Information disclosure system

Non-financial entities

Notification form for ancillary activity exemption according to article 2/1/sub-paragraph j) of MIFID II1 - to be submitted upon request from the CMVM

To qualify for this exemption the notifier must meet the criteria set out in Article 2(1)(j) of MIFID II. This directive shall not apply to persons
(i) dealing on own account, including market makers, in commodity derivatives or emission allowances or derivatives thereof, excluding persons who deal on own account when executing client orders; or
(ii) providing investment services, other than dealing on own account, in commodity derivatives or emission allowances or derivatives thereof to the customers or suppliers of their main business;

provided that:
- for each of those cases individually and on an aggregate basis this is an ancillary activity to their main business, when considered on a group basis, and that main business is not the provision of investment services within the meaning of this Directive or banking activities under Directive 2013/36/EU, or acting as a market-maker in relation to commodity derivatives,
- those persons do not apply a high-frequency algorithmic trading technique; and
- those persons notify annually the relevant competent authority that they make use of this exemption and upon request report to the competent authority the basis on which they consider that their activity under points (i) and (ii) is ancillary to their main business.


* - Mandatory field

Asset Classes Threshold Result2 (%)
Metals * 4%
Oil and oil products* 3%
Coal* 10%
Gas* 3%
Power* 6%
Agricultural Products* 4%
Other commodities* 15%
Emission Allowences or derivatives thereoff* 20%

Calculation Threshold Result (%)
Size of the ancillary activity in relation to the total size of the trading activity * 10%

Estimated capital employed for carrying the out the ancillary activities in relation to the capital employed at the group level for carrying out the main business * 10%

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1Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU
2The fulfillment of the results is mandatory, when not applicable should be fulfilled with "0".
3Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business.