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EMIR REFIT part 2 goes live

Last week, on 17th June, the next stage of the EMIR “REFIT” programme came into effect (see here for the original post). This was the requirement that Financial Counterparties (FC) who enter into transactions with Non Financial Counterparties under the Clearing Threshold (NFC-) report both sides of the trade unless the NFC- opts out (a … Continue reading

Brexit: UK to run own ETS – will it link to the EU ETS?

The UK’s Department of Business, Energy, and Industrial Strategy (BEIS) has announced that a standalone Emissions Trading Scheme (ETS) will run in the UK after Brexit, replacing the European ETS in the UK. The objective is to initially shadow the EU ETS but eventually tighten it in order to achieve the “net zero by 2050” … Continue reading

Report on GB REMIT fine

Following the record fine of 37.3 million GBP levied on a market participant in Great Britain by Ofgem recently (see here), Ainsty Risk has published this report analysing the incident. It looks at the state of the market, the physical reality, the actual offences and the implications. It can be found here.

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

Record fine levied under REMIT – ICE spoofing

On Wednesday Ofgem, the National Regulatory Authority of Great Britain, announced that InterGen has been fined 37.2 million GBP for  breaches of REMIT Article 5. The announcement can be found here and further information here. The breach relates to activity in the winter of 2016 and involves sending misleading notifications to the ESO. It also … 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

eWorld – Essen 11th to 13th February

The “e-world” exhibition takes place next week in Essen, Germany (see here). This sees a gathering of a large cross section of Europe’s energy industry. Anyone wishing to meet on the 11th or 12th February for a general discussion on the regulation of the wholesale energy market is welcome to email info@etr-advisory.com or to fill in … Continue reading

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