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You are viewing the version of the document as on 2022-02-28.

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MIFIDPRU 5.11 Exemption for commodity and emission allowance dealers

MIFIDPRU 5.11.1R

1A commodity and emission allowance dealer is not required to comply with MIFIDPRU 5.2 to 5.10 where all of the following conditions are met:

  1. (1)

    the other counterparty is a non-financial counterparty;

  2. (2)

    both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures;

  3. (3)

    the transaction can be assessed as reducing risks directly relating to the commercial activity or treasury financing activity of the non-financial counterparty or of that group; and

  4. (4)

    the firm complies with MIFIDPRU 5.11.2R.

MIFIDPRU 5.11.2R
  1. (1)

    1Before relying on the exemption in MIFIDPRU 5.11.1R, a firm must notify the FCA.

  2. (2)

    A firm must notify the FCA annually thereafter in order to continue to rely on the exemption in MIFIDPRU 5.11.1R.

  3. (3)

    The notification must explain how the firm expects to meet or continue to meet the conditions in MIFIDPRU 5.11.1R.

  4. (4)

    If there is a material change to the information provided in (1) or (2), a firm must notify the FCA without delay.

  5. (5)

    The notifications in (1), (2) and (4) must be made using the form in MIFIDPRU 5 Annex 2R, and must be submitted using the online notification and application system.