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Mifid, Uncategorized

New version of RTS 20 adopted by Commission

The European Commission have just published the latest version of Regulatory Technical Standard 20, which specifies the “Ancillary Activity” test, that determines whether commodity and energy market participants must set up”regulated entities” under MiFID II. The document may be found here.

At first sight, the new version includes a “capital test” based on the standard CRR method, as outlined in ESMA’s opinion document in May.

Further analysis will follow.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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