Esma criticises European Commission plans for regulating NFCs
Authority says ‘main business test’ is better than ‘capital-based’ approach
The European Securities and Markets Authority (Esma) has publicly disagreed with the European Commission over its latest proposals to regulate "ancillary activities", essentially meaning derivatives transactions carried out by non-financial corporations (NFCs).
The commission had called for Esma to resubmit a draft regulatory technical standard (RTS) for its second Markets in Financial Instruments Directive (MiFID II), Esma said in a statement on May 30.
Esma initially submitted a draft of RTS
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