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REMIT

REMIT criminal sanctions to come into force in the UK

Criminal sanctions for breaches of REMIT Articles 3 and 5 (use of inside information and market manipulation) will come into force on 13th April, following the passing of the relevant legislation, which can be found here.

The rules mean that the UK joins some other countries with a stricter set of penalties for breaches of REMIT. Civil sanctions came into force in the UK in June 2013, in line with the timetable intended as part of the European wide roll-out.

Member states have been variable in bringing in legislation, both in terms of the timetable and the level. A small number of authorities have yet to implement any legislation. Many others still have only penalties, rather than jail sentences, available.

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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