The Committee of European Securities Regulators (CESR) and the Committee of European Banking Supervisors (CEBS) are publishing today a consultation paper (CP 3L3 08 02) regarding the Joint Call for Technical Advice related to the review under Articles 65(3)(a), (b) and (d) of MiFID and Article 48(2) of the Capital Adequacy Directive (CAD III) issued by the European Commission in December 2007.
Following up on previous work, CESR and CEBS have been asked to give advice to the European Commission on certain issues concerning the regulatory treatment of firms that provide investment services in relation to commodity and exotic derivatives. In particular, the views of the Committees are sought on whether the MIFID and CAD treatment of this type of firm continues to support the intended aims of market and prudential regulation.
The public consultation aims to gather industry feedback on the conclusions drawn from the market and regulatory failure analyses, and on the options presented for a possible future regime for commodities derivatives markets, in particular, the impact the application of any of these options would have as well as further input on certain issues. All interested parties are invited to send their comments to email@example.com by 1 August 2008. Unless explicitly requested otherwise, all responses received will be published on the CEBS and CESR websites.
During the consultation period a public hearing will be organised on 7 July 2008 at CEBS’s premises in London.