Brussels, 23/03/2016 (Agence Europe) - On Wednesday 23 March, the Council of the EU reached an agreement to extend, from the end of 2017 to the end of 2020, the exemptions to certain banking prudential rules for commodity dealers.
Under Regulation 575/2013 ('CRR') listing the prudential requirements applicable to credit establishments and investment companies, commodity dealers already have a derogation, until the end of 2017, to the prudential rules on major risks and own funds. The European Commission is to make proposals for a prudential regime specific to investment companies to be adopted in the meantime. As this work has seen some delays, commodity dealers would consequently be subjected to all of the prudential rules of the legislative package ('CRD-CRR') with effect from January 2018.
The member states note that the 'economic and monetary affairs' committee of the European Parliament returned a positive opinion in favour of the planned extension, at the beginning of March. (Original version in French by Mathieu Bion)