RegTech Intelligence

RegDelta alert no.7: EU market abuse standards now in consultation

JWG analysis

Europe has two key market abuse rule-sets being introduced in 2014/15 – The Regulation on Energy Market Integrity and Transparency (REMIT) and the Market Abuse Directive (MAD) and Regulation (MAR).

This month, 4 consultations have been released; two from the Agency for the Cooperation of Energy Regulators (ACER) and two from the European Securities and Markets Authority (ESMA):

  • 15 July – Draft technical standards on the Market Abuse Regulation –  Consultation paper (here)
  • 11 July – ESMA’s draft technical advice on possible delegated acts concerning the Market Abuse Regulation – Consultation paper (here)
  • 22 July – ACER Requirements for the registration of Registered Reporting Mechanisms (RRM) – consultation paper (here)
  • 22 July – ACER REMIT Draft Transaction Reporting User Manual (TRUM) – consultation paper (here)

Having been developed in parallel over the last 2 years, these are the first detailed implementation standards to be released so far.  Firms now have an opportunity to shape the rule-set in its consultation period.

ESMA’s draft RTS/ITS and TA detail the application of MAR to new products, venues and trading techniques and address transparency and governance issues.  Both Consultation Papers are open for feedback until 15 October 2014.

Remit’s primary focus is on market abuse and market manipulation in the commodities market.  As a result, new transparency requirements, in the form of transaction reports, are asked for to enable its aim of monitoring market abuse.  These consultations on the Transaction Reporting User Manual (TRUM) and reporting mechanisms are vital in determining the precise standards by which REMIT will be implemented.  The deadline for its two documents is 2 September 2014.

We have loaded these documents into RegDelta, as part of its market abuse library, meaning that those with access to the tool can use our ontology to analyse the document, and the delta function to compare the reporting requirements, and their application, within the context of existing rules, and parallel reporting regimes such as MiFID II or EMIR.

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