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SPVs in Ireland: 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.}} | 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.}} | ||
All very tedious, but what is going on here is exactly as presaged above: if you are just a regular joe, and you aren’t making markets, using algos, executing client orders, or directly accessing a regulated market, you aren’t required to be authorised under MiFID 2 ... ''unless | All very tedious, but what is going on here is exactly as presaged above: if you are just a regular joe, and you aren’t making markets, using algos, executing client orders, or directly accessing a regulated market, you aren’t required to be authorised under MiFID 2 ... ''unless you’re transacting in [[commodity derivatives]] or emission allowances''. | ||
Like, ''what''? we have gone from commodities being ''out of scope'' from MiFID altogether, to being ''in scope'' for MiFID 2, even when normal MiFID instruments aren’t. That ''cannot'' have been what the regulators intended. Can it? | Like, ''what''? we have gone from commodities being ''out of scope'' from MiFID altogether, to being ''in scope'' for [[MiFID 2]], even when normal MiFID instruments aren’t. That ''cannot'' have been what the regulators intended. Can it? | ||
To see we have to continue down the laundry list of exemptions. The next one that might help is Article {{mifid2prov|1(j)}}: | To see we have to continue down the laundry list of exemptions. The next one that might help is Article {{mifid2prov|1(j)}}: | ||
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:(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; <br> | ||
provided that: | 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 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 - MiFID Directive Provision|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]], | ||
:—those persons do not apply a high-frequency algorithmic trading technique; and | :—those persons do not apply a high-frequency algorithmic trading technique; and | ||
: | :—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;}} | ||
{{sa}} | {{sa}} | ||
*[[ICAV]] | *[[ICAV]] | ||