The next few weeks and carrying through July are likely to result in some important regulations for the energy industry being shaped, although we are unlikely to see the final versions emerge until the autumn. The much-discussed topic of what is a power and gas forward that must be physically delivered rumbles on. The European […]
Energy Connections
EMIR review launched
The European Commission has launched a review of the European Markets and Infrastructure Regulation, better known as EMIR. Details can be found here.
Proposal could shine bigger light on EU policy development
The European Commission has said in the future it will look to make draft texts of its implemented and delegated acts for key EU financial publicly available. First vice-president Frans Timmerman has made the proposal as part of his better regulation agenda. The proposal is at the early stages, with the commission hoping to conclude […]
ESMA makes interesting point on physical forwards
A contact has pointed out an interesting line in the guidelines published on physical power and gas forwards for dealing with current EU financial regulation. The European Markets and Securities Authority (ESMA) has tried to clear up what is a derivative and what is a physical forward under the first version of the Markets in […]
Potential Danish REMIT breach referred to public prosecutor
Some interesting information emerged on Thursday, when the Danish regulator said it has asked the Danish Prosecution Service to start a criminal investigation into whether a company has manipulated the wholesale gas market. If the case leads to a prosecution it could be quite significant. I do not know of any convictions for REMIT breaches that […]
FCA fines Merrill Lynch International £13m for failing to report trades
The UK’s Financial Conduct Authority has fined Merrill Lynch International for incorrectly reporting 35,034,810 transactions, and failing to report another 121,387 from November 2007 to November 2014. The US bank was required to report the trades under the Markets if Financial Instruments Directive – MiFID. The fine gives some interesting insight into the world many energy […]
Thirty investigations for potential REMIT breaches open at end of 2014
ACER has launched a quarterly report on REMIT, and one interesting nugget is that 30 cases of potential breaches of the regulation were being investigated at the end of 2014. The agency said 14 investigations were closed during 2014. Potential REMIT breaches are investigated by national authorities rather than the agency, although ACER can coordinate […]
UK Treasury paper on MiFID II
The UK Treasury has opened a consultation, which sets how, among other things, the Financial Conduct Authority will decide which commodity derivatives it will set position limits for. You can find the paper here.
FCA sets out MiFID implementation timetable
The UK’s Financial Conduct Authority (FCA) will publish its proposed handbook changes to implement MiFID II in December 2015, according to a timetable it recently published. The FCA plays an important role among financial regulators in Europe on the development of the EU financial regulation. And given many brokers and traders are registered in London, […]
MiFID consultation responses out
ESMA has published the responses to its MiFID consultation. I am at a conference so will go through them later.
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