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MAR

Updated MAR Q+A – News on EAMP requirements

Last week ESMA published this updated version of the Questions and Answers document on the Market Abuse Regulation. It contains some additional information on the rules that apply to “Emissions Allowance Market Participants” (EAMPs).

An EAMP has additional requirements under MAR, including the obligation to publish certain types of “inside information” relating to the emissions. The updated Q+A provides more information on the calculation of the threshold and also on what must be published. The new information is found in answers 11.2 and 11.3 starting on page 36.

An EAMP is an entity that according to MAR Article 3(20) “enters into transactions, including the placing of orders to trade, in emission allowances, auctioned products based thereon, or derivatives thereof“. Only entities above a certain threshold calculated at group level are EAMPs, which is set at a level where aggregate rated thermal input is over 2430 MW or 6 million tonnes of carbon or equivalent.  See here on the Emissions-EUETS web site for more information.

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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