This category contains 8 posts

Covid delay requested for next stage of EMIR REFIT

EMIR REFIT made some significant changes to several parts of EMIR last June, including changes to the calculation of the EMIR clearing threshold and the availability of an exemption from reporting of trades between non financial internal entities (see here). This coming 18 June 2020, the next part of REFIT that applies to Non-Financial Counterparties … Continue reading

Corona delays in Singapore – Brexit transition

Corona related announcements continue: The Monetary Authority of Singapore (MAS) has announced a series of delays and changes due to the Corona virus. The announcement can be found here. These include item 13 which delays the start of the final phase of derivatives reporting from 1 October 2020 to 1 October 2021.  Many commodities firms … Continue reading

Insider trading accusation in commodities – balancing investigation closed in Germany

Following accusations of insider trading by US Senators relating to the Corona virus  a few weeks ago (see here), it has been reported that an investigation has opened into trading in oil futures based on inside information. This article on Bloomberg reports that the CFTC and FCA have opened probes into transactions in oil futures … Continue reading

Improper record keeping and monitoring penalty

A broker has been fined just over 83,000 GBP  (after applying an early settlement discount) by ICE Futures Europe for failure to keep proper records of activity and improper monitoring. The disciplinary notice can be found here. The fine relates to the lack of organisation behind monitoring  for breaches of the exchange rules, as well … Continue reading

Covid 19 updates – delays and notices

It comes as no surprise that there have been many announcements relating to the impact of Covid 19 since our last update here. These include: Temporary changes and a “softening” of the UK Senior Managers and Certifications Regime(SM&CR), as announced by the FCA here and discussed on the FT Advisory site here. An extension to … Continue reading

Market abuse updates – Corona related and otherwise

There have been several reports around the selling of stocks by Senator Richard Burr, the chairman of the Senate Intelligence Committee as well as  Senator Sen. Kelly Loeffler and others. The allegations are around the selling of the stocks before information was made public about the extent of the spread of the Corona virus, but … Continue reading

ESMA indicates SFTR leeway and other Corona news

ESMA has today issued this statement and this press release, asking NCAs to “not prioritise supervisory actions” with regards to the upcoming start of reporting under SFTR. The first start of reporting date is on 13 April 2020 for credit institutions, investment firms, and relevant third country entities. The statement recognises the pressure on resources … Continue reading

Covid-19 announcements

The impact of the Covid-19/Corona virus is being very widely felt. Several regulators have made announcements that in some way relate to the regulations covered by this blog. These include: The FCA –here- Includes advice on call recording when working remotely. ESMA – here. The Bank of England  – here. As the impact on the … Continue reading