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).