lexiara

(c)

in paragraph 4, the first subparagraph is amended as follows: the introductory wording is replaced by the following: ‘Persons holding positions in a commodity derivative or in a derivative of emission allowance shall be classified by the investment firm or market operator operating that trading venue according to the nature of their main business, taking account of any applicable authorisation, as either:’; point (e) is replaced by the following: in the case of derivatives of emission allowances, operators with compliance obligations under Directive 2003/87/EC.’;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.