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REMIT updates: Changes to reporting and new guidance on inside information

ACER yesterday issued updates to several key documents relating to REMIT. These are:

  • Trade Reporting User Manual (TRUM) version 4.0 (here) – Amalgamates many of the answers found in the Transaction Reporting FAQ document and also adds other changes.
  • New Annex VII of the TRUM  (here) – covering the reporting of life-cycle events.
  • Updated Transaction Reporting FAQ (here) – with additions and alignment with other documents.
  • Updated REMIT Questions and Answers (here) –  This primarily covers inside information in a series of answers relating to both disclosure requirements under Article 4 as well as the insider trading and improper disclosure prohibition in Article 3. There is also an answer about Physical and Financial Transmission Rights (PTRs and FTRs).

The inside information answers follow the publications of the 5th Edition of the REMIT Guidance (see here) which added a significant section on the definition of inside information. Subscribers to ETR Advisory’s “Regulatory support service” (see here) will receive more detailed notes on all of these changes, and have received extra commentary on the 5th REMIT Guidance.

The press release which accompanies the changes states that:

ACER acknowledges that, because of COVID-19 pandemic, reporting parties may face difficulties in implementing the changes foreseen by the updated guidance by the end of 2020. Nevertheless, reporting parties shall strive to achieve compliance with the transaction reporting guidance to the greatest extent possible.

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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