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Investigations in Germany, anti abuse fine in the US, REMIT Quarterly

The Bundesnetzagentur, the National Regulatory Authority of Germany, has announced that it is investigating six companies for possible irregularities in the balancing market. The announcement can be found here. The investigation relates to imbalances in the power market in July 2019. US Fines FERC has ordered Vitol to pay over $3.7 m for alleged power … Continue reading

GB Capacity Market Reinstated

Last week the European Commission ruled that the GB Capacity Market should be restored, following its suspension in November 2018 (see here). The press release from the Commission can be found here. The UK Government’s Department of Business, Energy and Industrial Strategy (BEIS) has confirmed that: Previously suspended payments will be restored and paid by … Continue reading

Brexit update: “No-deal” information

The latest news on Brexit is that a new deal has been negotiated (see here on the Sky News web site). However, with a “no-deal” exit still possible on 31st October, it is still necessary to be as prepared as possible for such an outcome. The FCA has promised in this statement that in the … Continue reading

Tullet Prebon fined £15.4m. Updated REMIT guidance

The UK’s Financial Conduct Authority (FCA) announced last week that Tullet Prebon Europe Limit (TPEL) has been fined £15.4 million for “failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA”. The notice can be found … Continue reading

“No-deal Brexit” REMIT update published by Utility Regulator

The Utility Regulator,  the National Regulatory Authority(NRA) for Northern Ireland, has published this updated note which provides guidance to affected entities as to whether and how to re-register under REMIT in the event of a No-deal Brexit. This follows information published by ESMA and the FCA earlier this week (see here). In the event of … Continue reading

Updated “hard Brexit” documents issued

ESMA and the FCA each yesterday issued updated documents relating to a potential “hard Brexit” on the 31st October: ESMA issued: A public statement summarising the situation (here). A document on the use of UK data in different regulatory calculations which includes the use of UK data in the Ancillary Activity test (here). An operational … Continue reading

MAR consultation

ESMA yesterday opened a consultation as part of the “MAR Review”which can be found here. It includes several proposed changes that cover the entirety of MAR. It also contains a proposal to expand the scope of MAR to spot FX. The document includes a section of the definition of inside information with respect to commodity … Continue reading

Updated EMIR Q+A

Yesterday ESMA issued an updated version of the EMIR Questions and Answers document, which can be found here. There are several updates, some of which relate to the consequences of “REFIT” (see here). These are: OTC 2h (page 17) – Deals with entities that start to trade derivatives and by when they must calculate the … Continue reading