1. The provisions of this Part shall not apply to commodity and emission allowance dealers where all the following conditions are met:
(a)
the other counterparty is a non‐financial counterparty;
(b)
both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures;
(c)
the transaction can be assessed as reducing risks directly relating to the commercial activity or treasury financing activity of the non‐financial counterparty or of that group.
2. Investment firms shall notify the competent authority before using the exemption referred to in paragraph 1.
PART FIVE
LIQUIDITY