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REMIT

Final REMIT deadline this week

This week sees the final reporting deadline under REMIT, the backloading deadline for “off venue” contracts and other data. By 6th July, any contract which had been executed before 7th April but had not completed delivery by that date must be reported. In the case of “framework” contracts, once reported, related  child “executions” must be reported as well, usually on a monthly basis.

The backloading deadline is the last in REMIT reporting, effectively moving the roll out to a “business as usual” mode. There are still several issues to be resolved, especially around transportation contracts and fundamental data. ACRE have announced a schema update next year.

While there are still issues to be resolved, the completion of the project means that NRAs (National Regulatory Authorities) as well as ACER will soon be able to use the data to monitor for possible abuse. The passing of this milestone, coupled with yesterday’s start of the MAR rules, is leading to an increased awareness of the requirement (in the case of MAR) and desirability (in most cases within REMIT) to improve internal effective monitoring capabilities in the form of the compliance organisation, processes and procedures and technology.

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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