MiFID II brings in some important changes to the applicability of financial regulation to Emissions Allowances under the ETS. In particular actual allowances are brought into scope with Annex I Section C11. There are also specific exemptions from MiFID for “Compliance Operators”.

The IETA have produced this useful info chart summarising many of the changes. It spans the exemptions, consequences and actions for all those trading commissions, whether spot or derivatives.