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UK Government proposes criminal sanctions regime to enforce parts of REMIT

Today the UK government announced a consultation for a criminal sanctions regime (i.e. with jail sentences) to enforce the insider trading and market manipulation rules around REMIT. The consultation documents can be found here on the DECC web site.

The rules will supplement the laws already in place since last year that support bringing civil sanctions (i.e. fines) for REMIT. These rules focus on Articles 3 and 5 of REMIT around Insider Trading and Market Manipulation, which are considered the more serious elements of the rules. They avoid the more “administrative” parts of the rules, such as trade reporting and monitoring.

Interestingly, much of the focus at the moment has been on the emerging trade reporting rules. With these sanctions on the way, there is now likely to be an additional track of work to look at.



About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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