IOSCO Releases Report on Update to Survey on the Principles for the Regulation and Supervision of Commodity Derivatives Markets (Third Review)
December 3, 2018
On November 19, 2018, the International Organization of Securities Commissions (IOSCO)* released a report titled “Update to Survey on the Principles for the Regulation and Supervision of Commodity Derivatives Markets (Third Review)”.
*Note: IOSCO member organizations include the Ministry of Economy, Trade and Industry (METI), the Financial Services Agency (FSA), and the Ministry of Agriculture, Forestry and Fisheries (MAFF) of Japan, as well as the Commodity Futures Trading Commission (CFTC), the United States, and the Financial Conduct Authority, the United Kingdom.
In response to the statement agreed at the Seoul Summit Meeting in November 2010, in September 2011, the IOSCO formulated and released the Principles for the Regulation and Supervision of Commodity Derivatives Markets. In November 2011, the G20 leaders approved the principles at the G20 Cannes Summit Meeting. Following this, in 2012, in response to the Leaders Declaration at the G20 Los Cabos Summit Meeting, the IOSCO conducted the first survey on the current situations of its member countries in terms of compliance with the principles and, in October 2012, generated a report on the survey results. Furthermore, in 2013, in response to the Leaders Declaration at the G20 Saint Petersburg Summit Meeting, the IOSCO formulated the second report based on another survey and, in November 2014, submitted it to the G20 Brisbane Summit Meeting.
This time, the IOSCO formulated the report on the third survey and will submit it to the G20 leaders at the G20 Buenos Aires Summit Meeting to be held from November 30, 2018.
2. Summary of the survey results
As for the third survey, the IOSCO conducted a survey to find compliance efforts taken by the authorities in the IOSCO member countries and regions that have domestically been improved and enhanced involving the principles after the previous survey in 2014.
Based on the survey results, the report states that the respondent IOSCO member countries and regions were found to be mostly compliant with the principles, the same results as those in the previous survey, that even the member countries and regions that have not fully been compliant with the principles are striving to advance efforts for full compliance with the principles, and that even the member countries and regions that have fully been compliant with the principles, including Japan, are still striving to advance efforts for further improvement and enhancement of their compliance with the principles. Looking at Japan, the report states that it has already been fully and appropriately compliant with the principle as of the first survey.
For details of the third report, the principles and more information, visit the following websites:
- Media release by the IOSCO
- Update to Survey on the Principles for the Regulation and Supervision of Commodity Derivatives Market (Third Review)
- Text of the Principles for the Regulation and Supervision of Commodity Derivatives Markets
Division in Charge
Office of Director for Commodity Market, Commerce and Service Industry Policy Group