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REMIT

Corrected: Ireland’s CER asks for early market participant registration under REMIT

Earlier today Ireland’s Commission for Energy Regulation (CER) issued this notice announcing its market participant registration portal. Under REMIT each National Regulatory Authority must permit registration to commence by 17th March 2015, three months after the Implementing Act was adopted.

In addition, the CER have asked that all registrations be kicked off in the system by 13th March 2015, which is far earlier than some other NRAs. For example Ofgem (GB Market) state in their FAQ document that registration only needs to be completed by the time reporting starts on 7th October (although since one will not receive an “ACER ID” until registration, it is recommended that the process be completed well in advance of this).

Registration is a two phase process. Firstly, a Market Participant sets up an account in the registration system and then enters the majority of the required data into the system, about the company, “natural persons”, delegated parties and the ultimate controlling company. In phase two the corporate structure must be entered. It is phase one that the CER require to be completed by 13th March.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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