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ESMA issues statement around EMIR REFIT and upcoming deadlines

ESMA has today issued this statement, around the issues raised by the EMIR “REFIT” programme not yet being published in the Official Journal of the European Union, and therefore note starting. In particular, the statement addresses the issue of the looming final backloading deadline on 12th February 2019, and also the potential start of the … Continue reading

eWorld – Essen 5th and 6th February

The “e-world” exhibition takes place next week in Essen, Germany (see here). This sees a gathering of a large cross section of Europe’s energy industry. Anyone wishing to meet on the 5th or 6th February for a general discussion on the regulation of the wholesale energy market is welcome to email info@etr-advisory.com

Brexit update – plenty more guidance in the face of uncertainty

The political side of Brexit has seen plenty of news over the last two weeks, and this is set to continue, with another vote in the UK Parliament tomorrow (see here on the BBC web site for example). Since our last post here, there have also been some regulatory developments on the financial,energy and commodity … Continue reading

MiFID II position limits opinions – and anniversary comments

ESMA has published “opinion” documents on six position limits set under MiFID II. The limits themselves have already been announced by the relevant National Competent Authority. Each opinion has confirmed the limit at the level originality set. The documents explain the rationale for each limit, how the deliverable supply has been calculated and how spot … Continue reading

Report on Nordic power market default

A report has been published by Finanstilsynet, the Norwegian National Competent Authority, on the issues that contributed to a large default that took place last September 2018 on the Nordic power market (see here). The report identifies issues with the exchange operator who, according to this report on Reuters, relied too heavily on resources in … Continue reading

Second fine in Denmark for capacity hoarding

Yesterday the Danish Utility Regulator announced that Neas Energy A/S has accepted a fine of 150,000 DKK (approximately 20,000 euros) and 3,000 DKK (approximately 400 euros) disgorgement for capacity hoarding on 4 occasions in 2015. The press release from the DUR can be found here. This follows a fine for similar reasons levied in December (see … Continue reading

Brexit update: ACER REMIT letter and more

After a seasonal break, the politics around Brexit have come back to full speed (for example see here on the BBC web site).  In the meantime, more developments are becoming apparent in terms of the rules covered on this blog: Yesterday, ACER issued this open letter, which highlights some of the issues that may occur … Continue reading

New REMIT documents – Reporting format change evaluation and target date, Fundamental data and inside information and UTI generation

ACER yesterday published several new and updated documents related to REMIT: ACER has published an evaluation of responses to the consultation run on the revision of electronic formats for transaction data, fundamental data and inside information reporting. It can be found here. The document announces that changes to the REMIT reporting formats can be expected … Continue reading

GB Capacity Market developments

Last November, the GB Capacity Market was suspended, following a ruling by the European Court of Justice (ECJ) that the design broke the state aid rules of the European Union (see here). Since the suspension, the UK’s department for Business, Energy and Industry Strategy (BEIS) has announced that  existing payments will be honoured for now, … Continue reading

Anti abuse cases in the US and open anti abuse forum

The end of 2018 and first few days of 2019 have seen some anti abuse developments in the US, following the failed case highlighted in this post. The case of Australian trader Jiongsheng “Jim” Zhao saw further developments this week. In January 2018, Zhao was arrested in Australia following charges of spoofing on the CME … Continue reading