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REMIT

ACER’s 2019 Work Programme – Some parts of REMIT in danger

Last week, ACER published this version of their “programming document for 2019-2021”, which includes the 2019 work plan. Starting on page 37, the document talks of the resources required to effectively  run marketing monitoring under REMIT, including license fees for monitoring software, staffing costs and also the cost of an overdue IT upgrade. The document goes on to say that:

the Agency would only be able to ensure basic data collection operations and would have to cut the licence for the Agency’s surveillance solution and IT consultancy costs for support services to reporting parties. This means that the Agency would be severely hampered in its market monitoring activities and could guarantee
neither data collection and sharing, should any unexpected event (e.g. system malfunctioning) materialise, nor the oversight of wholesale energy markets across the EU and throughout the year.

It goes on to say that:

 with REMIT fully operational, the lack of sufficient resources effectively to monitor wholesale market trading creates a serious risk of market abuse instances going undetected – and a consequent reputational risk for the Agency and all EU Institutions.

The issue of budget was also discussed at the “EMIT” forum in early September, documents for which can be found here.

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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