ACER to clarify REMIT definition and registration by mid-2012
Market participants can expect more guidelines from the EU's super-regulator on insider trading and participant registration under the regulation for energy market integrity and transparency (REMIT) by the middle of this year.
The Agency for Cooperation of Energy Regulators (ACER) highlighted its priorities in implementing REMIT for the first half of this year at a workshop in Ljubljana on Thursday, presented by national expert Volker Zuleger.
REMIT aims to identify and prosecute insider trading and market manipulation in Europe's gas and electricity markets (see EDEM/ESGM 5 October 2011).
It was adopted by the European Council in October 2011 and came into force on 28 December 2011, 20 days after its publication in the EU's official journal.
ACER is working to publish both the registration format and revised guidelines on defining terminology. It will also submit the agency's recommendations on transaction records demanded by the legislation.
ACER is expected to begin data collection and monitoring 18 months after the regulation's entry into force. So energy trading firms are expected to be registered under the REMIT legislation during the second quarter of 2013, while ACER and national regulators are due to start data collection and monitoring from July next year. National regulators' competencies under REMIT should begin to be implemented into member states' law from summer next year.
Definitions of insider trading were contentious during the drafting process of the regulation (see EDEM/ESGM 10 June 2011), so ACER aims to share its understanding of the regulation through the guidelines on definitions (see EDEM/ESGM 24 November 2011) ACER published the first edition of non-binding guidelines on defining terminology on 20 December 2011, but the document continues to evolve.
The agency has said that it expects to publish a second updated version of the guidelines by mid-2012. This will review the interpretation of market abuse definitions based on the experience since the regulation came into force, and will also "increase the scope of ACER guidance to definitions of 'market participants' and 'wholesale energy product' and beyond".
ACER is expected to publish the data format for registration of market participants six months after the regulation came into force on 28 December last year. A public consultation on the registration format has been ongoing since 18 April, with a deadline of 21 May. ACER has now said that the formal publication of the format of the registration of market participants will be published on 29 June 2012.
Transactions record proposal
Another priority for ACER is to submit its recommendations on the record of transactions and implementing acts, expected by the end of September. A public consultation is planned for June/July 2012, and the recommendations will then be submitted to the European Commission. RB
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22 Aug 2014 21:28