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ACER issues latest “REMIT Quarterly”

ACER has issued the latest “REMIT Quarterly” newsletter today. It can be found here. In addition to providing an update on previously published statistics (see here) it covers some other subjects: A review of the case and penalty against Vitol SA last year (see here). An update on new documents since the last newsletter (e.g. … Continue reading

Anti abuse trials

See here for an article on Bloomberg about the ongoing case of Fabiana Abdel-Malek, a former compliance officer at UBS AG, and Walid Choucair a day trader. It is alleged that  Abdel-Malek gave “tips” based on inside information to Choucair. The article  mentions that a “burner” phone was used, with SIM cards being switched frequently. … Continue reading

No Accepted Market Practices under REMIT – CEER

The Council of European Energy Regulators (CEER) has issued this note on “Accepted Market Practices” (AMP) under REMIT. Behaviours described as an AMP by a National Regulatory Authority would not constitute a breach of REMIT Article 5, provided it is correctly  registered  as an AMP. A similar concept exists under MAR. The note states that: … Continue reading

Appeal against “improper monitoring” fine fails

Last week, the UK’s Upper Tribunal rejected an appeal lodged by Linear Investments against a fine of £409,300 levied against them by the UK’s FCA  last October (see here). The fine was levied under legislation that pre-dates the Market Abuse Regulation(MAR) relating to the requirement on financial firms to appropriately monitor activity for market abuse, … Continue reading

SFTR dates known – and a radio broadcast

The Securities Financing Transaction Reporting (SFTR) implementing regulation has now been published in the Official Journal of the European Union. This sets the start of reporting dates. The first date is 11th April 2020 for Investment Firms. The date for NFCs is 11th January 2021. The final set of documents can be found here. Previous … Continue reading

Updated MAR Q+A – News on EAMP requirements

Last week ESMA published this updated version of the Questions and Answers document on the Market Abuse Regulation. It contains some additional information on the rules that apply to “Emissions Allowance Market Participants” (EAMPs). An EAMP has additional requirements under MAR, including the obligation to publish certain types of “inside information” relating to the emissions. … Continue reading

EMIR REFIT – Threshold changes to apply on publication

The EMIR REFIT process has almost completed its journey so that it can be published in the Official Journal of the European Union (see here) The REFIT process aims to reform EMIR, and includes several changes that have an impact on those in energy and commodities, in particular those who are Non Financial Counterparties (NFC)  … Continue reading

REMIT dawn raid

ACM, the National Regulatory Authority of the Netherlands, has  announced that they have carried out a dawn raid on a company within the country, as part of an investigation into a REMIT breach related to insider trading. The press release is here. This is the latest is a series of abuse related events under REMIT, … Continue reading

Another large transaction reporting fine – £34.3M

The UK’s Financial Conduct Authority (FCA) has fined Goldman Sachs £34,344,700 for transaction reporting failures under MiFID I between 5 November 2007 and 31 March 2015. The issues cover 229.2 million transactions divided into: Missing reports Incorrect reports Reports that were out of scope (which is prohibited under MiFID) The penalty notice can be found … Continue reading