Regulatory Alerts2021-07-14
Added · Updated
Commission Delegated Regulation (EU) 2021/1833 specifying criteria for ancillary activities at group level
The European Commission establishes three alternative tests to determine when trading in commodity derivatives and emission allowances is ancillary to a group's main business under Directive 2014/65/EU. The De-Minimis Threshold Test exempts activities with a net outstanding notional exposure below EUR 3 billion, while the Trading Test and Capital Employed Test require that such activities account for 50% or less of the group's total trading or capital employed, respectively. These criteria apply to groups comprising parent and subsidiary undertakings in the Union and third countries, replacing the previous Overall Market Test.
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