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The Italian energy market regulator, ARERA, has published a resolution defining various implementation measures relating to the so-called liquidity service for the Italian gas market.

This week the UK Government announced a consultation on the introduction of a whistleblower reward scheme for the Serious Fraud Office (SFO).

The European Energy Exchange (EEX) has published a new Implementation Regulation on the Suspension of Regulatory Market Making, the compulsory regime set out by Section 33 of the EEX Exchange Rules.

The Shanghai International Energy Exchange (INE) has updated its rules regarding the administration of accounts involving actual control relationships which has implications for overseas trading firms.

The EU Council has reached its negotiating position on amending the market stability reserve (MSR) under the EU emission trading system (EU ETS 1).

The CFTC has announced that it has paid out over USD $150 million in whistleblower awards since the beginning of July 2026 under its Whistleblower Program.

ACER has announced the appointment of its new permanent Director to lead the agency for at least the next five years.

The UK’s Serious Fraud Office has announced the conclusion of legal proceedings brought against it involving ENRC and the company’s former lawyers.

This week the Office of Financial Sanctions Implementation (OTSI) published its annual report outlining its investigation and enforcement activities for 2025-26 year.

This week the EU Parliament's Committee on Economic and Monetary Affairs (ECON) published a draft report on the Council's proposal to appoint a new Chairperson of ESMA.

The CME recently published a revised Advisory Notice dealing with Disruptive Practices in connection with order-messaging systems that exploit network transmission mechanics.

The Italian energy regulator announces the intention to switch from its own national REMIT register to the Centralised European Register of Market Participants (CEREMP) managed by ACER.

The Hungarian energy regulator has published a cautionary notice regarding REMIT compliance amidst ongoing extreme weather and other technical market factors.

The Shanghai International Energy Exchange (INE) has announced a consultation on proposed amendments to its rules on handling trading disruptions and market halts.

The Australian financial market regulator has announced a significant enforcement action against Deutsche Bank for transaction reporting failures involving FX and commodity derivatives.

The CME has issued seven Notices of Disciplinary Action on one week involving pre-arranged trading, spoofing, and failing to cooperate in an exchange investigation.

The UK government announced the settlement of an enforcement action against Petrofac Facilities Management Limited for breaching Russian sanctions.

The CFTC has launched a consultation on 24/7 trading and perpetual contracts in energy derivatives.

ICE Futures Europe adjusts UK NBP Natural Gas Futures position limits ahead of the July 2026 launch, enhancing market flexibility and compliance measures.

CFTC proposes rule changes to expedite whistleblower awards, aiming to enhance transparency and encourage more reports of violations in the enforcement process.

ARERA has initiated a REMIT sanctioning procedure against an Italian utility for insider trading and disclosure breaches related to power market outages.

The EU Commission's report indicates no urgent need for changes to commodity derivatives regulation, though some targeted adjustments may be considered in the future.

The CFTC's new advisory outlines a revised policy for enforcement cooperation, emphasising self-reporting and defining penalty reductions based on compliance factors.

Explore the transformative impact of agentic AI on the future of work, accountability, and compliance, as seen at SaaStr 2026 in San Francisco.

ARERA updates Italy's gas supply contract reporting rules, improving oversight and data quality in response to ongoing supply concerns.

Finnish regulator proposes a record penalty against Kinect Energy for a market manipulation incident, raising concerns about operational errors in EU power markets.

Explore the integration of Large Language Models in compliance workflows, highlighting the critical need for human oversight to mitigate risks and ensure accuracy.

Ofgem warns against using fixed REMIT thresholds for inside information disclosures, emphasizing the need for case-by-case assessments to enhance market transparency.

This week, FERC announced a significant enforcement settlement with Terra-Gen LLC. The case relates to the violation of the California Independent System Operator (CAISO) Open Access Transmission Tariff, FERC’s Market Behaviour Rule, and its Anti-Manipulation Rule involving Terra-Gen’s participation in the CAISO ancillary services market between 2020 and 2022.

The Lithuanian national energy regulator VERT recently announced a REMIT enforcement action against the Lithuanian transmission system operator Litgrid. This action once again shows that regulators in smaller jurisdictions maintain the same, an often greater, oversight standards as those in larger European power markets

Firms with REMIT inside information disclosure obligations should review their technical reporting and business processes immediately to identify any necessary adjustments. The transition to mandatory EIC codes and the strict requirements for UMM lifecycle updates may require system changes or staff training ahead of the December 2026 deadline.

