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REMIT

Did the requirement to disclose inside information in a new format get delayed?

Last week ACER published this document, the latest edition of the Frequently Asked Questions on Fundamental Data and Inside Information disclosure. There are new answers on reporting of LNG and gas in store fundamental data, as required of market participants. There are also answers on the disclosure of inside information(as per REMIT Article 4), which, from 1st January 2017 was to be reported in a standard format, as previously outlined in the relevant portion of the Manual of Procedures (from page 30) and schema. This was to apply both to inside information platforms, and to those publishing the data on their web sites.

However, answers 4.1.6 and 4.1.7 (page 23) indicate that ACER will not be collecting data from individual market participant web sites for the time being. In addition, answer 4.1.7 appears to provide for inside information platforms missing the deadline.

In addition, ACER have issued a “Web feeds manual”, which can be found here. The manual states that it is for use by inside information platforms. However, answer 4.1.6 of the FAQ states that platforms and market participant web sites are to use the same specifications.

The documents issued are usually non binding. Market participants are likely to attempt to meet the deadline if possible, and to check with their National Regulatory Authority if that is not possible, in order to assess compliance with REMIT Article 4.

 

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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