you're reading...
REMIT

Updated REMIT Q+A published

ACER have updated their Questions and Answers document on REMIT which can be found here. There are three new answers and one updated one:

If a holding owns several market participants but is not one itself, nominates one to act as the RRM for the others, but the holdings do not have any employees, who is responsible for the reporting and how should the RRM application form be filled (III.2.47, page 50) – In terms of responsibility, the provisions of the REMIT Implementing Act Article 11(2) apply, i.e. that once data is correctly given to the RRM entity it is responsible for data submission, but the original entity shall take reasonable steps to verify the completeness, accuracy and timeliness of the data.

How should an RRM or RRM applicant ask questions about the Contingency plan (III.2.48, page 51) – They should email servicedesk@support.acer-remit.eu

[Updated] Explain which country’s calendar should be used when establishing the deadline for reporting data on the “working day following the conclusion of the contract or placement of the order” (III.3.27 page 60) – The calendar of the country of the market participant should be used. The link to the official list of public holidays in the Q+A has been updated to: http://eur-lex.europa.eu/legalcontent/EN/TXT/?uri=uriserv:OJ.C_.2014.463.01.0017.01.ENG&toc=OJ:C:2014:463:TOC).

A scenario is described where Company A and Company B are market participants, and Company C is a final customer. B has a contract to supply C. B enters into a contract with A, such that A supplies the energy directly to C, but there is no contract between A and C. Is the contract between A and B reportable (III.3.39, page 66) – Yes that contract is reportable.

No updates have been made to the transaction reporting FAQ.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy 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.

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s