As 2015 draws to a close, ESMA have released this consultation paper on details of transaction reporting ,reference data, order record keeping, clock synchronisation under MiFID II. These issues may affect some of those in energy and commodity trading, especially those who lose their MiFID exemption under the new rules.
We come to the end of another busy year in regulation of the sector, especially for those in gas and power. October saw the first deadline of REMIT reporting, and the rest of the year has seen busy preparations for the second in April 2016. We also saw some sanctions, some of which were large, under REMIT.
And there has of course been a great deal of discussion around MiFID II, both in terms of the very likely delay by a year until January 2018, and also the discussion around the final rules regarding exemption loss.
As such therefore while the end of year wind down is now very much kicking in, there appears to be a great deal of work to prepare for next year.
Wishing all of our readers warmest Seasonal Greetings and Happy New Year!