Scenario description
Assume that by the resolution date, the European Commission, ESMA, EBA, the European Parliament, the Council of the EU, or an EU national competent authority issues an official communication, consultation conclusion, guidance, draft measure, adopted measure, or equivalent regulatory action stating that EU-facing crypto perpetual futures are to be classified and supervised primarily as MiFID II financial-instrument derivatives under existing derivatives rules. The action applies to crypto perpetual futures offered by venues, intermediaries, crypto-asset service providers, decentralized or centralized trading platforms, or comparable EU-facing market participants. Any exact authorization route, transition period, client-category limitation, product exclusion, leverage condition, margin rule, or implementation date is only as stated in the official action and is not otherwise assumed.