ESMA · ESMA_QA_1317 Answer Published
Scope of the ancillary activity test
- Regulation
- Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
- Topic
- Ancillary activity
- Submitted
- 2022-09-23
- Answered
- 2022-09-23
Question
Is a third-country firm (or a third-country subsidiary of an EU firm) dealing on an EU trading venue in commodity derivatives or emission allowances or derivatives thereof in scope of the Ancillary Activity test as per CDR 2021/1833?
Answer
[ESMA 70-872942901-36 Commodity derivatives, Ancillary activity, Q&A 14] No. A third-country firm (or a third-country subsidiary of an EU firm) dealing on an EU trading venue in commodity derivatives or emission allowances or derivatives thereof is not in scope of the ancillary activity test as per CDR 2021/1833. Consequently, such third-country firm (or third-country subsidiary of an EU firm) does not have to notify any EU competent authority or ESMA that it makes use of the ancillary activity exemption.
This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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