Today saw two big events in Energy Regulation:

• The announcement of EMIR Trade Repository Approvals
• A public meeting at ACER about REMIT

EMIR TRs
Towards the end of the day, ESMA announced the four TRs that had gained approval. The fact that the announcement happened today means that the 12th February deadline will hold. And reporting will apply to all asset classes, whether OTC or Exchange Traded. The refusal to delay exchange traded derivative reporting will create a great headache for those in the energy markets, and others. There is already a post on The OTC Space welcoming us to “EMIR Reporting Hell”. If you combine this with the FCA physical forward statement, we can see how much work lies ahead in the next 3 months.  Those who have not yet started their implementations (and there are a worrying number of such companies in energy) need to start right now.

ACER Public REMIT Workshop
Today ACER held another public workshop in Ljubljana.  Amongst the highlights:

• The implementing act is now hoped to be adopted in Q2 2014. This would push reporting into Q4 2014
• ACER will be using their own product taxonomy  – the AET – ACER Energy Taxonomy
• ACER now have enough budget to complete the roll out
• Several investigations and signals have been
• There is still uncertainty about how those in receipt of “secondary inside information” should deal with it

We will be publishing a full report over the next few days together with some thoughts on the recently held workshop at DG Energy.