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ESMA reiterates EMIR reform objectives

ESMA has written this letter to the DG FISMA of the European  Commission, reiterating the changes that were recommended in the response to the EMIR review in August 2015. Some of the changes were acknowledged in the latest report issued by the Commission in November. The letter reiterates several parts of the proposed reform, including the … Continue reading

Winter package developments

Last week saw the CEER/ACER conference (see here) which followed the release of the “Winter Package” last November(see here). The package contains several legislative proposals which aim to reform Europe’s Energy market to support the move to renewables and shorter term trading in general. Amongst the proposals is an increased emphasis on ACER, changes and … Continue reading

Amended EMIR RTS published in the Offical Journal – New reporting starts on 1st November

Following its adoption by the European Commission a few weeks ago(see here), the amended Regulatory technical Standard (RTS) on EMIR reporting has now been published in the Official Journal of the European Union, and can be found here. This means that the start date for the new reporting formats is 1st November 2017. It also confirms … Continue reading

MAR document on commodity inside information published

ESMA have published translations of the MAR “guidelines on information relating to commodity derivatives markets or relates spot markets for the purpose of the definition of inside information” (see here for an explanation of the applicability of this document). The press release around it can be found here and the documents here. The National Competent Authorities … Continue reading

MiFID Data Reporting – Updates

ESMA have published this briefing document on data reporting under MiFID II. The note includes a table of the various types of reporting under the rules, although it excludes Position Reporting, which has an impact on the energy and commodities markets. The reporting requirements, in particular “Transaction reporting”, will be of interest to entities who … Continue reading

Opposition to RTS 21 emerges

It has been reported that opposition to Regulatory Technical Standard 21, which specifies the rules around position limits under MiFID II, has emerged, according to this article on the ICIS Regulation Portal. The opposition is also mentioned towards the end of this history of the rules found on the Norton Rose Fulbright website. The latest version … Continue reading

FCA issues application and notification user guide

The Financial Conduct Authority (FCA), the UKs National Competent Authority, have issued this “application and notification” user guide for MiFID II, which commences on 3rd January 2018. Overall it outlines how market participants and venues under the FCAs jurisdiction should apply for authorisation under MiFID II in time for the deadline. The announcement also reminds … Continue reading

MiFID II – Training, views and news

The year is beginning to get going and many are beginning to think about MiFID II, which commences in under a year. There are still many outstanding questions on RTS 20 and RTS 21 which define the Ancillary Activity test and Position Limits rules. See here for a post by Chris Taylor on LinkedIn about possible … Continue reading

US news

While we wait for the year to get truly started in Europe, it is worth looking at some news coming from the US. We have already seen a re proposal of the position limits rules to a smaller set of contracts. The key set of news is the likely change in stance and regulation following … Continue reading

Kicking off the year – some articles

There has not been much news this week, as the year gets off to a start, but there have been a few articles other published both at the end of last year and this week, with various thoughts, other than the one on this blog. See here for a video by Siobhan Hall of S&P … Continue reading