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 2024 Work Plan

We will focus on maintaining CMCE as a key stakeholder in the aftermath of the EU and the UK elections in 2024 and emphasize the importance of an alignment of the essential elements of the regulatory regimes in both regions.

The CMCE’s activities will include continuing ongoing initiatives. We will be informing the policy debate around the regulation of global commodity markets ensuring a healthy regulatory environment. We will keep analysing and addressing issues arising due to a continued challenging geopolitical development in Europe and the policy responses to the past years energy crisis. We will focus on raising awareness of the essential role that global commodity derivatives markets play in the real economy, articulating the benefits for European businesses and citizens and emphasizing the importance of these markets in the transition to a sustainable economy.

CMCE’s priorities for 2024 include:

European Union:

• Active monitoring and engagement on the ongoing discussions on EU energy measures (considerations about prudential regulation)
• Contributing to the so far successful discussion about the EU EMIR, e.g. in relation to the review of clearing thresholds calculation methodology, transparency of margining models, accession criteria, intragroup reporting exemption removal
• Active monitoring of the ongoing discussion about the EU Benchmarks Regulation (focus on Annex II, third country regime, designation process)
• Contributing to the upcoming discussion about the EU MiFID review in relation to the commodity markets elements (following up on the latest MiFIR/MiFID reviews)
• Monitoring the developments related to the transition to a sustainable economy (related to the taxonomy, non-financial reporting, due diligence etc.)

United Kingdom:

• Contributing to the discussion about the future regulatory framework for the wholesale markets (UK MiFID – ancillary activity exemption (qualitative/quantitative, nature of the instrument), TV regime, OMP/EMP, position management etc.)
• Contributing to the discussion on the review of the UK EMIR framework
• Contributing to the discussion on the Overseas person regime and monitoring any changes to the regime
• Monitoring the developments related to the transition to a sustainable economy