US Federal authorities continue to enforce environmental laws despite contrary sentiment. The Department of Justice recently announced a settlement with Chevron involving over USD $4.6 million in financial penalties and punitive credit retirements.

Energy traders are balancing operational speed with regulatory risk between "Native" and "Governed" WhatsApp modes. Explore the trade-offs and the future of "Coexistence Apps" in this latest analysis.

Explore the Dutch energy regulator ACM's latest REMIT updates. Learn about registration duties for Direct Electronic Access (DEA) traders, the vital role of gatekeepers, and market insights.

FERC recently updated the WECC market design to improve the balance between market incentives and consumer protection. Discover how these regulatory changes impact Western US electricity markets.

Following the introduction of REMIT II in 2024, ACER’s role has shifted from being a relatively benign overseer of the market to an active investigator, armed with tools and powers certain to make a material impact on EU cross-border energy trading.

Known for specialising in materials critical to the green energy transition, GFEX has demonstrated that its "Tooth and Claw Regulation" approach more than just a metaphor.

The Finnish national energy regulator (Energiavirasto/EV) recently published its first Annual Review of wholesale market supervision alongside a detailed technical blog.

This week, the European Commission and the UK Government’s Office of Financial Sanctions Implementation (OFSI) announced a coordinated reduction of the Oil Price Cap (OPC) for Russian seaborne crude and petroleum products

The landscape of US energy regulation is shifting. With the appointment of Laura Swett as the new Chair of The Federal Energy Regulatory Commission (FERC), the industry is closely watching how enforcement priorities might evolve

The Commodity Futures Trading Commission (CFTC) has entered a new era. On December 22, 2025, Michael S. Selig was sworn in as the 16th Chairman of the Commission, bringing an end to an 11-month period where the position was filled only on a temporary basis.

The UK’s FCA has published a policy statement setting out its approach to simplifying the ancillary activities test (AAT) under UK MiFID.

It is rare to see REMIT announcements coming out of Greece, but a recent update from the Regulatory Authority for Waste, Energy and Water (RAAEY) has caught the industry’s attention.

These changes represent a decisive shift in how the CFTC's Division of Enforcement (DOE) operates, moving from opaque and unpredictable to transparent and disciplined.

The German financial market regulator, BaFin, has initiated a consultation to reintroduce MiFID II position limits for German Power Futures and Options contracts traded on the European Energy Exchange (EEX).

This week the US Federal energy regulator published its FY 2025 enforcement report covering enforcement and surveillance statistics amongst other things.

The EU Council has authorised the EU Commission to commence formal negotiations regarding the linking of the EU and UK Emissions Trading Systems (ETS).

The UK financial market regulator has announced a consultation on the exemptions regime for intragroup transactions under UK EMIR as the current temporary regime approaches expiry in 2026.

This week the All NEMO Committee, the body responsible for overseeing EU coupled power markets, published a report on a recent partial decoupling incident involving the Intraday Auction (IDA) in the Single Intraday Coupling (SIDC) market.

This week the German Federal Network Agency (BNetzA) and the German Federal Cartel Office (BKartA) published the results of their joint investigation into the German power market price spikes that occurred in November and December 2024.

The Swiss Federal Council has launched a consultation on new measures introduced to strengthen Swiss anti-money laundering and counter-financing of terrorism (AML/CFT) rules.

The European Network for Transmission System Operators for Gas (ENTSOG) has published its report on the EU’s gas situation ahead of the 2025/26 winter season.

According to public statements released by their respective Chairs, the SEC and the CFTC have embarked on a new era of cooperation between the two agencies.

The AER has published a consultation regarding its Draft Market Monitoring Information Orders requiring firms to report their power and gas transactions to the regulator.

The EU Commission has announced the scope of its 19th package of sanctions against Russia which builds on its June proposal to halt all Russian gas imports including LNG.

FERC announced an enforcement action against the Cordova Energy Company LLC for violating the PJM Interconnection Open Access Transmission Tariff through its offers into PJM, and its submissions to PJM’s eGADS system.

The Australian financial market regulator has announced an enforcement action against SocGen for failing to identify and report abusive activity in power and wheat futures conducted on the ASX 24 exchange by its DMA customers.

