The European draft provides a narrower interpretation of exempt activities
By Penny Sanders, Director
Lawrence Graham & Co
If you are in the commodities or energy
business and benefit from an exemption from the Markets in
Financial Instruments Directive (MiFID) you should be aware of
the changes to be brought in by Mifid II which are
aimed at widening the net and bringing more firms within the
scope of regulation.
When will an activity be considered to be
ancillary to the main business?
If you are a commodities firm which deals
on own account or provides investment services in commodity
derivatives to clients of the main business, you are probably
currently exempt from the scope of MiFID I, provided
this is an ancillary activity to your main business (when
considered at group level). (Exemption A) (Art
2(1)(i) MiFID I).
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