UK:
Deadline For Notifying Exemption From MiFID II Approaches
16 November 2017
Clyde & Co
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In July the FCA opened its MiFID II ancillary exemption
notification portal. Commodity firms that are confident they can
rely on the ancillary exemption are now able to make a declaration
to that effect. Those firms which are yet to determine whether the
ancillary exemption applies to them will be mindful of the fast
approaching 3 January 2018 deadline. This article aims to provide
guidance by setting out the relevant tests and giving examples of
the ways commodity firms can ensure they are able to evidence
compliance.
What is the ancillary exemption?
The ancillary exemption is designed to cover commercial users
and producers of commodities whose speculative trading in commodity
derivatives and emissions allowances is ancillary to their main
business.
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here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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