU) 2021/338, which amended EU rules on information requirements, product governance, and position limits for investment firms to aid COVID-19 recovery. The corrections replace the phrase "mois en cours" (current month) with "mois spot" (spot month) in recital 16 and in Article 1(10)(b), which concerns position limits under Article 57(3) of Directive 2014/65/EU for commodity derivatives settled physically or in cash. The change clarifies that the concept of spot month position limits does not apply to securitised derivatives. The corrigendum was issued under procedure 2(b) for obvious errors and has been transmitted to the European Parliament. Member States have eight days to submit observations to the Council's legal service.
The directive being corrected, Directive (EU) 2021/338, was adopted on 16 February 2021 as part of the EU's response to the COVID-19 pandemic. It amended the Markets in Financial Instruments Directive (MiFID II) to reduce administrative burdens on investment firms, particularly by simplifying information requirements and product governance rules, and by adjusting position limits for commodity derivatives. The original text, which entered into force in early 2021, aimed to support market recovery by easing compliance costs for smaller investment firms while maintaining investor protection. The current corrigendum is a technical follow-up to that legislation, addressing a terminology error that could have led to misinterpretation of the position limit regime in two language versions.
The correction affects the interpretation of position limits for commodity derivatives, a key element of MiFID II's market integrity framework. Position limits are designed to prevent market abuse and excessive speculation in commodity derivatives, and the distinction between "current month" and "spot month" is material: spot month limits apply to contracts nearing delivery, whereas current month could be read more broadly. The corrigendum ensures that the French and Portuguese texts align with the English version, which already used "spot month." This is a minor but necessary clarification for market participants and national regulators who rely on the official language versions for compliance.
Stakeholders impacted include investment firms trading commodity derivatives, which will benefit from clearer regulatory language and reduced risk of misinterpretation; national competent authorities, which enforce position limits and will apply the corrected terminology; and the European Securities and Markets Authority (ESMA), which oversees the consistent application of MiFID II across the EU. The correction imposes no new obligations or costs, as it merely aligns existing text with the intended meaning. However, it highlights the importance of linguistic accuracy in EU legislation, where translation errors can create legal uncertainty.
The corrigendum is a routine administrative step and does not alter the substance of the directive. It follows the standard procedure for correcting obvious errors in EU legal acts, requiring Member States to raise any objections within eight days. Once the observation period closes, the corrected versions will be published in the Official Journal of the European Union, becoming the authoritative texts. No further institutional action is expected, as the European Parliament has already been informed of the correction.