One of two remaining CFTC Commissioners has confirmed her departure from the Commission in the same week that the Commission announces the procurement of a new commercial trade surveillance system to replace its 90s-era tooling.

ICE Futures Europe has penalised a shipping futures broker for Block Trade, recordkeeping and systems and controls failures and violations.

The Singapore Attorney-General’s Chambers has announced a hefty fine and Deferred Prosecution Agreement against a Singapore company for corruption offences involving the Brazilian national oil company.

Democrat-appointed FERC Commissioner David Rosner has been announced as the new Chairman of FERC following the recent departure of Mark Christie.

The FCA has announced an enforcement action against Sigma Broking Limited for MiFID/MiFIR transaction reporting failures.

The SEC recently submitted a status update to the appeals court regarding its intentions surrounding the climate disclosure rules established under the previous administration.

ANRE announces measures aimed at curbing speculation in the Romanian power market in relation to bilateral purchase agreements.

The dispute settlement and sanctions committee for CRE, the French energy regulator, has announced fines against two entities for abusing the ARENH scheme.

The FCA has announced a consultation on the changes to the ancillary activities test (AAT) for the ancillary activities exemption (AAE) under UK MiFID.

BaFin has announced the reintroduction of MiFID II spot month and other months position limits for the Trading Hub Europe (THE) TTF natural gas futures contracts listed on EEX.

OFAC reaches settlement agreement against catalyst product provider for sanctions violations while the DOJ declines to prosecute the firm’s new owner due to effective and timely self-reporting.

The EU Commission has announced the scope of the EU’s 18th package of sanctions against Russia which includes a proposed reduction in the oil price cap

The FCA has published its quarterly consultation paper which contains proposals for minor changes to UK EMIR reporting.

The Dispute Settlement and Sanctions Committee (CoRDiS) of CRE penalised JP Morgan for failing to comply with its obligation to provide the information necessary for the CRE to carry out its duties.

The EU and UK have announced that they will work towards linking their respective emissions trading systems and explore the possibility of reintegrating the GB power market with the EU’s internal power market.

Three CFTC Commissioners have announced their imminent departures from the Commission in quick succession including Caroline Pham, the current Acting Chair.

The EU Commission has announced plans to halt all remaining energy imports from Russia into the EU.

The French energy regulator has published its inaugural quarterly market monitoring newsletter on the functioning of the French electricity market in light of the forthcoming end of ARENH.

Commissioner and former Chair Willie Phillips has resigned from FERC with immediate effect giving the Republicans an opportunity to appoint a replacement.

CFTC staff have published a letter providing guidance on the criteria that the operating divisions will use to determine whether to make a referral to the Division of Enforcement.

The IMO has reached agreement on global greenhouse gas emissions pricing and mandatory marine fuel standard regulations for global shipping.

The Swiss authorities have publishedthe Federal Act on Supervision and Transparency in Wholesale Energy Markets, otherwise known as “BATE”, in the Federal Gazette.

The US Department of Justice (DOJ) has announced a civil forfeiture complaint involving the proceeds from the sale of USD $47 million worth of petroleum product allegedly to the benefit of Iran.

The OFSI has published its Annual Review for the 2023-24 fiscal year which includes insights into their oversight of the G7+ Oil Price Cap.

The Acting Chairwoman of the CFTC has delivered a wide-ranging address at a recent conference where several surprising policy announcements were made.

The EU Commission has proposed to extend the EU Gas Storage Regulation by two years.

This week the Danish energy regulator announced an enforcement action against Energi Danmark A/S for alleged capacity hoarding in the Nordic power market in breach of Article 5 of REMIT.

Canadian regulators have announced a temporary exemption for certain reporting requirements related to unique product identifiers for commodity derivatives under its Trade Reporting Rules which are due to enter into effect in July 2025.

This week the Acting Chairman of the SEC published a statement announcing it had requested the courts to pause any judgements relating to the SEC’s climate disclosure rules.

The Dutch National Regulatory Authority (NRA) has announced an enforcement action against an “international company” for manipulation of the TTF gas market.

This week the EU Commission announced a time-bound extension of its regulatory equivalence recognition under Article 25 of EMIR for UK central counterparties (CCPs) effective from 1 July 2025.

