Financial and Energy Contracts: New Demands for the Regulation and Categorization of Contracts
Articolo
Data di Pubblicazione:
2017
Citazione:
Financial and Energy Contracts: New Demands for the Regulation and Categorization of Contracts / C. Ferrari. - In: THE ITALIAN LAW JOURNAL. - ISSN 2421-2156. - 3:2(2017), pp. 377-396.
Abstract:
According to recent European regulations, certain kinds of contracts, mostly derivatives
with an underlying energy product, risk being included, by virtue of the predominance
afforded to the financial aspects, within the realm of financial contracts and consequently
subject to the full extent of the legislation governing the latter. In other words, the systematic
conclusion of those kinds of contracts in the course of business becomes a regulated activity.
It therefore becomes a pressing matter to establish a criterion to distinguish between
financial and genuinely energy (only) contracts.
In this respect, the dividing line between the financial contracts group and the energy
contracts group may be their cause. Indeed, European Parliament and Council Directive
2014/65/EU of 15 May 2014 on markets in financial instruments (MiFID 2) identifies
energy financial instruments as such on the basis of elements within their governing
contracts that reasonably allow one to rule out that the transaction serves a commercial
purpose. In light of the current or forthcoming regulatory framework, it is, or will be,
possible to be exempted only as regards cases of real commercial purpose from the rigor
of the applicable rules on the professional provision of investment services to the public.
The energy subject matter of the contract, in and of itself, does not justify any such
exemption.
Tipologia IRIS:
01 - Articolo su periodico
Elenco autori:
C. Ferrari
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