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REMIT

This category contains 337 posts

Two REMIT fines in Spain

Two fines have been levied by the CMNC,  the National Regulatory Authority of Spain, both for “physical withholding”: A fine of  5.8M Euros against Endessa Generación, S.A. (see here). A fine of 19.5M Euros against Naturgy Generación, S.A (see here). This follows a spate of other fines this year under REMIT (for example, see here).

Anti abuse news – and a panel

Recent market manipulation cases (for example see here) have continued the trend of an increased focus on anti abuse activity on the part of regulators. Earlier this year, the UK’s FCA issued a business plan (see here) which included a further focus on anti abuse activity under MAR. The FCA uses data collected under MiFID … Continue reading

FCA issues “Dear CEO” letter to wholesale brokers

The UK’s Financial Conduct Authority(FCA)  has issued this open letter to the CEOs of wholesale brokers, across several asset classes. The letter identifies some issues observed by the FCA at broker firms, focusing on four issues that could be causing “harm”: Compensation arrangements Governance arrangements Dealing with conflicts of interest A culture and mindset that … Continue reading

ACER issues latest “REMIT Quarterly”

ACER has issued the latest “REMIT Quarterly” newsletter today. It can be found here. In addition to providing an update on previously published statistics (see here) it covers some other subjects: A review of the case and penalty against Vitol SA last year (see here). An update on new documents since the last newsletter (e.g. … Continue reading

Anti abuse trials

See here for an article on Bloomberg about the ongoing case of Fabiana Abdel-Malek, a former compliance officer at UBS AG, and Walid Choucair a day trader. It is alleged that  Abdel-Malek gave “tips” based on inside information to Choucair. The article  mentions that a “burner” phone was used, with SIM cards being switched frequently. … Continue reading

No Accepted Market Practices under REMIT – CEER

The Council of European Energy Regulators (CEER) has issued this note on “Accepted Market Practices” (AMP) under REMIT. Behaviours described as an AMP by a National Regulatory Authority would not constitute a breach of REMIT Article 5, provided it is correctly  registered  as an AMP. A similar concept exists under MAR. The note states that: … Continue reading

Appeal against “improper monitoring” fine fails

Last week, the UK’s Upper Tribunal rejected an appeal lodged by Linear Investments against a fine of £409,300 levied against them by the UK’s FCA  last October (see here). The fine was levied under legislation that pre-dates the Market Abuse Regulation(MAR) relating to the requirement on financial firms to appropriately monitor activity for market abuse, … Continue reading

REMIT dawn raid

ACM, the National Regulatory Authority of the Netherlands, has  announced that they have carried out a dawn raid on a company within the country, as part of an investigation into a REMIT breach related to insider trading. The press release is here. This is the latest is a series of abuse related events under REMIT, … Continue reading

ACER paper on layering and spoofing and other market abuse news

Last Friday, ACER issued this report on the application of the REMIT market manipulation prohibition (Article 5) in relation to layering and spoofing. This is the third such “example market abuse” paper issued by ACER, with one on capacity hoarding  issued in 2018 (see here) and one on wash trades in 2017 (see here). The … Continue reading

Another REMIT fine

Yesterday the Bundesnetzagentur, Germany’s National Regulatory Authority, announced that Uniper Global Commodities SE has been fined €150,000 for breaches of REMIT relating to market manipulation. In addition, two traders have been fined €1,500 and €2,000 respectively. The press release in English can be found here and in German here. The announcement is the latest in … Continue reading