Three industry organizations published a white paper requesting a delay in the possible application of onerous capital and other requirements to commodity dealers that may be required to be licensed by national authorities in Europe for the first time in January 2017. This possible requirement is apparently triggered by the impending effective date of the Markets in Financial Instruments Directive II. The three industry organizations are FIA Europe, the International Swaps and Derivatives Association and the European Federation of Energy Traders. The organizations specifically asked for an extension until 2020 for two current principal exemptions for commodity dealers under the European Capital Requirements Regulation. These relate to capital requirements generally and reporting, risk mitigation and possible additional capital requirements when exposure to a counterparty exceeds 10 percent of a firm’s capital.