To be precise it is necessary to mention that emission allowances are also explicitly named in another MiFID exemption – under point (i) of Article 2(1) which exempts persons who:


‘(i) deal on own account in financial instruments, excluding persons who deal on own account when executing client orders,

(ii) provide investment services, other than dealing on own account, exclusively for their parent undertakings, for their subsidiaries or for other subsidiaries of their parent undertakings, or

(iii) provide investment services, other than dealing on own account, in commodity derivatives or derivative contracts included in point (10) of Section C of Annex I or emission allowances or derivatives thereof to the clients of their main business,


provided that in all cases:


this is an ancillary activity to their main business, when considered on a consolidated or non-consolidated group basis, and that main business is not the provision of investment services within the meaning of this Directive or banking services under Directive 2006/48/EC or acting as a market-maker in relation to commodity derivatives,

they report annually to the relevant competent authority the basis on which they consider that their activity under points (i), (ii) and (iii) is ancillary to their main business.’


It appears that at least for certain market participants the exploitation of several separate exemptions will be necessary to continue operations under the new regime – that’s, however, nothing new on the ground of MiFID.