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Responses to MAR consultations published

ESMA have published the responses to the consultation held recently on the forthcoming Market Abuse Regulation (MAR). This regulation extends the original Market Abuse Directive (MAD), and generally applies to financial trading. It will also apply to emissions and to some commodity spot trades. There is an interaction with REMIT, that generally applies to energy (as opposed to other commodities). The interesting question is which set of rules applies to a particular abuse, when considering financial energy derivatives. The “route” taken will determine under which rule set an abuser is prosecuted, and which sanctions regime applies.

The responses can be found here and here. Some of the energy and commodity focused replies are interesting.

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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