ESMA · ESMA_QA_1524 Answer Published

C(10) category and ancillary activity calculations

Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
Topic
Ancillary activity
Submitted
2017-10-04
Answered
2017-10-04
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Question

How should various underlyings falling under the C(10) category be treated for the purpose of ancillary activity calculations?

Answer

[ESMA 70-872942901-36 Commodity derivatives Q&A, Q&A 3.11] The various commodity derivative underlyings within the scope of the C(10) category shall be treated consistently across all provisions concerning commodity derivatives in the MiFID II/MiFIR framework. Therefore, all those commodity derivative contracts with underlyings that are subject to the position limit regime as specified in Q&A 1277 should also be counting towards the ancillary activity test calculations. Other contracts within the C(10) scope should not be counted.
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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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