ACER recently issued their first “REMIT Quarterly” (here) which is a newsletter giving updates about progress and issues around the REMIT Initiative.
Much of this quarter’s newsletter repeats information in a friendly format that has already been made available via other means, for example via the monthly Q+A.
The newsletter first refers to the new guidance note on PPAT’s (Professional Persons Arranging Transactions) which will be the subject of a further post. There is then also referral to the coming publication of guidance around registration of market participants. There have been some different interpretations of how this should work across NRAs, especially with regards to the registration deadline.
In terms of documentation, there is a summary of the document issued so far, for example the first lists of standard contracts and OMPs. There is a commitment to update the TRUM (Trade Reporting User Manual) with scenarios and more details of UTI generation, in Q2.
Page 6 of the newsletter refers to RRM registration. There is a section on the ability of market participants to check that data sent via an RRM to the ARIS system has been correctly received. The newsletter talks of the fact that the “receipt schema” is now available. It appears from the wording that RRMs are expected to forward receipts to Market Participants to permit verification. This page also gives a timetable for the production of the remaining schemas (which mainly relate to fundamental data).
Page 7 informs that there have been over 200 applications to be an RRM. It would appear that some of these applications have come from Market Participants. It is assumed (according to the wording) that these applications only relate to the reporting of off-venue trades required for stage on 7th April, and that approval of these applications will be de prioritised.
Finally the newsletter provides statistics both on the number of open cases and also on questions being received. The number of questions is rising over time, and this is expected to continue, adding to ACER’s workload. Given their limited resources it is good to see publications such as the newsletter being created in order to make life as clear as possible for the market.