Q&A · ESMA
Calculation of denominator
Answered
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The capital employed test for the ancillary-activity exemption in Article 5(4) of Delegated Regulation 2021/1833 uses the group's consolidated accounts (total assets minus short-term debt) and capital employed worldwide, not only in the EU.
Details
| Reference | ESMA_QA_1311 |
|---|---|
| Issuer | ESMA |
| Published | 23 Sept 2022 |
| Answered | 23 Sept 2022 |
| Submitted | 23 Sept 2022 |
| ESMA topics | Ancillary activity |
| Earlier Q&A document | ESMA70-872942901 Commodity derivatives, Ancillary services, Q&A 10 |
Provisions it relates to
- Article 2 MiFID II · ExemptionsInferred · 85%
- MiFID II (whole act)Explicit reference