The US CFTC has announced the unanimous appointment of Commissioner Caroline Pham as the acting-Chairwoman of the CFTC following the recent departure of Rostin Behnam, the previous Chair.

The Italian energy regulator announced the initiation of an enforcement action against Enel Produzione S.p.A for allegedly breaching Article 4 of REMIT relating to the disclosure of inside information.

ICE Futures Abu Dhabi has published an update to its Delivery Limits & Position Limits Guidance which must be considered by firms actively trading on the venue.

In its final enforcement act of 2024 FERC announced an enforcement action against EWP Renewable Corporation for violating the ISO-NE Tariff and FERC regulations for capacity-related breaches.

ESMA has published its Final Report on amendments to certain MiFID 2 technical standards for commodity derivatives following a consultation held earlier in 2024.

FERC has announced two enforcement actions with heavy penalties and disgorgements continuing the flurry of year end activity by the Commission.

EWRC has announced four separate REMIT enforcement actions to various market participants for Article 4 disclosure breaches and a registration failing.

IOSCO has announced the publication of a targeted report reviewing the implementation of their Principles for the Regulation and Supervision of Commodity Derivatives Markets following a recent survey.

FERC has published its 2024 Enforcement Report which covers the activities of the FERC’s Office of Enforcement for the prior year.

This week the EU Parliament adopted a resolution demanding more targeted EU sanctions against Russia’s maritime ‘shadow fleet’.

The UK FCA‘s latest Market Watch newsletter examines observations from their supervision of the UK MiFID transaction reporting regime.

In a speech CFTC Commissioner Summer K Mersinger discusses the need for reform of the CFTC’s approach to enforcement.

OFAC has published an update on the sanctions that place a price cap on Russian seaborne oil and oil products.

The US Department of Justice announced a settlement with the Hilcorp Energy Company for the violation of the Clean Air Act and New Mexico state for “CO2 pollution“.

ESMA has published its first annual EU Carbon Markets Report examining the state of the market including current trends.

This week the CFTC announced a set of three related enforcement actions for fraud in the voluntary carbon credit (VCC) market, the first such actions brought by the CFTC in this market.

CNMC has fined Enérgya VM Gestión de Energía for manipulating the Spanish gas market in breach of Article 5 of REMIT by securing prices at an artificial level.

ASIC has published a reminder imploring in-scope businesses to prepare for the go-live of mandatory climate reporting which passed into law on 17 September 2024.

OFAC has announced updates to its advisory to the maritime petroleum shipping community regarding petroleum shipments involving Iran and Syria.

FERC fines the Big Rivers Electric Corporation for violating FERC’s anti-manipulation rule that involved generation outages and capacity payements received from MISO during June and July 2023.

Ofgem has announced a settlement and the closure of an investigation into whether Drax Power Limited had breached its annual profiling reporting requirements regarding the Renewables Obligations scheme.

The US Department of Justice (DOJ) has announced that a trader has pleaded guilty for his role in a scheme to bribe Mexican government officials to secure gas contracts for his employer at the time.

FERC has announced an enforcement action penalizing Vista Energy Storage for violating CAISO's Open Access Transmission Tariff and FERC regulations.

Singapore’s energy market regulator (EMA) has announced that the Ministry of Trade and Industry has introduced the Energy Transition Measures and Other Amendments Bill for a first reading in the Singapore Parliament.

ACER has published an Open Letter clarifying certain obligations under REMIT 2 relating to Algorithmic trading and the provision of direct electronic access (DEA) services.

The Australian financial market regulator ASIC has announced an enforcement action for the alleged manipulation of Australian Wheat futures traded on the ASX24 market between 17 January 2022 and 3 March 2022.

The Dispute Settlement and Sanctions Committee (CoRDiS) of the French energy regulator (CRE) announced that it had fined a firm EUR 6 million for abusing ARENH contracts.

This week saw several enforcement actions announced against oil and gas companies for violations of environmental regulations involving both the US Environmental Protection Agency (EPA) and the US Department of Justice (DoJ).

This week ESMA, the pan-EU financial regulator, an 11-page opinion confirming new MiFID 2 position limits for contracts in TTF gas which are traded on both ICE Endex and the EEX exchanges.

ICE Futures US have affirmed an earlier enforcement decision which resulted in a rare Summary Access Denial decision immediately barring the firm and its owner from access to the exchange.

