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REMIT, Uncategorized

REMIT documents: Open letter, transaction reporting FAQ and others

ACER has released several new documents over the past few days, including an updated transaction reporting FAQ document which was released today and can be found here.

Yesterday, ACER released this second open letter on data quality. The letter gives many examples of items typically reported incorrectly. In addition, it indicates that those who do not cooperate with ACER and National Regulatory Authorities(NRAs) in fixing data may face sanction. Some of the issues listed also relate to untimely  reporting, and possible missing reports. For example, it states that ACER or NRAs may investigate entities registered int he central “CEREMP” database, who have not reported (However, there could be  some scenarios where this may be permitted).

Some other updates have also been made:

  • An updated “Manual of Procedures” for the reporting of data. (here)
  • An updated document and list of acceptable EIC codes to be used for delivery points. (here)
  • A new list of LNG facilities about which fundamental data reporting is to be made. (here)

All of the above, are part of the general trend  to “make things work” (see here). The data in question is used by ACER and NRAs to monitor for market abuse. As the data is improved we can expect to see more cases.

 

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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