- MiFID II ancillary activity exemption (capturing spot and emission allowances' derivatives). According to the said Report of November 2015, similarly, a cross-reference to MiFID II in the Anti-Money Laundering Directive will trigger a mandatory application of customer due diligence checks by MiFID-licensed carbon traders to their clients in the secondary spot market in emission allowances (the said Report observes, due diligence checks are already mandatory in the primary market and in the secondary market in emission allowances' derivatives). The prominent effect of the described regulatory U-turn is the professional intermediaries in spot emissions trading have to apply for the MiFID licence. New Information Required But for 14 elements of the package, the the European Commission is mandated to adopt rules directly, with ESMA providing advice only – the so-called delegated acts. Similarly, EEA Investment Firms that use the IB platform for their clients’ orders and have elected to transaction report through IBUK will have to use the same identifiers for their client orders. Transactions Executed - For the purposes of MiFIR Transaction Reporting, a transaction is the conclusion of an acquisition or disposal of one of the financial instruments covered by MiFIR. NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE OR EXHAUSTIVE GUIDANCE AND IT IS NOT A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF MiFIR TRANSACTION REPORTING OBLIGATIONS. ESMA Guidelines are subject to the ‘comply or explain’ process in Article 16 of the said Regulation 1095/2010 and are addressed to competent authorities or, as the case may be, market participants. (MiFIR) were approved by the European Parliament on 15 April 2014 and by the European Council on 13 May 2014. Margin Requirement on Leveraged ETF Products, China Connect Northbound Investor ID Model. The following RTS and delegated acts were published in the Official Journal of the European Union, L 87 on 31 March 2017 (all apply from 3 January 2018 except where noted): RTS 1 on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments – Article 19 will apply from 3 September 2018. IBUK will allow such transactions only from accounts held by entities that are non-financial entities using the account for trades in commodity derivatives that are intended to objectively reduce risk directly relating to their commercial activity in accordance with Art 57. 4. an option, future, swap, forward rate agreement or any other derivative contract relating to emission allowances is included as a derivative under Section C4 of the Annex I to the MiFID II when it may be settled physically or in cash. The following order details shall be transmitted in accordance with paragraph 1, insofar as pertinent to a given order: (a) the identification code of the financial instrument; (b) whether the order is for the acquisition or disposal of the financial instrument; (c) the price and quantity indicated in the order; (d) the designation and details of the client of the transmitting firm for the purposes of the order; (e) the designation and details of the decision maker for the client where the investment decision is made under a power of representation; (f) a designation to identify a short sale; (g) a designation to identify a person or algorithm responsible for the investment decision within the transmitting firm; (h) country of the branch of the investment firm supervising the person responsible for the investment decision and country of the investment firm's branch that received the order from the client or made an investment decision for a client in accordance with a discretionary mandate given to it by the client; (i) for an order in commodity derivatives, an indication whether the transaction is to reduce risk in an objectively measurable way in accordance with Article 57 of Directive 2014/65/EU; (j) the code identifying the transmitting firm.


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