Energy groups fight back on key Mifid II exemption

Industry groups push “sensibly higher” thresholds to escape grip of Mifid rules

The ancillary business exemption has become a key Mifid II battleground

An exemption for firms whose core business is not commodity trading has become a vital battleground for energy companies such as oil and gas producers and utilities, which are struggling to minimise the impact of Europe's Mifid II financial markets legislation.

Compared with the original Mifid, the law narrows the range of financial services regulation exemptions that are available to firms dealing in commodity derivatives. That has focused attention on the tight criteria contained in Mifid II's

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