Industry bodies urge caution over commodities rules

BRUSSELS – New rules for commodity derivatives businesses under the European Union's Capital Requirements Directive (CRD) and the Markets in Financial Instruments Directive (Mifid) must not become "inappropriate regulation", three major industry associations said in late June.

The associations penned the response for the European Commission, which had called for advice in 2006 on the introduction of new capital requirements and a new licensing regime that would be standard throughout the EU for firms that trade commodity derivatives. At the moment, some countries have some form of licensing and/or capital requirements, while others do not. Both the US and the UK have a fairly "light touch" regulatory regime for commodities businesses. Current EU rules include

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