ESMA expressed the view that "the execution of orders in financial instruments between two non-financials directly and without any further intermediation by third parties as ancillary activity is not covered by the term 'dealing on own account when executing client orders' and would therefore not prevent the persons concerned from using the exemptions under paragraphs (d) and (j) of Article 2(1) MiFID II."

 

See more on MiFID II exemptions:

 

1. dealing on own account (Article 2(1)(d)),

 

2. ancillary activity (derivatives trader exemption - Article 2(1)(j)).