ESMA publishes a less than MAD Q&A

JWG analysis. On 9 November 2015, ESMA published its Q&A on the implementation of the current Market Abuse Directive (MAD).  For those of you looking for some relief, this is a relatively short document, just 8 pages, and it consists of only two questions.  Question one focuses on the disclosure of inside information related to


There is nothing new under MAR RTS …

JWG analysis. … at least, not much!  This week is a significant one for compliance and legal professionals in the financial services industry.  ESMA has finally released 1,500 pages of draft regulatory standards covering trading, market abuse and the settlement of securities. In the past few months, JWG has spent considerable time covering MiFID II,


STR warning

JWG analysis. With almost a 400% increase in the number of suspicious transaction reports received by the Financial Conduct Authority (FCA) since 2007, you may assume that the monitoring and reporting procedures put in place by firms have increased in quality.  However, although this may be a logical conclusion to draw, a recent FCA newsletter


JWG analysis. At the 8th Customer Data Management Group (CDMG) meeting of 2015, on 18 August, over 20 members from 10 firms came together to discuss the new Market Abuse Regulation (MAR) and the potential challenges it holds. With less than 11 months until particular sections of MAR will apply to the financial services industry,


JWG analysis. Since the financial crisis, there has been an increased focus on tackling market abuse.  As of March this year, the FCA had 49 cases market abuse cases open and, in 2014, 60+ market abuse cases were on their books.  In terms of criminal convictions, three were secured for insider dealing and nine confiscation


JWG analysis. We are less than 115 days from the point when the first phase of new energy trading reporting obligations kicks in across the EU.  Amidst a recent industry outcry to develop more consistent data reporting standards, the requirements introduced by the Regulation on Energy Market Integrity and Transparency (REMIT) are yet another example


MAR Consultation Papers: an overview

By Sam Tyfield, Vedder Price. Recently, ESMA published two consultation papers (CPs) on MAR: 1. draft technical standards on MAR (CP1) and 2. draft technical advice on Commission delegated acts (CP2).  The consultation period closes in October 2014. CP1 contains reference to insider trading, buy-backs and stabilisation, market soundings and other issues on which I


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


Check your SYSC benchmarks

The Office of Compliance Inspections and Examinations (SEC, FINRA, NYSE) has released an assessment of 19 firms regarding their controls to prevent misuse of material, non-public information. While not legally binding, this development is important because this is the first comprehensive statement in years regarding a regulatory view of a firms systems and controls for