This week the CFTC announce a USD $8 million whistleblower award to a company insider who provided information and assistance that led the CFTC and other unnamed agencies to bring multiple successful enforcement actions.

A major milestone was reached in the EU’s Single Intraday Coupling (SIDC) power market this week with the introduction of Intraday Auctions (IDAs).

The Australian Energy Regulator (AER) has announced an AUD $2.75 fine against an energy firm for recordkeeping failings with regard to gas capacity renominations in the Australian gas market.

Ofgem has announced a significant action against Beatrice Offshore Windfarm Limited (BOWL) for breaching condition 20A of the Electricity Generation Standard Licence Conditions for bidding behaviour in the Balancing Mechanism (BM) in the GB power market.

The FERC announced an enforcement action against Engie Energy Marketing NA for making false attestations to the ISO-NE Internal Market Monitor regarding the Forward Reserve Market in order to claim exemptions from energy market mitigation.

The CME has issued four notices of disciplinary action involving indirect wash trading on the CME and NYMEX venues, some involving the use of block trades.

This week CFTC Commissioner Pham delivered a strongly worded statement heavily criticising the CFTC over the lack of proper procedures, the alleged overreach of jurisdiction, the disregard for due process, and failure to comply with certain laws.

With the recent adoption of REMIT 2 and several dates now confirmed for the entry into force of its respective obligations, regulators and exchanges have begun mobilising.

This week the US CFTC announced the approval of Final Rules to amend its large trader reporting regulations for futures and options under Part 17 of the CFTC’s regulations.

This week the Romanian energy regulator followed up on their record-setting REMIT fines announced in February by announcing another three individual fines totalling RON 18,005,844 (c.EUR 3,615,100).

This week Energimarknadsinspektionen announced it is embarking on a thematic review to assess the procedures firms have in place around handling incorrect bids.

This week the US CFTC announced an enforcement action against a registered Swap Dealer for failing to ensure that its transaction surveillance solution was functioning effectively.

This week the Australian Energy Regulator (AER) announced that a Federal Court had ordered an electricity generator to pay a fine for breaching Australia’s National Electricity Rules.

The US Department of Justice has announced that the former president of an energy trading firm had pleaded guilty to an illegal commission kickback scheme involving natural gas futures.

This week the EU Parliament adopted a new Directive on criminalising the violation of EU sanctions by harmonising the enforcement of sanctions across the bloc.

ARERA issued a fine to a Swiss firm for a breach of REMIT where the firm failed to register as a Market Participant and failed to fulfill its reporting obligations.

This week the US Department of Justice and the Swiss Federal Council announced penalties against Gunvor SA totalling approximately USD $760 million for bribery-related cases.

The Italian energy regulator fines ENET Energy S.A. for sending false and misleading signals to the market using a “fictitious device” in the Italian gas market in breach of Article 5 of REMIT.

This week the CFTC’s EEMAC committee discussed rare earth metals and their importance to the energy transition and the evolution of both spot and derivatives markets in these metals.

This week ANRE, the Romanian energy regulator, fined four firms for REMIT violations associated with wash trading.

The Australian Energy Regulator has published its report on enforcement cases for the second half of 2023 and outlines its enforcement priorities for 2024.

The CFTC has started 2024 by charging a trader for engaging in a Fictitious Sales Scheme in agricultural futures on the CBOT exchange.

ESMA plans to work with National Competent Authorities across the EU to assess the implementation of pre-trade controls implemented under RTS 6 of MiFID2.

The Energy Markets Inspectorate (Ei) publishes notice urging market participants to ensure that they have measures in place to minimize the risk of entering incorrect orders.

On 20 December 2023, the EU along with the other G7+ Price Cap Coalition members, announced revisions to the Russian oil price cap compliance regime.

This week several US Federal agencies issued joint guidance on best practices to ensure the proper control over the transportation of goods subject to export controls and sanctions.

The CFTC approved proposed guidance relating to factors a CFTC-regulated exchange should consider when listing voluntary carbon credit derivative contracts.

The European Commission has proposed a 12-month extension of the emergency measures introduced last year in response to the energy crisis provoked by Russia’s invasion of Ukraine.

Joint industry associations highlight their collective REMIT 2 priorities in two open letters to EU lawmakers as the trilogue negotiations near their conclusion.

