Viability of the EU OTC commodity forward markets hinged on one word in the recital of the European Commission Regulation
- Category: MiFID
Physical forwards can still be used under MiFID II by commodity producers in bilateral contracts. Most of them will not be captured by the financial instruments' strict legal requirements.
Commission Delegated Regulation of 18 May 2016 - relaxed legal corset on energy traders
- Category: MiFID
Traders in physically settled energy forwards will not be required to hold a MiFID II licence when trading on OTFs' markets.
According to recent European Commission Delegated Regulation, in order to remain within the scope of this exemption licenses to operate in the energy physical markets or adequate production, storage or consumption facilities will not be necessary.
Trapped by REMIT
- Category: REMIT
Imagine a manufacturer who who consumes 595 MWh yearly. He sleeps well since convinced that REMIT itself, REMIT registration and operationally burdensome REMIT transactions and orders reporting are beyond the scope of his affairs. And suddenly somebody comes and says, "You have serious legal problems, you are not credible business partner". What's the point?
Flawed inception of mandatory clearing
- Category: EMIR
Financial counterparties and alternative investment funds (AIFs) which are not clearing members and which have a lower level of activity in OTC derivatives (to be measured against a quantitative threshold) will likely benefit from extended deadlines for mandatory clearing.
MiFID II own account exemption modified
- Category: MiFID
MiFID II has not entered into force yet, but already became substantially amended. What has changed? Key issue - exemptions.
Also proprietary traders must prosecute market abuse under MAR
- Category: MAD/MAR
REMIT and MAR differ significantly in their market abuse prosecution regimes when it comes to the obligations of proprietary traders. Temporarily?
MAR publication channels: ESMA vs. EC
- Category: MAD/MAR
What was the essence of the dispute between the European Securities and Markets Authority (ESMA) and the European Commission as regards the inside information publications under REMIT and MAR?
Does it influence on the ongoing regulatory practice?
The EU position limits framework - is this manageable issue?
- Category: MiFID
1,500 vs. 28 - this is the scale of discrepancy between the volumes of position limits frameworks in the EU and the US.
Every company as a prosecutor - impressions from reading ACER's 4th edition of REMIT Guidelines
- Category: REMIT
ACER has established a new, costly law for companies.
The EU legislative process - symptoms of anarchy
- Category: MiFID
A few annoying facts from a financial lawyer's perspective...
Did the EU financial regulation cause the Brexit?
- Category: MiFID
Why Britons left - competing hypotheses are attacking us in every article. There is no use to object to dominant trends, hence I'll also try to present some propositions in that regard.
Title transfer collateral arrangement, emission allowances and SFTR - difficult coexistence
- Category: Emissions trading
The practical issue, maybe obvious, but I would like to know for certain: do SFTR apply to title transfer collateral arrangements in emission allowances?