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COMMODITIES IN FOCUS

14

In the news

“Nickel and diming”

In January 2014 the Government of Indonesia banned

exports of raw unprocessed ores in an attempt to boost

Indonesia’s processing industry. However recent

regulations now permit the export of metal mineral

concentrates, including copper concentrate, and allow

the resumption of exports of nickel ore and bauxite ore.

This has been a blow to investors who had started to

invest in new or expanded smelting facilities in

Indonesia. Following the announcement of the recent

regulations, there was a short term tumble in nickel

pricing, now corrected. However a residual concern is

that those regulations merely signal a broader trend of

relaxation of control over the export of unprocessed

ores, and so are an overture to further pricing volatility.

Stephenson Harwood to launch in Myanmar

Stephenson Harwood is opening an office in Yangon,

Myanmar. The new office is expected to open this year.

The firm has been advising clients in Myanmar, and

international clients investing there for many years.

The new office will support the demand of the growing

client base and expand the firm's global network of

offices to ten.

Final report on guidelines on the Market

Abuse Regulation

On 17 January 2017, the European Securities Markets

Authority released their finalised guidelines on inside

information reasonably expected to be disclosed by

market participants, including information directly

relating to spot commodity contracts. This is the latest

piece of delegated legislation brought in by the new

European Market Abuse Regulation (

MAR

) which came

into force on 3 July 2016. The new regime has a

significant impact on the regulation of the spot

commodities markets both in the UK, EEA and further

afield. MAR makes manipulation of not only commodity

derivatives but also related spot commodity contracts

an offence.

We will be exploring the impact that MAR

has on the spot commodity markets more fully in the

next edition of Commodities in Focus.

New ICC Rules of Arbitration

The ICC Court of Arbitration has announced a revision

to its Rules which will come into force on 1 March 2017.

The revisions seek to address growing demands from

users for greater transparency and efficiency in ICC

Arbitration procedure.

The changes include a new expedited procedure for

lower value claims and a requirement for the ICC Court

to communicate reasons to the parties for the

appointment, removal, challenge or replacement of an

arbitrator.

For further detail, see articl

e New ICC expedited arbitration procedure is key revisions to the ICC Rules

by Stephenson Harwood partner, Shai Wade and

associate, Ayo Awe.