archives

REMIT

This tag is associated with 347 posts

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

3 weeks to go until the open anti abuse forum

There are just under 3 weeks to go until the open anti abuse forum for energy and commodities takes place in London on the 11th March 2019. This discussion forum is open to all professionals in the European energy and commodities markets to provide a public mechanism to discuss issues arising out of the implementation of … Continue reading

FCA sees deficiencies in MAR implementation and a fine

Earlier this week, Julia Hoggett, Director of Market Oversight at the FCA, made a speech at the AFME Implementation of the Market Abuse Regulation in the UK event. It can be found here. The speech makes several points around the implementation of MAR and anti abuse policies in general, including combating conduct risk. Some of the … Continue reading

New REMIT Quarterly reveals reporting issues, algorithmic trading development and inside information direction

ACER issued the latest version of the “REMIT Quarterly” newsletter on Friday, which can be found here. It contains a wide range of content spanning multiple REMIT related topics. In addition to the regular statistics found in previous newsletters(see here), there are several points of interest relating to: Reporting Algorithmic trading Inside Information disclosure Reporting … Continue reading

Second fine in Denmark for capacity hoarding

Yesterday the Danish Utility Regulator announced that Neas Energy A/S has accepted a fine of 150,000 DKK (approximately 20,000 euros) and 3,000 DKK (approximately 400 euros) disgorgement for capacity hoarding on 4 occasions in 2015. The press release from the DUR can be found here. This follows a fine for similar reasons levied in December (see … Continue reading

Brexit update: ACER REMIT letter and more

After a seasonal break, the politics around Brexit have come back to full speed (for example see here on the BBC web site).  In the meantime, more developments are becoming apparent in terms of the rules covered on this blog: Yesterday, ACER issued this open letter, which highlights some of the issues that may occur … Continue reading