CMCE’s advocacy and lobbying activities are directed by its membership and focused on the regulation of commodity derivative markets and participants in these markets. Within this regulation CMCE has prioritised (a) requirements for non-financial counterparties entering into over-the-counter (OTC) derivative contracts, (b) the extension of market abuse rules to spot commodity and commodity derivative transactions, (c) changes to the main regulatory regime for securities and derivatives markets, (d) regulation applicable to commodity benchmarks, (e) regulatory capital rules applicable to commercial market participants, and (f) the implication for commodities trading markets of the United Kingdom’s exit from the European Union.
CMC Europe 2021 Work Plan
The CMCE looks ahead to a dynamic legislative and regulatory agenda in 2021. The CMCE’s activities will include continuing ongoing initiatives, adapting to new developments post-Brexit and post-COVID-19 as well as informing the policy debate around the regulation of global commodity markets. CMCE’s priorities for 2021 include:
- Contributing to the implementation of the ‘quick-fix’ revision of the MiFID II/MiFIR framework for commodity derivatives, and the broader upcoming review of MiFID II/MiFIR.
- The forthcoming review of the EU Benchmarks Regulation.
- Adapting to a post-Brexit commodity trading landscape and contributing to the development of the UK’s emerging regulatory framework for commodity derivative markets.
- Responding to the ramifications of the COVID-19 pandemic.
- Contributing to a possible review of the EU market abuse regime.
- Implementation of the reporting, clearing and collateral requirements for OTC derivatives.
- Implementation of the SFTR reporting requirements.
- Feeding into the policy process and raising awareness of essential role that commodity derivative markets play in the global economy.