Mifid II RTS 20, which covers ancillary activities, is likely to be published in the coming weeks after a frustrating wait
Commodities firms were exempted from
trading rules under Mifid I when they took effect in late 2007
but they have been told that under Mifid II only firms that
engage in commodities trading as an "ancillary" activity to
their main business are eligible for an exemption to the
requirement of becoming a Mifid II investment firm.
What the firms don’t know,
however, is how the "ancillary exemption" is defined.
Clarification was expected at the time of
writing within weeks or months but many commodities firms,
particularly the small to mid-sized firms in limbo who may
qualify for the exemption, were until September in limbo.
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