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SFTR for NFCs cancelled in UK – and other Brexit divergences

On Tuesday 23rd June Rishi Sunak, the UK’s Chancellor of the Exchequer, issued this statement providing updates on how Financial Services regulations will be applied in the UK once the Brexit transitional period ends on 31 December 2020. Contained within it is an announcement that the UK will not be applying the Securities Financing Transaction … Continue reading

Deutsche Bank fined $10.25m for spoofing and reporting failures

Last week the CFTC announced here that a settlement has been reached with Deutsche Bank for two enforcement matters relating to spoofing and reporting. The reporting issue is covered by $9m of the settlement. It relates to a period in 2016 when a systems outage occurred for several days, resulting in no reporting for that … Continue reading

EMIR REFIT part 2 goes live

Last week, on 17th June, the next stage of the EMIR “REFIT” programme came into effect (see here for the original post). This was the requirement that Financial Counterparties (FC) who enter into transactions with Non Financial Counterparties under the Clearing Threshold (NFC-) report both sides of the trade unless the NFC- opts out (a … Continue reading

Market abuse catchup – REMIT fine, inside information guidelines and more

There has been a great deal of anti abuse activity taking place since this blog “took a break” a few weeks ago.  Some of the news includes the following: ACER recently published a quarterly newsletter (see here) which includes a description of a fine levied under REMIT in the Czech Republic for failing to report … Continue reading

Brexit: UK to run own ETS – will it link to the EU ETS?

The UK’s Department of Business, Energy, and Industrial Strategy (BEIS) has announced that a standalone Emissions Trading Scheme (ETS) will run in the UK after Brexit, replacing the European ETS in the UK. The objective is to initially shadow the EU ETS but eventually tighten it in order to achieve the “net zero by 2050” … Continue reading

ESMA updates opinion on position limits with respect to third country positions

Last week ESMA updated the opinion document on determining third-country trading venues for the purpose of position limits under MiFID II. The new document can be found here. The document relates to whether positions on third country venues (i.e. outside the EU) contribute to position limits under MiFID II. This could occur if the position … Continue reading

New book available

A new book by Aviv Handler on the rules covered by this blog  is now available from the publisher, Risk Books. The book is titled “Navigating European Energy and Commodity Markets Regulation” and can be ordered from here.

Blog restart – EMIR REFIT Q+A

This blog is restarting today after a few weeks’ absence due to personal circumstances. Over the coming days “catch up” posts will be published, as well as a special announcement tomorrow. In the meantime, last week ESMA published an updated Questions and Answers document on EMIR which can be found here. This version adds TR … Continue reading