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Mifid, Uncategorized

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 of RTS 21 was adopted by the European Commission in December, which triggered a 3 month “non objection” period, during which time the European Parliament and Council may turn down the document. If this were to happen, it would be some time before a new version is approved. The primary objection comes from Green Party and Socialist MEPs, who wish the rules on agricultural commodity derivatives to be stricter.

RTS 20, which defines the rules on the Ancillary Activity test, are also due for non objection. There have not yet been any reports of push back on the contents, despite the document giving rise to many new questions, which have not yet been addressed in the appropriate Q+A, giving rise to several possible rule interpretations.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy 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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