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Minister for Finance (Deputy Michael Noonan)

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Snippet Contents:

Trading in commodity derivatives, including food commodity derivatives, forms part of the regulation of derivatives. Regulation of derivatives has been part of the Councils discussions since September 2010, when the Commission published its proposal for the European Market Infrastructure Regulation (EMIR) to regulate this market in the context of over-the-counter (OTC) trades. The G20 agreed at the 2009 Pittsburgh summit on the need to improve the transparency and oversight of less regulated markets – including derivatives markets - and to address the issue of excessive price volatility in commodity derivatives markets. In response to this, in October 2011 the European Commission published a revised MiFID proposal (‘MiFID II)’.
MiFID II is a much broader and a more ambitious package that deals with both OTC derivatives and exchange traded derivatives.
MiFID II consists of a Directive (MiFID) and a Regulation (MiFIR). The objective of MiFID II is to address some of the policy and regulatory issues that have emerged since MiFID I came into force in 2004. It aims to make financial markets more efficient, resilient and transparent, strengthen the protection of investors, mitigate systemic risk and protect against market abuse. The new framework will also increase the supervisory powers of regulators and provide clear operating rules for all trading activities.
EMIR and MiFID II are expected to result in a tighter regime for all derivatives, including food commodities, whether traded OTC or through exchanges. The measures are intended to keep pace with trends in derivatives trading, and in line with G20 commitments.
The Irish Presidency has prioritised this dossier and has continued the Council Working Party negotiations (at Attaché level) in an effort to secure a Council General Approach in order to begin negotiations with the European Parliament via trilogues.
The Central Bank of Ireland is the competent authority in this country for the purposes of derivatives legislation.