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MAR

This category contains 89 posts

REMIT fine in Denmark and failed case in the US

On Friday the Danish Utility Regulator announced that Danmark Energi has been fined 750,000 Danish Krone as well as a charge of 354,000 Danish Krone for disgorgement, for a breach of REMIT Article 5, the prohibition against market manipulation. The fine is levied for several instances of “Capacity hoarding”, that is the claiming of capacity … Continue reading

Manipulation fines under REMIT in Spain

The Comisión Nacional de los Mercados y la Competencia (CNMC), the Spanish National Regulatory Authority (NRA) has fined Galp Gas Natural S.A.and Multienergía Verde, S.L.U 80,000 EUR and 120,000 EUR respectively for market manipulation under REMIT. This follows a larger market manipulation fine under REMIT of 5 million Euros announced in October (see here). In … Continue reading

Enforcement case summaries published

Various regulators have recently published summaries of recent enforcement case statistics and other metrics: In Europe, ESMA has issued this report on “administrative and criminal sanctions and other administrative measures under MAR”. The report covers 2016 and 2017, the first years when MAR has been applied. As such, there are a relatively small number of … Continue reading

New FCA Marketwatch and other anti abuse news

There have been several anti abuse updates since our last post on the topic here: The UK’s Financial Conduct Authority (FCA) has published this new “Market Watch” newsletter, which provides some new examples of behaviours that would be considered market manipulation and therefore a breach of MAR. The behaviours are “flying” and “printing”, the practice … Continue reading

New ACER documents reveal more fines and other information – More investigations in China

ACER yesterday issued the follow documents and updates: An updated Questions and Answer document on REMIT (here) An updated list of “accepted EICs”  for use as the delivery point in reports(here) The latest edition of the “REMIT Quarterly” (here) The quarterly reveals several new pieces of information: In particular, it reveals that several smaller fines … Continue reading

Monitoring fine in the UK and manipulation cases in the US

Activity in the anti abuse sphere continues, in addition to the large REMIT fine levied in France last week (see here). In the UK, the FCA published this Decision Notice, which reveals a fine of  £409,300 levied on a firm (Linear Investments Limited) for failure to have adequate “risk management systems in relation to the detection … Continue reading

FCA reminds that “peer” approaches to MAR compliance are invalid – and other anti abuse news

Earlier this week, the FCA issued this Market Watch document on market conduct and transaction reporting issues. There are several observations on market abuse surveillance, some of which are relevant for energy and commodities market participants: That systems must be calibrated according to the company’s requirements, and not on a “communal” basis, i.e. with commons … Continue reading

Dawn raid in physical withholding case in Romania and a case in the US

The Romanian Competition Council, in cooperation with the ANRE (the National Regulatory Authority of Romania) has carried out dawn raids as part of an investigation into a possible abuse of a dominant position of Hidroelectrica SA. The announcement can be found here. Hidroelectrica are alleged to have ” limited the quantity of traded energy on some … Continue reading

Large ING settlement for money laundering includes significant disgorgement element

The Dutch bank ING has reached a settlement with the Dutch Public Prosecution Service of €775m for failures in anti money laundering procedures and compliance, which permitted accounts to be used for criminal activity. The announcement from ING can be found here, and an article on the topic on FT.com here. The settlement is split into … Continue reading

Study of “misconduct patterns” and more cases

The FICC Markets Standards Board (FMSB) has issued the results of a “Behavioural Cluster Analysis” on misconduct patterns in the financial markets. The key document  can be found here, with other supporting documents found here.  The study has examined market misconduct cases going back to 1814, with some interesting  findings, which include: The misconduct revolves … Continue reading