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ACER 2014 REMIT Report Confirms Continued Inquiries into Market Conduct

ACER calls for substantial funding increase to enable more aggressive monitoring and enforcement efforts in coordination with national regulators. On Tuesday 10 June 2014, the Agency for the Cooperation of Energy...more

6/24/2014 - ACER Annual Reports Energy Enforcement Funding REMIT

FERC Orders Evidentiary Hearing For Alleged Market Manipulation By BP

On May 15, 2014, the Federal Energy Regulatory Commission (FERC) issued an order setting an evidentiary hearing before an administrative law judge (ALJ) to determine whether BP America Inc., BP Corporation North America Inc.,...more

5/20/2014 - Evidentiary Hearings FERC Market Manipulation

EMIR Clearing And Margin Consultation Paper Proposes Rules Which Will Impose Substantial Trading Costs On Market Participants

The European Market Infrastructure Regulation (“EMIR”) imposes a number of risk mitigation techniques on counterparties to uncleared swaps. Some of those involve much tighter operational procedures (such as the rules for...more

5/8/2014 - EMIR ESMA EU Market Participants Trade Policy

Cross-Border RTS Starts Countdown For EMIR Obligations For Non-EU Counterparties

OTC derivative contracts which have a counterparty located outside of the European Union (“EU”) may now be subject to the requirements of the European Market Infrastructure Regulation(“EMIR”). ...more

4/14/2014 - EMIR EU Extraterritoriality Rules Foreign Jurisdictions OTC

FERC Enforcement Director Calls For Legislative Fix To Address Hunter Decision

On January 15, 2014, Mr. Norman Bay, Director of the Office of Enforcement at the Federal Energy Regulatory Commission (FERC), testified at a Senate Banking Subcommittee on Financial Institutions and Consumer Protection...more

1/27/2014 - CFTC Electricity FERC Fraud Market Manipulation Natural Gas Utilities Sector

Markets In Financial Instruments Directive: Agreement In Principle On Revised European Rules

Introduction - On 14 January 2014 the European Parliament, the Council and the Commission reached a high-level agreement in principle on updating the rules for the revised Markets in Financial Instruments Directive...more

1/27/2014 - Cross-Border EU European Commission MiFID Trade Policy

FERC And CFTC Reach Agreement On Information Sharing And Jurisdiction

After a fair amount of back-channel arm-twisting, the two agencies with principal (and sometimes overlapping) jurisdiction over energy commodities have reached agreement on two memoranda of understanding (“MOUs”) required by...more

1/7/2014 - CFTC Commodities Exchange Act Dodd-Frank Energy Market FERC Information Sharing Jurisdiction Memorandum of Understanding Swaps

2013 FERC Report Confirms Increased Enforcement Activity

On November 21, 2013, the Federal Energy Regulatory Commission (FERC) Office of Enforcement (Enforcement) issued its 2013 Report on Enforcement (Report). The annual Report provides an overview of and statistics regarding...more

12/9/2013 - Audits Civil Monetary Penalty Disgorgement Energy Market Enforcement Actions FERC Settlement

ESMA Authorises Trade Repositories

The European Market Infrastructure Regulation (including any implementing legislation, regulation, technical standards and guidance related thereto, “EMIR”) was adopted on 4 July 2012 and entered into force on 16 August 2012...more

11/8/2013 - Derivatives EMIR ESMA Trade Repositories

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