titre public workshop on remit ljubljana, 19 july 2012 issues for the 2 nd edition of the acer...
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TITREPublic Workshop on REMITLjubljana, 19 July 2012
Issues for the 2nd edition of the ACER Guidance on the application of REMIT
Volker ZulegerSeconded National Expert
Axel Biegert Acting Chair of the Wholesale Market Surveillance TF
Outline
.Background
. Issues currently considered for the 2nd edition of the
ACER Guidance
.Discussion paper on inside information platforms
. The way ahead
ACER Guidance on the application of REMIT definitions according to Article 2 of REMIT
. Legal basis: Art. 16(1) of REMIT
. Describes ACER’s understanding of the definitions of Art. 2 of REMIT, but does not provide legal interpretation (“rules of practice, no rules of law”)
. Directed to NRAs and intended only to establish a common understanding between ACER and NRAs on REMIT definitions (Art. 2)
. Published for sake of transparency
Potential issues of the 2nd edition of the ACER Guidance
. Review current understanding of market abuse definitions in the 1st edition of the ACER guidance
. Increase scope of ACER guidance to definitions of “market participant” and “wholesale energy product”
. Consider to increase the scope of the ACER Guidance beyond the application of REMIT definitions
Outline
.Background
. Issues currently considered for the 2nd edition of the
ACER Guidance
.Discussion paper on inside information platforms
. The way ahead
Rewiew of the application of REMIT market abuse definitions
. Definition of „inside information“ » versus transparency information to be published
according to transparency guidelines» versus own plans and strategies for trading » in wholesale gas markets (e.g. production outages,
reductions in upstream supply) and possibility of a volume threshold similar to the threshold in wholesale electricity markets (e.g. 10 mcm/d)
» Update forms on delayed disclosure of inside information
. Definition of “market manipulation” » In commodity markets, particularly concerning day-
ahead markets
Increase scope of ACER guidance to definitions of „market participant“, „wholesale energy market“ and „wholesale energy product“
. Definition of „market participant“, in particular » in relation to the definition of “final customer”, » concerning its application in wholesale gas markets
(e.g. Shippers, LSOs, SSOs), in view of the market participants‘ obligation to disclose inside information
» as regards its application to non-EU- and non-EEA market participants
. Definitions of „wholesale energy market“ and „wholesale energy product“, in particular» as regards the market segment coverage (e.g.
balancing markets)
Issues going beyond the application of REMIT definitions
. Scope of REMIT in view of new EU financial market legislation, Articles 1 and 8 of REMIT
. Application of Article 3 of REMIT, in particular of the exemptions to Article 3(1) of REMIT
. Application of Article 4 of REMIT, in particular concerning the disclosure of inside information in an “effective and timely manner”» Not further specified in REMIT» Goal: broad dissemination of information and effortless accessibility» Platform solution(s) for the publication of inside information
discussion paper
Outline
.Background
. Issues currently considered for the 2nd edition of the
ACER Guidance
.Discussion paper on inside information platforms
. The way ahead
Platform Options for the publication of inside information
Discussion Paper published 18 July 2012
Problem:
. Lack of transparency through lack of platforms for disclosure of inside information
. Existing transparency platforms often lack timeliness of disclosure
. Differences in transparency and inside information
Proposed Solutions:
. Option A: Disclosure through existing and future transparency platforms
. Option B: Nomination of national or regional platforms
Written feedback welcome by 31 July 2012
Outline
.Background
. Issues currently considered for the 2nd edition of the
ACER Guidance
.Discussion paper on inside information platforms
. The way ahead
2nd edition of ACER Guidance and Recommendations
Timeline19 July 2012 Public Workshop
Sept 2012Publication of 2nd edition of ACER Guidance and Recommendations
ACER milestonesMid 2013Mid 2012.
2011/ 2012 2013 / 20142012 / 2013
PresumedCOM proposalimplementing
acts
OJ Publicatio
n
Entry intoforce of REMIT
ACER determines and publishes data
format for registration
ACER recommendations
on record of transactions etc
Expected start of data
collection through
ACER under REMIT
ACER’s 1st edition of
guidance on REMIT definitions
Registration of market participants applies at the
latest
ACER’s 2nd edition of
guidance and recommendations
Presumedadoption of
implementing acts after
comitology procedure
MonitoringOperateDesignPlan Build
8.12. 28.12.
Further editions of ACER guidance on REMIT definitions if necessary
Discussion
Thank you for your
attention
Thank you for your attention!
www.acer.europa.eu