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CEER defends REMIT carve out – Extension of CCP equivalence

Yesterday saw some announcements just before the seasonal break: The Council of European Energy Regulators (CEER)  published its response to the recent consultation on the MiFID II position limits regime (see here). The response objects to the proposal to remove the “REMIT carve out” found in MiFID II Annex I Section C, that removes gas … Continue reading

2019 draws to a close

For many, this is the final working day of 2019, although some will continue to keep things moving during the holiday period. Our opening post of the year (see here) predicted several trends, which for the most part have come to pass. These were: An increase in enforcement cases – The number of enforcement cases, … Continue reading

Reporting issues in financial regulation and a new master agreement

There have been several revelations recently that many who are obliged to report under MiFID II have been experienced issues with reporting. This article on The Trade News web site reports that a high proportion of market participants receive no feedback from regulators on submissions. The article refers to a study carried out by vendor … Continue reading

ESMA MAR documents – more regulatory activity expected

ESMA released a series of documents relating to MAR towards the end of last week: STOR peer review report (here) – The report reveals that the number of STORs submitted has increased significantly since the start of MAR and since. However, most of the increase relates to equity-based STORs. Page 39 reveals that “there are … Continue reading

ESMA report on EMIR penalties and supervisory measures

Yesterday, ESMA  published this report on penalties and supervisory measures relating to EMIR covering 2018. It is the second such report. It covers: The clearing obligation The reporting obligation NFC requirements Risk mitigation techniques The report notes that there were no actual penalties this year, but several warnings and investigations. The report also notes, amongst … Continue reading

SMCR starts today for many

From today, the Senior Managers and Certification Regime (SM&CR) will start for many firms in the UK. The SM&CR applies to those regulated by the FCA, and includes those in energy and commodities who have the appropriate Investment Firm status and were subject to the “Approved Persons Regime”. SM&CR already applies to banks and large … Continue reading

Anti bribery and corruption fines and investigations in commodities

The past weeks have seen a large anti bribery and corruption fine in commodities as well as the announcement of a new investigation. Gunvor Group were fined almost 94 million Swiss Francs by for bribery and corruption failures relating to activity in Congo Republic and Ivory Coast. The fine was  levied in Switzerland and is … Continue reading

Fines in the financial markets

A 2 million Euro fine has been issued under MAR to ABN Amro for late disclosure of inside information. The notice can be found here. In the UK, the PRA (Prudential Regulation Authority) has fined Citigroup £44 million for failings in reporting. These failings relate to internal controls and governance arrangements underpinning compliance with regulatory … Continue reading