This Sunday is the 3rd July, the day on which MAR starts. from that date onward:

• Manipulation and attempted manipulation of all covered activity is prohibited
• Insider dealing is prohibited
• “PPAET”s (Professional persons arranging and executing transactions) are required to have effective monitoring arrangements in place, as well as suspicious transaction and order reporting arrangements.

More details can be found in previous posts.

Many in the energy and commodity markets have had to deal with a steep learning curve, especially for the monitoring requirements. However the majority have at least put some arrangements in place to improve monitoring.

The passing of the deadline however, is not the end of the story: Many will have to put in place and execute significant programmes of improvements in the coming months. These will encompass technology, such as superior surveillance systems, organisational changes and also polices and procedures.

We can expect to hear more on the impact of MAR, and REMIT, over the coming months.