NGOs: Not enough done to regulate commodities

Two Swiss non-governmental organisations have accused the government of being “obstinate” in not taking effective action to regulate the commodities sector, after it announced that “real progress” had been made on the issue. The cabinet approved on Wednesday a status report for the implementation of recommendations made in March 2013, to regulate the commodities industry. It referred to stricter rules that were issued in the area of derivatives trading and anti-money laundering. The government’s interest “to promote transparency with regard to payments made by commodity companies to governments” and its support of the Extractive Industries Transparency Inititative (EITI) were also included. The organisations Swissaid and the Berne Declaration demanded that more rigorous regulations be introduced in the sector, particularly through the introduction of a law allowing for greater transparency in payments made to governments in commodities transactions. In June, parliament adopted the Financial Market Infrastructure Act on over-the-counter derivatives trading, to align Swiss regulations to those in the United States and Europe, but which traders agree applies more to countries with mercantile exchanges, which is not the case in Switzerland. The EITI initiative brings together representatives of governments, the extractive industry and civil society, to enforce greater transparency by demanding … continue reading

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Source: CTRM Center

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