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ESMA issues MAR Q+A – with an important answer

ESMA yesterday issued a Questions and Answers document on the Market Abuse Regulation (MAR), which is effective from the 3rd July 2016. It can be found here. There is only one question and answer, which reminds market participants that the monitoring obligation found in Article 16(2) of MAR apply to a wide variety of firms, including … Continue reading

Ancillary Activity test RTS 20 – ESMA responds with “open” draft

ESMA have released a new draft of MiFID II ‘s Regulatory Technical Standard (RTS) on the Ancillary Activity test, RTS 20, announcing it in this press release. This follows the “sending back” of the previous draft by the European Commission in March, with a request to re introduce a form of capital test. The test determines … Continue reading

ETR Advisory and Entrima to run MAR readiness course

ETR Advisory and Entrima have announced a MAR readiness course to be run in Amsterdam on 10th June. With only a few weeks to go until the 3rd July deadline, the course will prepare energy and commodity market participants for compliance with the different strands of this regulation, which include a requirement for “effective monitoring” … Continue reading

European Council adopts text of Benchmark Regulation

The European Council have adopted the text of the Benchmark Regulation, which is another step towards it being published in the European Journal. It goes info effect 18 months later. A press release from the Council can be found here. The legislation tightens the process around benchmark setting, with rules for administrators and  different rules for contributors. … Continue reading

Minutes of FCA MiFID II Trade Association Roundtable

The UK’s Financial Conduct Authority have published the minutes of the last Trade Association Round Table held on 25th April. They may be found here. Several parts of the minutes are relevant to the commodities and energy sector, including that on RTS 20 (ancillary activity test), RTS 21 (position Limits) and the delegated acts. Since the … Continue reading

Summaries of MAR

The Market Abuse Regulation (MAR) and MAD II  come into effect on the 3rd July, which is 6 weeks away. From that date, the provisions of the original Market Abuse Directive(MAD) are extended in several respects. The commodities and energy sector are impacted by the extension  as well, especially since the legislation makes explicit reference to … Continue reading

European Council confirms MiFID II delay

The European Council has issued this press release confirming agreement with the European Parliament to the one year delay to the start of MiFID II, from 3 January 2017 to 3 January 2018. The press release alludes to the reasons around the delay, and also confirms the new transposition deadline of 3 July 2017, by which time member … Continue reading

Consideration given to EMIR one sided reporting

See here for an article on the Reuters website which reports on a speech given by Lord Hill suggesting that consideration may be given to moving EMIR reporting to one sided reporting, as part of a move to decrease the regulatory burden on the industry. EMIR currently requires both sides of a trade to report it to … Continue reading

Delay to application of CRR own funds requirement – provisional text published

The European Parliament has published provisional text to implement a further delay in the application of the own funds and large exposures requirements of the Capital Requirements regulation (CRR)  to Commodity Dealers, from December 2017 to December 2020. The text the can be found here, and is also reported on the Norton Rose Fulbright site here. … Continue reading

The impact of MiFID II on metals trading

Two weeks after the updated Regulatory Technical Standard (RTS) number 21 on position limits was published by ESMA, Lord Farmer has given a speech in relation to “Brexit” (the potential departure of the UK from the EU), and referred to MiFID II, in particular with respect to the metals market. An article on the speech can … Continue reading