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REMIT

This tag is associated with 378 posts

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

Anti abuse forum deadline near – FCA STOR statistics

There is only one week to go until the open anti-abuse forum is to be held in London, on 9th March 2020. Registration is available here and will close within the next two days. On Friday, the FCA published annual statistics on the number of Suspicious Transaction or Order Reports (STOR) submitted to them in … Continue reading

Two weeks to the anti-abuse forum – and case updates

There are two weeks to go until the 3rd anti-abuse forum is held in London, on 9th March 2020. ETR Advisory and the Market Abuse Centre jointly organise the events for the energy and commodities industries, which are open to all professionals in the European energy and commodities markets. No membership of any organisation or … Continue reading

New REMIT quarterly published

ACER yesterday published the latest version of the quarterly newsletter on REMIT, which can be found here. The latest version of the newsletter covers several topics including: Data collection statistics . The impact of  Single Intraday Coupling (SIDC) from a data collection perspective. How the data collected by ACER is used by authorised third parties. … Continue reading

More anti abuse activity

In addition to the REMIT fines announced last week (see here) and the week before (see here) there has been other anti abuse activity this year: In the US, this article on Lexology by Shearman &Sterling LLP describes a further action in the issues around wheat futures manipulation, which started in the middle of last … Continue reading

BP Gas Marketing Ltd fined 1M EUR for activity on French gas market

It was announced on Friday by the CRE (Commission de régulation de l’énergie, the French National Regulatory Authority) that BP Gas Marketing Ltd has been fined 1 million Euros for breaking the REMIT market manipulation  rules via activity on the Peg Sud gas market in France.  The press release can be found here. The activity … Continue reading

REMIT fine announced in Lithuania

The National Energy Regulatory Council of Lithuania (NERC), the National  has just announced that  UAB Geros dujos has been fined EUR 28,583, which corresponds to 7.5% of annual revenue, for “marking the close” in the Lithuanian gas market. The press release is here. According to this decision notice, the fine relates to activity in the first … Continue reading

ACER to tighten REMIT reporting validation rules

Last week ACER announced here that some of the validation rules relating to reporting will be tightened from 30 June onwards. The change relates to the use of Energy Identifier Codes (EIC), in particular “X” codes that identify entities. The change requires that any such code used is registered in the “CEREMP” database of market … Continue reading

CEER defends REMIT carve out – Extension of CCP equivalence

Yesterday saw some announcements just before the seasonal break: The Council of European Energy Regulators (CEER)  published its response to the recent consultation on the MiFID II position limits regime (see here). The response objects to the proposal to remove the “REMIT carve out” found in MiFID II Annex I Section C, that removes gas … Continue reading

ACER stops processing RRM applications

ACER has announced here that the processing of applications to become a Registered Reporting Mechanism (RRM) under REMIT has been suspended due to a lack of suitable resources. RRMs are usually the destination to which market participants send data when reporting under REMIT. The announcement notes that there are already over 120 authorised RRMs as … Continue reading