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Brexit, Mifid, REMIT

Brexit update: ACER REMIT letter and more

After a seasonal break, the politics around Brexit have come back to full speed (for example see here on the BBC web site).  In the meantime, more developments are becoming apparent in terms of the rules covered on this blog:

Yesterday, ACER issued this open letter, which highlights some of the issues that may occur in the event of a “no deal” Brexit. It reiterates some of the points previously raised, for example in an open letter issued by Ofgem (see here). It discusses the requirement that UK based market participants will need to re-register with another National Regulatory Authority in order to trade in the European Union after a no deal brexit, and gives guidance on how to apply and when to use the new “ACER Code”. There is also a reminder that REMIT is a global regulation which applies to market participants anywhere in the world that enter into wholesale energy transactions with delivery in the EU.

A report has been published entitled “UK-EU electricity interconnection: the UK’s low carbon future and regional cooperation after Brexit”  by E3G, a climate change think tank. It can be found here.  It emphasis the importance of inter connectors in the shift to the use of renewables, highlights possible issues caused by Brexit and urges for solutions to be found. This article on the Business Green web site summarises the content.

The FCA has published proposals for a financial services contracts regime, which permits EEA based firms that do not enter the temporary permissions regime to fulfil their UK contractual obligations. Details can be found here on the FCA web site.

As the Brexit date draws nearer, we will likely see even more activity in the preparations for the scenario that is hardest to implement.

 

 

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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