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EMIR

UBS fined £27.6m for transaction reporting failures

The UK’s Financial Conduct Authority has fined UBS AG 27.6 million pounds sterling for transaction reporting infringements under MiFID I. The penalty notice can be found here. The fine relates to issues with  135.8 million transaction reports between November 2007 and May 2017. These can be divided into: Missing reports Incorrect reports Reports that were … Continue reading

IM Phase 5 mitigation…’ish

Banks have spent the last four years gamely preparing for and complying with IM regulations. Phases 1-3 have been challenging, the current phase 4 promises more of the same. The market has long been aware that phases 1-4 are mere kittens to the phase 5 (probably angry) tiger. Useful initiatives- negotiation platforms, custodian portals, standardised […]

Ready for digital regulation?

JWG are pleased to announce new research in partnership with MarkLogic, which shows that financial institutions are ill-equipped to deal with the data demands of new regulation.

 

EMIR REFIT – A Review of Recent Changes (What was Included, What’s Not)

The financial markets now has clarity on some of the areas the EMIR REFIT programme and in particular, some of the changes as they pertain to small financial counterparts, CCP clearing among pension funds and trade reporting requirements. In this Q&A, Pauline Ashall, Partner at Linklaters in London, offers us a review of the recently announced changes.

EMIR updated Q+A, REFIT update and Central Bank of Ireland statement

EMIR Trade Reporting ESMA has issued an updated version of the Questions and Answers document on EMIR trade reporting, which can be found here. It contains several updated answers, some of which will be of interest to energy and commodity market participants: TR Question 34 (page 93) – Adds a method to report such contracts  … Continue reading

Agreement Reached Over EMIR Refit

Hot on the heels of ESMA’s 31 January 2019 ‘blind eye’ statement, on 5 February 2019, the EU Council issued a press release confirming it had reached agreement with the EU Parliament on certain aspects of the EMIR REFIT programme. Broadly, the changes are that: A new category of “small financial counterparty” will be created. […]

ESMA issues statement around EMIR REFIT and upcoming deadlines

ESMA has today issued this statement, around the issues raised by the EMIR “REFIT” programme not yet being published in the Official Journal of the European Union, and therefore note starting. In particular, the statement addresses the issue of the looming final backloading deadline on 12th February 2019, and also the potential start of the … Continue reading

Brexit update – plenty more guidance in the face of uncertainty

The political side of Brexit has seen plenty of news over the last two weeks, and this is set to continue, with another vote in the UK Parliament tomorrow (see here on the BBC web site for example). Since our last post here, there have also been some regulatory developments on the financial,energy and commodity … Continue reading

Report on Nordic power market default

A report has been published by Finanstilsynet, the Norwegian National Competent Authority, on the issues that contributed to a large default that took place last September 2018 on the Nordic power market (see here). The report identifies issues with the exchange operator who, according to this report on Reuters, relied too heavily on resources in … Continue reading

What could 2019 have in store for us?

As the working year of 2019 opens, it is worth taking a few moments to consider what will keep us busy in the regulatory world of energy and commodity trading over the coming months. As usual on this blog, we will focus on Europe, with an eye on the rest of the world. The era … Continue reading

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