EU regulation on market transparency slightly delayed
The new EU Regulation on Energy Market Integrity and Transparency (REMIT) will come into force later than anticipated as a result of a delay to the regulation being published in the EU's Official Journal.
The regulation was due to be published in the journal in November and would become legally binding 20 days afterwards.
But the European Commission confirmed the delay - which was caused by translation issues - at a seminar held by the Agency for the Cooperation of Energy Regulators (ACER) on 28 November.
ACER hopes to publish non-binding guidelines on the implementation of REMIT before the end of December, but this time-frame also depends on REMIT's publication in the Official Journal, the agency said. There will be a short public consultation period before the publication of the guidelines. A spokesperson from the Commission would not say when the regulation was likely to be published when questioned by ICIS Heren.
ACER's director Alberto Pototschnig emphasised at the seminar that the guidelines are aimed at helping national regulators with the implementation of REMIT in coordination with ACER.
The guidelines, which will be an evolving document, will at this stage focus on defining terminology, for example, it will look at what will be considered insider trading (see EDEM/ESGM 24 November 2011). RB
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