EC sides with big energy companies in Mifid II spat

Commission urges Esma to restore ‘capital employed’ test desired by industry

european-commission2-0909
European Commission rejects draft rules that riled energy industry

The European Commission (EC) has come down on the side of large energy and commodities companies in a dispute over whether such firms should be covered by the new Markets in Financial Instruments Directive, or Mifid II, Risk.net has learned.

In a March 14 letter, a top EC official urged the Paris-based European Securities and Markets Authority (Esma) to overhaul a key section of its draft Mifid II rules, called the ‘ancillary business test’, that determines whether non-financial firms that trade

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: