Q&A · ESMA
Criteria privileged transactions exemption
Answered
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Liquidity provision transactions are 'privileged transactions' excluded from the ancillary-activity calculation under Article 2(4)(c) MiFID II where the obligation to provide liquidity is imposed by a regulator under EU or national law or by a trading venue; only the transactions under the programme are excluded, not the liquidity provider itself.
Details
| Reference | ESMA_QA_1289 |
|---|---|
| Issuer | ESMA |
| Published | 23 Sept 2022 |
| Answered | 23 Sept 2022 |
| Submitted | 23 Sept 2022 |
| ESMA topics | Ancillary activity |
| Earlier Q&A document | ESMA70-87294901-36 Commodity derivatives, Ancillary activitiy, Q&A 8 |
Provisions it relates to
- Article 2 MiFID II · ExemptionsExplicit reference · 90%
- MiFID II (whole act)Explicit reference