Ancillary to the main business at a group level - MiFID 2 Provision: Difference between revisions

For a start, “[[dealing on own account]]” when it comes to [[emissions allowances]] and [[commodity derivatives]] is a regulated [[investment service]], with, in Article {{mifid2prov|2(1)(j)}}, some exceptions, buried amongst which is that the activity is “ancillary to their main business, when considered on a group basis”. Something will be considered ancillary (assuming all no other other criteria are triggered: see [[dealing on own account]] about this as it will do your head in), if it passes the [[de minimis threshold test]], which looks at the “net outstanding notional exposure” in [[commodity derivatives]] for cash settlement or emission allowances or derivatives thereof for cash settlement.