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.