Non-financial entities with direct electronic access can be exempt from the licence obligation. The condition for this is that these non-financial entities only execute transactions that reduce the risks of their commercial activities or of the management of their own cash or the cash of the groups to which they belong.
Emission rights are classified as financial instrument under MiFID II. Therefore, market participants who provide investment services in this field be required to have a licence. In addition a new platform has been will also be introduced, the Organised Trading Facility (OTF). Also the licence regime has changed for investment firms from outside the EU who wish to engage in activities within the EU will also change. Finally, a licence obligation has been introduced for a new group of companies: data reporting services providers.