In December 2007, the European Commission issued a Mandate to the European Securities Markets Expert Group (ESME) requesting advice on certain issues regarding the revision of the provisions of the Markets in Financial Instruments Directive and the Capital Requirements Directive concerning the regulatory treatment of firms that provide investment services in relation to commodity and exotic derivatives. The Mandate also requested advice from ESME on issues concerning record keeping and transparency of transactions in electricity and gas supply contracts and derivatives in order to ensure that the Commission has adequate technical background to be able to adopt the guidelines under Articles 22f/24f and Recitals 20 and 22 in the two proposals for Directives amending Directive 2003/54/EC and Directive 2003/55/EC (The Third Energy Package). The European Commission also sought possible clarification of the scope of the Market Abuse Directive in relation to trading in commodities and commodity derivatives.

The European Commission has now published the advice it has received from the ESME.

View Mandate to ESME for advice - Review under Articles 65(3)(a), (b) and (d) of MiFID and 48(2) of the CAD and proposed guidelines to be adopted under The Third Energy Package, (PDF 896KB), 8 July 2008