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MiFID includes a number of exemptions, for firms carrying out commodities business, from the EU rules in that Directive and, as a consequence, from the application to those firms of the rules in the Capital Requirements Directive2. These exemptions are to be reviewed under Article 65 of MiFID and the issue of an appropriate prudential regime for such firms is also relevant to thatwork.
CEBS is asked to provide technical advice to assist the Commission services in carrying out the review, but is specifically not asked to make proposals on the elements that could constitute an appropriate prudential regime for these firms and this business.
CEBS is also asked to cooperate closely with CESR.
The deadline for the technical advice are 31 December 2006 and 30 April 2007.