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On 7 February 2019, the International Organization of Securities Commissions (IOSCO) published a final report on good or sound practices within commodity storage and delivery infrastructures. The report builds on the findings of IOSCO’s report ‘The Impact of Storage and Delivery Infrastructure on Derivatives Market Pricing’ (Storage Report), which was published in May 2016. The report provides guidance to relevant storage infrastructures (RSI) and their relevant oversight bodies (ROB) in the form of good or…
On 5 October 2018, the Dispute Settlement and Sanctions Committee (CoRDiS) of French Regulatory Commission (CRE) fined VITOL S.A. €5 million for engaging in market manipulation on the French Southern virtual Gas Trading Point (PEG Sud) between 1 June 2013 and 31 March 2014. The EU Agency for the Cooperation of Energy Regulators (ACER) has said that this decision is the first to impose a penalty within the framework of the REMIT Regulation in the…
On 28 September 2018, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published two reports concerning the legislative package on the prudential regulation of investment firms: report on the proposal for a Regulation of the European Parliament and of the Council on the prudential requirements of investment firms and amending Regulations (EU) No 575/2013, (EU) No 600/2014 and (EU) No 1093/2010; and report on the proposal for a Directive of the European Parliament…
On 19 September 2018 the UK House of Commons Treasury Committee (the Committee) published its report on the possible regulation of crypto-assets (the Report). Commenting on the Report, Committee chair Rt Hon. Nicky Morgan MP argued that the crypto-assets industry is highly unregulated, which results in numerous risks for investors. Hence, with this Report the Committee hopes to push for regulating this market. The key points of the Report are as follows: throughout the Report,…
Markus Ferber, a German MEP, has been elected the new whip for the European People’s Party in the European Parliament’s Committee on Economic and Monetary Affairs (ECON). Mr Ferber previously was the first vice chair of the ECON committee and succeeds Burkhard Balz who is leaving the Parliament to join the board of German Bundesbank on 1 September 2018.…
On 12 July 2018, the European Securities and Markets Authority (ESMA) published details of its action plan for systematic internaliser (SI) regime calculations ahead of their publication on 1 August 2018. ESMA’s action plan focuses on equity, equity-like instruments and bonds while postponing the publication of derivatives and other instruments to 1 February 2019. The updated implementation schedule means that ESMA will publish the necessary EU wide data, for the first time by: 1 August…
Norton Rose Fulbright LLP will be hosting a lunchtime debate with Markus Ferber Vice-Chair of the Committee on Economic and Monetary Affairs in the European Parliament. Markus Ferber has played a key role in shaping the Markets in Financial Instruments Directive (MiFID II) and is currently the European Parliament’s rapporteur for the new EU prudential framework for investment firms. Ferber will discuss his approach for the new prudential framework for investment firms and provide insights…
On 10 May 2018, the Competition and Markets Authority (CMA) published a working paper as part of its market investigation into investment consultants which sets out the analysis the authority has undertaken to examine whether pension schemes which are more engaged with the market receive better outcomes (in terms of price) than those that are less engaged. The CMA’s emerging findings are that engaged schemes pay significantly less, and disengaged schemes pay significantly more, when…
The Competition and Markets Authority (CMA) has issued a consultative working paper as part of its investment consultants’ market investigation. The working paper sets out the CMA’s initial analysis of trustee engagement with investment consultancy and fiduciary management. It considers the extent to which pension scheme trustees are able to assess the value for money of alternative providers, and (where necessary) to act on the outcome of that assessment. If there are barriers to trustees’…