Ancillary activity The EU directive 2014/65/EU of 15 May 2014 on markets in financial instruments, called MiFID II, is not intended to regulate commercial users and producers of commodities. Meaning farmers, exporters/importers, processors of salmon etc. Formally Article 2(1)(j) in MiFID II says the following. Here shortened for easy reading for companies in the value chain of salmon. Please see the full regulation for details: The directive does not apply to persons (Fish Pool only companies) .. who deal on own account… in commodity derivatives…… provided that ….this is an ancillary activity to their main business, when considered on a group basis…. , and those persons notify annually the relevant competent authority that they make use of this exemption and upon request report to the competent authority the basis on which they consider that their activity …. is ancillary to their main business. Every year, within March 31st , the Trade Members must inform their financial supervisory authority that your financial Fish Pool contracts are ancillary (an addition to your main activity). You are thus exempt from the need of further licence for using financial Fish Pool contracts. Please follow this link for more information about Ancillary activity and this link for an example of calculation, in case of need for documentation that your trading at Fish Pool is ancillary to your main activity. As Fish Pool at present trades low volumes compared to other commodities all companies have been very far below the limits set by EU. Total other commodities the latest 3 years have been app 1.300 billion EUR. Companies below 3% (app 40 bill EUR) will thus qualify according to the Ancillary calculations. Using 6 EUR/kg as salmon price, companies with more than 6 mill. tons in speculative Fish Pool contracts may thus be in breach. No companies are at present close to these volumes.