ESMA updates Q&A on MiFID II AND MiFIR in relation to commodity derivatives topics

ESMA has updated its Q&As on MiFID II and MiFIR commodity derivatives topics.

An new answer has been published on the ancillary activity test as it applies to third-country firms and subsidiaries, and the answer addressing the use of the ancillary activity exemption has been updated.

These changes were made to address market questions regarding the practical application of these issues.