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.

To view the full article please click 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.