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April 10, 2018

ESMA wrote a letter inviting EC to provide further guidance on how the ancillary activity criteria set out in Article 2(4) of the Markets in Financial Instruments Directive or MiFID II (Directive 2014/65/EU), and further specified in RTS 20, are to be interpreted and implemented—and more specifically at which level the ancillary tests should be performed. As set out in MiFID II, non-financial entities are eligible for the exemption from authorization as investment firm when their commodity derivative trading activity is ancillary to their main business.

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Keywords: Europe, EU, Securities, MiFID II, Ancillary Test, EC, ESMA

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