Securities regulators have largely adopted global regulatory principles for supervising commodity derivatives markets, a new report finds.

The International Organization of Securities Commissions (IOSC) Monday published its final report of a survey that looks at how market authorities are complying with IOSCO’s recommendations on commodity derivatives markets (which were published in October 2011 and endorsed by the G20 a month later at its summit in Cannes).

The report says the results of its survey indicates that “the majority of respondents were broadly compliant” with the IOSCO principles. In cases where regulators were not in compliance with the principles, it was mainly due to the fact that there are no commodity derivatives markets in that jurisdiction; or, the markets aren’t large, or complex, enough to require adherence to all of the principles. Where markets do exist, it says regulators have proposed initiatives aimed at achieving full compliance.

For example, the report notes that a couple of the survey respondents (Quebec and Ontario), do not presently have an underlying commodities market, “but indicated that an appropriate framework for surveillance, compliance and enforcement either already exists, or would exist, when a commodities market came into being.”

There were 37 market regulators that answered the questionnaire, it reports, including the Alberta, Manitoba, and Ontario, securities commissions, as well as Québec’s Autorité des marchés financiers (AMF). It assesses how regulators undertake and execute regulation of both financial and, in some cases, physical markets.

The 21 principles proposed by IOSCO deal with contract design, market surveillance, addressing disorderly markets, enforcement and information sharing, and enhancing price discovery. Areas with lower levels of compliance, include regulators collecting information on deliverable supplies; the reporting of large trader positions; and, frameworks for the detection of, and enforcement action against, manipulative or abusive schemes that take place across multiple markets.

IOSCO says that it will use the survey to discuss approaches to assist authorities in implementing the principles.