Continuing the recent spate of objections to the currently drafted MiFID II proposals, the CEER (Council of European Energy Regulators) have just issued this statement which outlines their own objections to the reduction in exemptions.
The statement focuses on the “REMIT carve out” contained in the MiFID II proposals. In particular, they focus on the narrowing of this carve out in the latest proposed Regulatory Technical Standards, which revolve around the interpretation of the words “must be physically settled” in Annex I Section C6. They support the view recently published by ACER on this topic. They have also expressed views on the proposed version of Section C7, and the effect that the wording on “equivalent contract” could have on the energy markets.
Many market participants and associations have already pushed back on these rules. Views of other regulators are likely to carry a great deal of weight.