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prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 5 Mar 2024 [Answer Published]","attribution":{"prepared_by":"European Commission","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2024-03-05","question_submitted_on":"2023-05-11","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_900, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_900, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/900","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-900-mifid-ii-q-a-on-the-ancillary-activity-exemption.md","body_sha256":"b9c56e7e60aa547cf42d6531547dafe3a3327388c983b4064f0ff654b869631b"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 900 — Q&A — MiFID II Q&A on the Ancillary Activity Exemption [Answer Published]\"\nshortTitle: \"ESMA Q&A 900 — Q&A — MiFID II Q&A on the Ancillary Activity Exemption [Answer Published]\"\nanswer_id: ESMA_QA_900\ntopic: \"Ancillary activity\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II\"\ndate: 11 May 2023\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/900\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 11 May 2023\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/900\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"European Commission\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"Answer provided by the European Commission\"\n    locator: \"ESMA Q&A entry ESMA_QA_900, first line of the answer field\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2024-03-05\"\n  question_submitted_on: \"2023-05-11\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_900, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_900, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 5 Mar 2024 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 11 May 2023 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/900)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 900 — Q&A — MiFID II Q&A on the Ancillary Activity Exemption \\[Answer Published\\] |\n| **Prepared by** | European Commission |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_900 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 5 March 2024; question submitted 11 May 2023 |\n| **Legal basis** | MiFID II |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**MiFID II Q&A on the Ancillary Activity Exemption**\n\n### Question\n\nIs the ancillary activity exemption under Article 2(1)(j)(ii) of MiFID II available to persons whose main business is the execution of client orders in physically settled wholesale energy products traded on an organised trading facility (C6 carve-out products)?\n\n***\n\n### Answer\n\nAnswer provided by the European Commission in accordance with Article 16b(5) of the ESMA Regulation\n\nNo. The main business of a person seeking to operate under the ancillary activity exemption in accordance with Article 2(1)(j) of MiFID II must be a commercial activity based on, or involving, commodities. A person whose main business is the trading of C6 carve-out products is therefore not eligible to the ancillary activity exemption and cannot provide investment services in commodity derivatives, emission allowances or derivatives thereof to the clients of its main business without being authorised as an investment firm.\n\nThe answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/900)\n"}