The Financial Conduct Authority (the NCA in the UK) has opened a consultation on the UK version of EMIR REFIT in the form of proposed Questions and Answers. These can be found here. The Q+As proposed cover 5 topics with 7 more to follow. The consultation closes on 28 March 2024. The UK version of REFIT takes effect on 30 September 2024 (see here).

Ofgem (the NRA in Great Britain) has announced that a market participant will pay 5.53M GBP for a breach of the Transmission Constraint Licence Condition (TCLC). The notice can be found here. The fine payment relates to mispricing a required reduction of output required due to transmission constraints behind which the relevant asset operated. It follows several similar actions last year (see here).