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Blog to be upgraded – unavailable for rest of week

After 7 years this blog will be undergoing a “face-lift” which will make navigation and subscription easier as well as more aesthetically pleased. In order to support this, the blog will be migrated to a new server on the evening of Tuesday 28th July and become unavailable for the rest of the week. It is … Continue reading

Changes proposed to MiFID II affecting those in energy and commodities

On Friday DG FISMA of the European Commission proposed a series of changes to financial legislation with the objective of helping the markets in the light of Covid-19. The press release can be found here and the proposed amending act here. The scope of the proposed changes includes aspects of both the ancillary activity test, … Continue reading

Brexit update: EMIR, MiFID, REMIT and more

Last week, FISMA of the European Commission updated two documents relating to Brexit,  targeted at firms in the EU: “Markets in Financial Instruments” (here) – Includes a reminder that at this juncture, UK venues will lose their recognition under EU law unless an “equivalence” determination is made by the EU beforehand. As a result,  items … Continue reading

ESMA publishes opinion for 2019 ancillary activity test market sizes

On Friday, ESMA published an update of the opinion document for market sizes to be used as part of the ancillary activity test, adding estimated market sizes for the year 2019. The document can be found here. The ancillary activity test is used by market participants that use the ancillary activity exemption found in MiFID … Continue reading

Updated EMIR Q+A – reporting deadlines

ESMA yesterday published an updated version of the EMIR Questions and Answers document, which can be found here. The updated question is TR11b on page 85 and relates to the reporting deadline under EMIR Article 9, which is defined as being by the end of the “next working day”. The answer states that “working day” … Continue reading

REMIT updates: Changes to reporting and new guidance on inside information

ACER yesterday issued updates to several key documents relating to REMIT. These are: Trade Reporting User Manual (TRUM) version 4.0 (here) – Amalgamates many of the answers found in the Transaction Reporting FAQ document and also adds other changes. New Annex VII of the TRUM  (here) – covering the reporting of life-cycle events. Updated Transaction … Continue reading