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Regulation in 2020 – what can we expect?

As in previous years, as  2020 opens, we will dedicate this first post to considering what will keep us busy over the coming months in the regulatory world of energy and commodity trading, focused on Europe. Same themes as last year? Many consider us to now be in the regulatory era of “making it work” … Continue reading

2019 draws to a close

For many, this is the final working day of 2019, although some will continue to keep things moving during the holiday period. Our opening post of the year (see here) predicted several trends, which for the most part have come to pass. These were: An increase in enforcement cases – The number of enforcement cases, … Continue reading

ESMA MAR documents – more regulatory activity expected

ESMA released a series of documents relating to MAR towards the end of last week: STOR peer review report (here) – The report reveals that the number of STORs submitted has increased significantly since the start of MAR and since. However, most of the increase relates to equity-based STORs. Page 39 reveals that “there are … Continue reading

EMIR update – REFIT published and new Q+A

EMIR “REFIT”, which introduces some significant changes to the way in which EMIR is complied with, has finally been published in the Official Journal of the European Union.  The document can be found here. REFIT introduces changes that have an impact on those in energy and commodities, including: Changes to the way in which the … Continue reading

ESMA issues updated opinion on market sizes

ESMA has issued an updated document on the market sizes to be used for the Ancillary Activity test, which must be undertaken by energy and commodity market participants who wish to use the Ancillary Activity exemption from MiFID II under Article 2(1)j. The document can be found here. The updated document, which is non binding,  adds … Continue reading

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

GB capacity market – appeal delayed

There have been developments in the story around the suspension of the GB capacity market since our last post here. This story on the Utility Week web site reports that the appeal being brought on the European Commission against the suspension of the market has been delayed. The appeal is to be heard either in … Continue reading

MiFID II issues

While the impact of MiFID II on the energy and commodities sector has been relatively quiet recently (see here), there has been a great deal of discussion in the wider financial sector. The issue of “research unbundling”, that is the requirement that research be charged for rather than provided as a “bundled service”, has had … Continue reading

MiFID II updates, CFTC position limits

While there is not much news relating to MiFID II specifically for those in energy and commodities, the wider financial services world has seen a great deal of discussion and activity since the first anniversary of the rules took place (see here). Any Investment Firm (which includes some energy and commodity market participants) needs to … Continue reading

More Brexit updates: FCA announcements

The news around Brexit now comes out on an hourly basis (for example see here on Sky News). A “no deal” Brexit remains very possible. As a result, following last week’s announcements (see here), the UK’s Financial Conduct Authority (FCA) has made several of their own, in particular around EMIR and MiFID II: EMIR The … Continue reading