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Anti abuse rules implemented in Bulgaria

The Market Abuse Regulation (MAR), which impacts the energy and commodity trading sector, started on 3rd July 2016. Since then, it has been necessary for any “PPAET” (Professional Person Arranging and Executing Transactions) to implement “effective monitoring”, that is, procedures, policies, technology training, and suspicious transaction and order reporting. A large proportion of market participants are considered to be PPAET, and this has led to an increase to vigilance in monitoring , as well as increased interest in the purchase of surveillance systems.

In addition, REMIT outlaws market manipulation and insider trading on all EU wholesale energy markets. There have  already been several investigations started, and sum completed, into possible breaches of these rules

This article on the Mondaq website by Radoslav Mikov and Katerina Novakova of Wolf Theiss & Partner reports on the implementation of the rules in Bulgaria. The appropriate sanctions regimes have been put in place and regulators have made clear that amrket participants are expected to follow the appropriate regulations.

This is yet another sign that the trend to increased vigilance in anti abuse measures will continue over the coming months and years.

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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