Is the “era of regulation” over in Europe?

By Aviv Handler, ETR Advisory With the MiFID[1] II deadline now more than 3 months past (the rules started in 3rd January 2018), life seems to have become quieter on the regulatory front. In the past years we have gotten used to looming deadlines, spanning EMIR[2], REMIT[3], MAR[4] and MiFID II, with “time running out” as each date approached. Each of these rule sets has an impact on the energy and commodities sector, and in most cases required a change project. Initially much of the work was related to data reporting. MAR made many in the sector realise for the first time that monitoring for abuse due to insider trading and manipulation was a requirement, and MIFID II looked like it would capture many companies in a significant manner. As of now, many of those projects are complete: Reporting is running in “business as usual” mode, and for many, the impact of MiFID II has been smaller than anticipated, with the majority of market participants using the Ancillary Activity exemption to reduce the requirements to a small set, often just covering position limits. In terms of MAR, many went through an initial exercise of assessing their monitoring requirements around the… continue reading
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