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REMIT

17th REMIT Q+A published – more sanctions to come?

ACER have published an updated version of the REMIT Questions and Answers document, with two new entries. The document can be found here.

The first of the new entries is question II.4.47 on page 28 and  relates to market participants who have not yet registered in the CEREMP (Central European Registry of Energy Market Participants). Registration  is required before entering into a “reportable transaction”, making the deadline for registration either on the 7th October 2015 or 7th April 2016 for covered market participants. The questions asks what a market participant should do if this deadline was missed. The answer given is that missing such a deadline is a breach of REMIT and sanctions could well be applied to the market participant by the relevant National Regulatory Authority (NRA). It does not state what such a market participant should actually do if they find themselves in such a situation.

The other entry is question III.3.40 on page 65. This relates to upstream gas capacity defined as “any pipeline or network of pipelines operated and/or constructed as part of an oil or gas production project, or used to convey natural gas from one or more such projects to a processing plant or terminal or final coastal landing terminal“. The answer states that such transactions are not reportable.

With the “backloading” deadline approaching on 6th July, the message from the Q+A is that any market participants who have not still not registered, or indeed started to report, should do so as soon as possible.

 

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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