1. The provisions of this Part shall not apply to commodity and emission allowance dealers where all the following conditions are met:
(a) the other counterparty is a non-financial counterparty;
(b) both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures;
(c) the transaction can be assessed as reducing risks directly relating to the commercial activity or treasury financing activity of the non-financial counterparty or of that group.
2. Investment firms shall notify the competent authority before using the exemption referred to in paragraph 1.