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REMIT

REMIT updates – extended no action relief and updated notification platform

ACER has made two REMIT related announcements over the past few days, following the release of an updated Frequently Asked Questions document on transaction reporting (see here).

No action relief for contracts to be “reported on demand”
ACER has issued this letter extending the period of “no action relief” on their asking for contracts which are to be reported “upon request”, that is, they are not reported as a matter of course via a registered Reporting Mechanism, but only if requested by a regulator. The following types of transaction fall into this category:

  • Contracts between internal entities
  • Contracts for physical delivery of power/gas from a “production facility” of 10/20MW or less
  • Contracts for “balancing services”.

The various REMIT guidance notes provide a great deal of commentary on the definitions of the above.

The letter of no action relief extends the period during which ACER will not ask for such contracts to 31st December 2018. However, local National Regulatory Authorities(NRA) may still ask for such data.

Updated “notifications” platform
ACER has made improvements to the platform that can be used to submit a Suspicious Transaction Report (STR), the use of inside information to cover an immediate physical loss under REMIT Article 3(4)b or an exceptional delay in the publication of inside information as outlined in REMIT Article 4(2). The new platform can be found here. The platform includes new features such as the ability to forward the notification to more than one NRA simultaneously.

The update to the platform is the latest step in a series of moves by regulator to “making the regulations work”, seen in both the financial and energy regulatory sectors.

 

 

 

 

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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