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Another year of regulation is nearly over – with some new Q+As

ESMA yesterday issued a questions and answers document on MiFID data reporting, which can be found here. The requirements apply to investment firms, including those in energy and commodities who must set up such an entity as a result of the Ancillary Activity test, outlined in RTS 20. There is an emphasis in the document … Continue reading

EBA data collection exercise for commodity derivatives firms

The European Banking Authority(EBA) have launched a data collection exercise, as part of the CRR (Capital Requirements Regulation)  rules, asking for data from companies who trade in commodity derivatives. The requesting document can be found here, and press release here. The data will be used to prepare  the appropriate regime for the “prudential supervision of … Continue reading

New MiFID II Q+A on Commodity Derivatives and others

ESMA have today issued a new Questions and Answers document on the commodity derivatives rules under MiFID II, adopted by the European Commission on 1st December (see here). The Q+A  can be found here, along with an accompanying press release here. Several other documents were also issued, including updated  documents on transparency topics such as … Continue reading

Extension of “No Action Relief” for REMIT on demand reporting

Following yesterday’s release of new versions of the REMIT Q+A and Transaction Reporting FAQ documents, ACER has also released this letter of “No Action Relief”, applying on contracts which are  “reportable on demand” under REMIT Article 8. The letter extends such relief from the previously announced expiry of 31 December 2016 to 31 December 2017. … Continue reading

New REMIT Q+A and transaction reporting FAQ issued by ACER

ACER have today issued the 20th version of the Questions and Answers document on REMIT, which can be found here, as well as the 6th version of the Transaction reporting FAQ, which can be found here.  There are two new answers in the Q+A: If I sign a data reporting agreement with an OMP, and know … Continue reading

What has been said on RTS 20 and 21?

It has now been two weeks since RTS 20 of MiFID II, which specifies the Ancillary Activity test,   and the latest version of RTS 21, on Position Limits were adopted by the European Commission. There have been many reactions to the documents, although as noted on this blog several open questions remain. This report … Continue reading

REMIT and Demand Side Response

See here for an article from Shepherd + Wedderburn on the interaction between Demand Side Response(DSR) and REMIT. The article refers to the recent REMIT Q+A which clarifies that a DSR contract is reportable under REMIT. This means not only that the parties must report, but also implies that the contract is subject to the … Continue reading

Ofgem open letter – the anti abuse focus continues

Ofgem, Great Britain’s National Regulatory Authority (NRA) yesterday issued this open letter to the market on the topic of “scarcity pricing” and conduct. It reminds market participants that generation must be priced economically both under REMIT and also the Balancing and Settlement Code. This letter represents  the latest anti abuse activity in the energy sector, … Continue reading

Looking at MiFID II RTS 20 – and a training course

It is now just over a week since Regulatory Technical Standard 20, which specifies the Ancillary Activity test, was adopted by the European Commission (see here). The adoption came after several months of waiting for the new version, following ESMA “passing the baton” back to the Commission on May 30th. This post takes a brief … Continue reading

Fines in the banking world

The CFTC in the US have fined Société Générale SA $450,000 for failing to report trades to an SDR (Swaps Data Repository). The notice can be found here. The bank had implemented a software update in July 2014 which led to the problem. It was not fully fixed for some time afterwards. In Europe, EMIR … Continue reading