COMMODITY CAPITAL REQUIREMENTS
Also usually (and bizarrely) the penalties for non-
compliance often come into force before all the infrastructure is in place to allow compliance. There are key implementation milestones for the
new EU legislative packages through 2012 through to 2014, but 2013 is really when the new laws start to bite. This does not give too much time to revise and implement trading system interfaces and to develop new trading strategies, control policies and processes. As European legislation is not sensitive to the
outcome of Member State elections (nor the recent talk of renegotiation of the fundamental EU Treaty) liable European companies have no option but to comply. Key parts of the legislation have been created as EU ‘Regulations’ rather than as EU ‘Directives’, which mean they enter all Member States national law immediately and equally without the need for ‘transposition’, avoiding all the ambiguity around individual Member States freedom of interpretation that entails. Thus, liable EU companies can seek no shelter behind national laws. EU legislators expect there to be a ‘fine tuning’
process for legislation over the next three years as they review their effectiveness, but an outright reversal/repeal of these laws is highly unlikely.
Furthermore, EU legislators have added a ‘no intended loophole’ catch-all clause. This means that if two pieces of legislation conflict or leave a gap, the ‘loophole’ can’t be used as a legal defence by a transgressor. In the US, of the 55 Rules in Dodd-Frank, 18 are
currently in force. Dodd-Frank also contains an ‘extra-territoriality clause’, meaning that it applies to foreign (non-US) entities if they do business with ‘US Persons’ where that business is subject to Dodd- Frank. This means that EU companies who have US subsidiaries, or who do business with US companies from Europe, may have a specific Dodd-Frank liability in addition to the one they have under EU law. As the implementation of US Dodd-Frank is ahead of its EU counterpart, EU companies should already be checking their US regulatory liabilities.
Reporting Reporting OTC derivative transactions to a trade
repository is not a single-step process completed on trade execution. The entire lifecycle of the trade must be reported, including exercise of any constituent option or ‘swing’ components, price adjustments, plus any interim or final settlement, or early termination/default.
REGULATIONS ENERGY TRADING
COMPLIANCE 2nd Annual Energy Trading Regulations & Compliance 2012 Summit
The newest regulatory provisions have been in place since October 2011, affecting all 25 EU nation states; investing in compliance is therefore crucial as energy trading firms need to assess the potential market and business impact of the proposals. Energy traders need to enhance their
knowledge to understand how to be compliant in light of the regulatory changes - or face the nd
possible consequences of increased punishments and penalties. The 2 Annual Energy Trading Regulations & Compliance 2012 Summit will deliver the most relevant and up-to-date information for energy traders to prepare for the compliance requirements of 2012.
The summit will address the uncertainty around the clarity of the regulations and also concerns around implementation, data protection, and building suitable compliance strategies. Following on from last year’s successful summit in March where 120 senior level compliance and legal executives spoke and attended, ETRC 2012 will once again give you a very unique platform to see all the regulators and energy companies coming together to discuss what needs to happen, how and when.
The summit takes place at a crucial time, whereby the key regulatory bodies as well as the energy trading companies and banks will be gathering in this forum to provide clarity on how regulatory harmonization and transparency will be achieved as well as sharing advice on what your compliance strategy should include. Whether you wish to benchmark your compliance strategy, get a real update from the regulators or meet people from key energy trading organizations, ETRC 2012 is the place to be.
16-17 April | London Key Speakers
• Mark Satterthwaite, Managing Director Compliance, Deutsche Bank AG
• Jan Haizmann, Chairman of EFET, Supervisory Board
• Sebastian Eyre, Head of Energy Regulation,EDF Energy
• Gerd Stuhlmacher, Director Legal & Compliance, E.ON Energy Trading SE
• Cornelia Kawann, Deputy CEO, Head of Contracts and Financial Affairs, Alpiq Swisstrade
• Matt Scott, Advisory Policy Officer, Deutsche Bank AG
• Jonathan Hill, Technical Specialist for Commodities, FSA- Market Division • Charles Cerria, Associate General Counsel-Trading, Hess Corporation
... and many more! Organized by:
Want to know more? Please visit
www.etrc2012.com or contact: Pooja Samani | Production Director T: +44 (0) 207 111 1615/ E:
poojas@international-research-networks.com Jessica Jonah | Marketing Manager T: +44(0) 20 7600 5130/ E:
jessicaj@international-research-networks.com
2012
&
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