FIA responded to the European Commission consultation on a draft Delegated Act setting out details regarding the ancillary activities exemption for commodity firms under MiFID II, which was amended by the MiFID quick fix earlier this year. In particular, the changes resulted in the deletion of the market share test and the introduction of a de-minimis threshold test.
On 26 February 2021, Directive (EU) 2021/338 to help the EU's economic recovery from the COVID-19 pandemic was published in the Official Journal of the EU (“MiFID II quick fix”). Regarding commodity markets, this included changes to the ancillary activities exemption and the position limits regime under MiFID II. The Directive entered into force on 27 February 2021 (the day following that of its publication in the OJ). Member states will be required to transpose the Directive into national law within nine months of that date and the measures will become applicable 12 months after the entry into force of the Directive. Further details on the recovery package can be found here.