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EMIR comments and webinar

The FIA have written this paper commenting on the legislative proposal issued by the European Commission, which, amongst other things suggested several changes for non-financial counterparties, including ¬†many in energy and commodities, to eventually lighten the burden (see here). In the meantime, and before those changes, the new EMIR reporting formats will apply from 1st … Continue reading

FCA issues authorisation warning

The UK’s Financial Conduct Authority has issued its second “MiFID II statement”, which warns those who require MiFID II authorisation, but who have not yet applied, to make appropriate arrangements in case their applications are not processed by the 3rd January 2018. The statement can be found here. It follows the first statement made in … Continue reading

ESMA updates MiFID Transaction Reporting documents

ESMA has updated the various documents around MiFID II transaction reporting, as outlined in RTS 22 (see here). The Reporting Instructions document has been updated and can be found here. A log of changes can be found here. The resulting schemas can be found here. The instructions document specifies how the reporting works, including report … Continue reading

Ofgem REMIT investigation into National Grid

Ofgem, the National Regulatory Authority for Great Britain, has announced the closure of an investigation held into a possible breach of REMIT Article 5 (prohibition of market manipulation) against National Grid. The announcement can be found here. The investigation focused on incorrect De-Rated Margin (DRM) calculations being published on the Elexon web site, leading to … Continue reading

FCA issues exemption notification guide

The UK’s Financial Conduct Authority has issued a short guide on how market participants can notify them that they intend to make use of the Ancillary Activity exemption as specified in MiFID II Article 2(1)j. The document can be found here. Before establishing whether an exemption can be notified, market participants must pass the Ancillary … Continue reading

ACER issues new newsletters and validation documents

ACER has issued some new documents relating to REMIT: A new quarterly newsletter (see here), which includes a case study of a cross border investigation. It also indicates that the number of open investigations continues to increase. The “validations” document relating to data reporting has been made public and can be found here. The document … Continue reading

ACER releases annual activity report – looking at the REMIT sections

ACER has released their annual activity report which can be found here. The report covers all ACER activity, which relates not only to REMIT and market monitoring, but also ACER’s wider activity relating to the completion Internal Energy Market, the roll out of network codes, the clean energy package and the coordination of the roll … Continue reading

CFTC announces review of US reporting requirements

The US Commodity Futures Trading Commission has announced a review of the “swaps” reporting rules under the Dodd Frank Act. The announcement can be found here. There are objectives to correct data by better validations, change who has to reconcile reports (the regime is a “one sided reporting rule set), and possibly also change the … Continue reading

Updated REMIT transaction reporting FAQ issued by ACER

ACER has issued an updated Frequently Asked Questions document on transaction reporting, which can be found here. The new answers span several topics, mainly looking at how to report very specific scenarios, based on questions received. There are a few questions on backloading and scope of reporting as well. ACER has also issued the second … Continue reading

Several updated MiFID II Q+As issued by ESMA, including on Commodity Derivatives – Market sizes also updated

ESMA has release three updated Questions and Answers documents on MiFID II: Commodity derivatives (here) Data reporting (here) Market structures (here) The commodity derivatives document features an extensive new set of answers on the topic of position reporting. This is carried out by investment firms who report positions to National Competent Authorities. The answers confirm … Continue reading