Answer 8

Article 2(4) fourth paragraph, letter (c) of MiFID II permits a number of transaction types to be classified as "privileged transactions" and thus to be set aside for the purposes of the ancillary activity calculations. Those transaction types include "transactions in commodity derivatives and emission allowances or derivatives thereof entered into to fulfil obligations to provide liquidity on a trading venue, where such obligations are required by regulatory authorities in accordance with Union law or with national laws, regulations and administrative provisions, or by trading venues". Therefore, Article 2(4)(c) of MiFID II establishes two alternatives of liquidity provision programmes that can be exempt from the ancillary activity calculations, one being based on requirements by regulatory

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