Dealing on own account: Difference between revisions

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 Persons exempt under points (a), (i) or (j) of MiFID II Article {{mifid2prov|2(1)}} are not required to meet the conditions laid down in this point in order to be exempt.}}
 {{subtable|{{mifid2prov|2(1)(j)}} persons:
-:(i) dealing on own account, including market makers, in commodity derivatives or emission allowances or derivatives thereof, excluding persons who deal on own account when executing client orders; or
+:(i) dealing on own account, including market makers, in [[commodity derivatives]] or [[emission allowances]] or derivatives thereof, excluding persons who deal on own account when executing client orders; or
-:(ii) providing [[investment services]], other than dealing on own account, in commodity derivatives or emission allowances or derivatives thereof to the customers or suppliers of their main business; <br>
+:(ii) providing [[investment services]], other than dealing on own account, in [[commodity derivatives]] or emission allowances or derivatives thereof to the customers or suppliers of their main business;
 provided that:
-:—for each of those cases individually and on an aggregate basis this is an ancillary activity to their main business, when considered on a group basis, and that main business is not the provision of [[investment services]] within the meaning of this Directive or banking activities under Directive 2013/36/EU, or acting as a [[market-maker]] in relation to [[commodity derivatives]],
+:— for each of those cases individually and on an aggregate basis, the activity is ancillary to their main business, when considered on a group basis,
-:—those persons do not apply a high-frequency algorithmic trading technique; and
+:— those persons are not part of a group the main business of which is the provision of investment services within the meaning of this Directive, the performance of any activity listed in Annex I to Directive 2013/36/EU, or acting as a market maker for commodity derivatives,
-:—those persons notify annually the relevant competent authority that they make use of this exemption and upon request report to the competent authority the basis on which they consider that their activity under points (i) and (ii) is ancillary to their main business;}}
+:— those persons do not apply a high-frequency algorithmic trading technique, and
+:— those persons report upon request to the competent authority the basis on which they have assessed that their activity under points (i) and (ii) is ancillary to their main business}}
 {{subtable|'''The [[de minimis threshold test]]''' <ref>Art 2(1)(a) of MiFID 2 RTS 20 at https://eur-lex.europa.eu/legal-content/en/TXT/?uri=CELEX%3A32021R1833</ref><br>
 (1). The activities of persons referred to in Article 1 shall be considered to be ancillary to the main business at group level where they comply with any of the following conditions: