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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