A major milestone for REMIT 2 is announced as political agreement is reached on the final rules between the European Parliament and Council.

The Australian financial regulator has again warned firms operating in Australia about their continued enforcement focus on greenwashing.

FERC has fined the owner of several power generation plants for submitting inaccurate Physical Maximum (Pmax) values in violation of CAISO market rules.

The CFTC has issued a $3million penalty against an oats merchandiser for alleged market abuse in Oats futures on CBOT.

The CFTC's new enforcement advisory will significantly change how future enforcement cases are resolved.

The Dispute Settlement and Sanctions Committee (CoRDiS) for CRE, the French energy regulator, issued a “non-infringement” REMIT enforcement decision this week.

The Chairman of the CFTC, Rostin Behnam, recently delivered a speech addressing the Commission’s enforcement priorities.

ESMA has published its 2024 work programme and there are a number of things energy and commodity traders should be aware of.

ICE Futures US has announced a series of Disciplinary Notices which mostly target clearing members and brokers.

The Market Regulation Department at the CME has issued an updated Market Regulation Advisory Notice concerning the use of material non-public information.

CEER and ACER have published their latest joint Market Monitoring Report showing that retail electricity and gas prices rose significantly in response to wholesale price spikes in 2022.

This week the Monetary Authority of Singapore (MAS) published a guidance paper outlining their expectations for effective money-laundering/terrorism financing controls for regulated firms.

FERC has penalized an Arkansas-based steel mill and a contracted market facing entity for breaching market rules around demand response provision in the MISO market.

The Monetary Authority of Singapore (MAS) issued a statement warning about enforcement for money laundering and terrorism financing activities.

This week the Italian energy market regulator announced an investigation into alleged insider trading under REMIT.

This week the CFTC announced an enforcement action involving multiple instances of spoofing in WTI light sweet crude oil futures contracts on CME NYMEX.

This week saw four individual Disciplinary Actions issued by the CME COMEX and CBOT disciplinary panels continuing the CME Group's active run of enforcement actions.

The so-called “Tri-Seal” note describes voluntary self-disclosure (VSD) policies that apply to U.S. sanctions, export controls, and other national security laws.

This week the US CFTC held their second meeting focussing on voluntary carbon markets at a critical point in their development.

This week the Hungarian energy regulator issued a fine of approximately €1.4 million for alleged abuse of a gas capacity auction in breach of Article 5 of REMIT.

Member States of the IMO have adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships.

The US CFTC issued a USD $150,000 fine for a breach of Federal position limits in Platinum futures, the first enforcement case involving so-called Dodd-Frank position limits.

The US Commodity Futures Trading Commission has issued guidance to help whistleblowers identify improper behaviour in US carbon markets.

ASIC’s chair, Joe Longo, spoke at the AFR ESG Summit on 5 Jun discussing a range of ESG related topics.

Rancher ordered to pay a large fine in connection with a phantom cattle fraud scheme including position limit violations.

The European Commission has issued a report analysing the impacts of the emergency energy measures implemented in response to the ongoing Ukraine conflict.

This week CME Nymex issued three disciplinary action notices to brokers and clearing members for breaching exchange rules.

In a recent speech by the FCA's Sarah Pritchard, she expressed her views on how firms should approach sanctions systems in response to the ongoing Ukraine conflict.

ESMA finds high degree of concentration in natural gas derivatives markets.

The ICE Endex Exchange has updated its Market Correction Mechanism (MCM) Regulation guidance.

Energiavirasto (EV), the Finnish energy regulator, has announced further developments in its “market surveillance practices” under REMIT.

The CME issues a batch of 20 enforcement notices continuing its run of active enforcement across its trading venues.

The CFTC fined BBL Commodities, a US based commodity trader, for the failure to maintain an adequate supervisory system to prevent potentially disruptive trading.

The Financial Conduct Authority (FCA) and HM Treasury have completed a review of the criminal market abuse regime applicable to financial market activities conducted in the UK.

Here’s what energy and commodity firms active in US markets need to know about the DoJ’s focus on spoofing and the potential for criminal convictions

Get a summary of the key changes to the UK EMIR derivative reporting regime and what it means for energy and commodity firms.

ACM’s market alert provides rare clarity and useful guidance. Read more about the key takeaways.