Considerations on COM(2015)648 - Amendment of Regulation (EU) No 575/2013 as regards exemptions for commodity dealers - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
dossier | COM(2015)648 - Amendment of Regulation (EU) No 575/2013 as regards exemptions for commodity dealers. |
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document | COM(2015)648 |
date | June 8, 2016 |
(2) | Regulation (EU) No 575/2013 also requires the Commission to prepare, by 31 December 2015, a report on an appropriate regime for the prudential supervision of commodity dealers. Furthermore, that Regulation requires the Commission to prepare, by the same date, a report on an appropriate regime for the prudential supervision of investment firms in general. Where appropriate, those reports are to be followed by legislative proposals. |
(3) | A review of the prudential treatment of investment firms (‘investment firms review’), including commodity dealers, is currently underway but has not yet been completed. The finalisation of that review and the adoption of new legislation that may be required in light of that review will be concluded only after 31 December 2017. |
(4) | Under the existing regime, after 31 December 2017 commodity dealers will become subject to the requirements for large exposures and own funds requirements. This could force them to significantly increase the amount of own funds that they need to have in order to continue their activities and could therefore increase the related costs of performing such activities. |
(5) | A decision to apply the requirements for large exposures and own funds requirements to commodity dealers should not be arrived at as a result of a lapsed exemption. Instead, that decision should be a thoroughly reasoned one, based on conclusions of the investment firms review, and should be clearly expressed in legislation. |
(6) | It is therefore necessary to establish a new date until which the exemptions for commodity dealers should continue to apply. Regulation (EU) No 575/2013 should therefore be amended accordingly, |