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European Council agrees one year delay of MiFID II

The European Council have now joined the Parliament in approving the one year delay to MiFID II to 3rd January 2018. They have issued this statement, which also provides for a delay to the transposition deadline to 3rd July 2017. This is the date by which member states must transpose the directive to local law.

European Parliament approves benchmark regulation

The European Parliament has approved the new benchmark regulation, which aims to better regulate benchmarks used. It contains specific provisions for commodities benchmarks. A full report can be found here on the ICIS website.

Changes to REMIT Inside Information reporting as part of the GB Balancing and Settlement Code

Ofgem, the National Regulatory Authority of the Great Britain market, have recently issued this notice informing of the decision on how to achieve compliance with the upcoming changes to the REMIT rules around Inside Information publication, due to go into effect on 1st January 2017, the changes known as P329. The decision is that both the … Continue reading

MiFID II Delegated Acts published

The European Commission have  published the remaining Delegated Act under MiFID II which can be found here. Articles 5 to 8 from page 32 contain definitions of derivatives under Annex I Section C of MiFID II relating to commodity derivatives including physical forwards. These are of particular interest to those in the energy and commodity trading … Continue reading

ACER’s public consultation on the CEREMP

ACER have recently closed a consultation on the Centralised European Register of Energy Market Participants (CEREMP), the register in which all market participants must lodge an entry as part of REMIT, resulting in the allocation of an ACER code. The register requires market participants to provide several pieces of data relating to their entity, the … Continue reading

ESMA open hearing on MAR

ESMA will run an open hearing on the consultation paper issued several weeks ago on the guidelines on  information expected or required to be disclosed on commodity derivatives markets or related spot markets under MAR. The announcement can be found here. Notes on the publishable content of the sessions is planned to be published here in due … Continue reading

Webinar on MAR

Norton Rose Fulbright will be giving a webinar later today on the applicability of MAR to the commodities market, as part of a series. It is possible to register via this link.

Benchmark regulation responses published

ESMA have published the responses to the recent discussion paper on the upcoming European benchmark regulations. The responses can be found here. Europex highlighted their response with their own announcement here. The responses from those in energy and commodities tend to highlight the important differences between the sector and the wider financial markets. As well as … Continue reading

Latest list of approved RRM by data types published by ACER

ACER have issued this updated version of the list of approved RRM by data type. In addition to adding a few more RRMs, there are now headers better explaining each category.

REMIT reporting one week on

It is now one week since “Remit reporting phase 2” started, on 7th April. From that date, any new off venue reportable trade needed to be reported to ACER via a Registered Reporting Mechanism (RRM), including some that must be reported by the end of the working day after execution. ACER have published this press release announcing the … Continue reading