24 July 2005

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Regulation of Derivatives

On 31 March 2005, the Committee of European Securities Regulators (CESR) and the US Commodity Futures Trading Commission (CFTC) published a communication requesting comments on a proposed work programme. CESR and CFTC propose to set up the Work Programme to facilitate the conduct and supervision of transatlantic derivatives business.

The Work Programme will assist in highlighting issues preventing such trading. CESR and CFTC's proposals underwent a consultation period, which expired in May 2005. The proposals received a number of responses during such consultation period from a range of respondents and, as a result, CESR and CFTC modified their proposals regarding the Work Programme. The modified proposals were published on 28 June 2005 when CESR and CFTC published their joint commitment to the Work Programme.

Under the terms of the Work Programme, a task force will be established. The task force will be drawn from and co-chaired by CESR and CFTC. The task force is charged with reviewing a broad range of issues relating to the transatlantic derivatives business including clarification of regulatory issues, simplification of access or recognition procedures and consultation on cross-border issues. The task force has also been given the role of refining and developing how best to execute the Working Programme in accordance with a proposed three year timetable, taking into account existing legislative frameworks.

The aims of the Work Programme include:

- developing a common template of core information that could be used to structure the provision of regulatory information in internet sites (either national or CESR/CFTC run sites);

- provision of a common template of core information concerning applicants for intermediary access or market recognition for use by CESR members and CFTC; and

- obtaining a better understanding of the level of customer and market protections currently within the ambit of the various regulatory regimes both in the EU and the US together with simplifying and enhancing reciprocity between the various recognition procedures.

For further information please contact Jason Harding on +44 (0)207 367 3138 or at jason.harding@cms-cmck.com or Stephen Hewett on +44 (0)207 367 2970 or at stephen.hewett@cms-cmck.com

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