2021 – Another year of regulation begins

As in previous years, as 2021 opens, this first post will consider what could keep us busy in the regulatory world of energy and commodity trading, focused on Europe. More of the same or another wave of changes? As discussed in last year’s opening post (see here), we could say that we have been in the “era of making it work” since MIFID II started to apply on 3rd January 2018. Since then, the major rule sets of EMIR, REMIT, MIFID II and MAR have “bedded down”, with changes such as EMIR REFIT requiring some work. Those either in the UK or with UK dealings will have been affected by Brexit, the transitional period ending on 31st December and in part supported by a new trade agreement (to be the subject of a further post). In terms of what to expect, themes could include the following: Continued focus on anti-abuse activity – As last year, the focus on anti-abuse activity in the form of organisation, processes and technology is likely to continue, given the time since rules such as MAR and REMIT started and the continuation of enforcement cases. We saw several high-profile REMIT fines last year (for example see here) and… continue reading

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