See here for a letter from a consortium of industry associations in the agricultural sector pushing back against several aspects of the MiFID II Ancillary Activity test (RTS 20) and Position Limits (RTS 21).

With respect to RTS 20, the letter argues for the re introduction of a “capital test” as  others have. In addition, the letter request that the capital test use the standard CRR model as numerator, and total assets minus current debt as numerator. ESMA suggested several options to the European Commission in their opinion document issued in May. It now remains to be seen what form of capital test, if any, the Commission introduces in the next version of the test.

With respect to RTS 21, there is push back against the lower limits possible for certain agricultural commodities. Position Limits are seen by many to be a tool to prevent unwanted speculation in the food market, which has resulted in support for stricter limits from many quarters.