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New REMIT Q+A and transaction reporting FAQ issued by ACER

ACER have today issued the 20th version of the Questions and Answers document on REMIT, which can be found here, as well as the 6th version of the Transaction reporting FAQ, which can be found here.  There are two new answers in the Q+A:

If I sign a data reporting agreement with an OMP, and know that they are delegating the reporting to a third party RRM, should I be concerned about verifying for completeness, timeliness and accuracy as outlined in the REMIT Implementing Act Article 11(2)? [II.4.55 p32] A: In such a situation, the market participant is relieved from verification under Article 11(2). It is the responsibility of the OMP to perform such checking which would be covered in an agreement between them and the RRM. [This type of question received a great deal of focus, both in the run up to the 7th October 2015 “phase 1” reporting deadline, and also in answers in the Q+A released in February 2016, to be found from page 46 of the document and addressed here. This answer further solidifies the view that once an agreement is signed with an OMP, the reporting obligation of the market participant is discharged.]

If I believe I have inside information under REMIT, regarding emission allowances, how should I disclose this to the market? [III.7.9 P82]. A: Market participants are encouraged to disclose the data on an inside information, or failing that on their web sites. [Note that in general emission allowances [EUAs] will in future be financial instruments and therefore part of MAR. Many will become part of the Emissions Allowance Market Participant (EAMP) rules. Also note the wording at the end of the answer: “Where adequate platforms do not exist, for an interim period market participants may publish such information on their own website” – this appears to imply that at some stage, using an inside information platform will become compulsory.]

The transaction reporting FAQ will be covered separately.

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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