Brussels, 11/12/2006 (Agence Europe) - The European Commission has launched a call for evidence on the review of the regulatory framework concerning commodity and other so-called "exotic" derivatives businesses (for example: derivative contracts concerning climatic variables, freight tariffs or emissions authorisations). This review is required by directives 2004/39/EC on the financial instruments market (MiFID) and 2006/49/EC on capital adequacy and investment firms and credit institutions. At the end of April 2008, the Commission will present a specific report.
The "MiFID" directive excludes from its scope of application businesses whose main activity consists exclusively of the provision of investment services or activities in relation to commodity derivatives. The directive requires the Commission to report back on the measures which should be applied for the approval and monitoring of investment companies. Also being looked into is the possibility of creating a new category of investors whose exclusive activities involve the provision of services relative to derivative instruments linked to energy provision (electricity, coal, gas and oil). The consultation document can be consulted at the following address: http: //ec.europa.eu/internal_market/securities/isd/mifid_reports_fr.htm. (mb)