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Mifid

Energy regulators object to MiFID II proposals

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.

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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