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MAR, Mifid

FCA MiFID II Consultation and MAR Marketwatch

The Financial Conduct Authority (FCA, the UK NCA), have issued a third consultation paper for MiFID II and MiFIR, which can be found here. This document of nearly 600 pages contains some items which will be of interest to those in the commodity and energy market: In particular, the issue of the definition of a “financial instrument” for physical forwards is addressed as well as  coverage of the Ancillary Activity test found in RTS 20. There are also parts on record keeping for non MiFID business.

The FCA have also issued Market Watch 51 (see here) which includes observations on market abuse prevention systems and contract at Market Markets. Some of the observations will be of interest to those in energy and commodities who are in the process of improving their “effective monitoring” capacity due to MAR and REMIT. Relevant topics are also covered in Market Watch 50 (here) and Market Watch 48 (here).


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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