Developments in market structures
The EACT hopes that the European Commission will be mindful of the content of the proposed derivatives regulation, EMIR, currently being discussed in the co-decision process, and the approach proposed therein for non financial end users whose use of derivatives is for mitigating commercial risk.

Investor protection and provision of investment services
Certain of the proposals relate to additional protections around the arrangements for retail investors. The EACT is not able to comment on behalf of individual retail investors but since some companies may have opted to be classified as retail investors in order to benefit from additional protections, EACT do feel it appropriate to comment in respect of that type of corporate customer. Many companies will be within the professional or eligible categories. 

Further convergence of the regulatory framework and of supervisory practices
On the retention period, EACT would prefer a five year period but it understands it could be too difficult to manage for the investment firms. For this reason, EACT agrees with the suggestion of the European Commission to have a mandatory retention period limited to three years with three exceptions in the following situations:
- Disputes or litigation concerning transactions between a client and an investment firm;
- Disputes or litigation between two investment firms; and
- Disputes or litigation between an investment firm and one of its traders involved in a transaction on own account.

In these situations, the retention period must be extended so long as the disputes or litigation have not been definitively solved.

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