Public consultation document
on ACER recommendations on
REMIT records of transactions
and implementing acts
Volker Zuleger
Seconded National Expert
Public Workshop on REMIT
TITRE19 July 2012
Ljubljana,
Outline
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Introduction
Draft Recommendations on Article 8(1) of REMIT
Draft Recommendations on Article 8(2) - (4) of REMIT
Draft Recommendations on Article 8(5) - (6) of REMIT
The way ahead
Introduction
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The Agency may make recommendations to the
Commission as to the records of transactions, including
orders to trade, according to Article 7(3) of REMIT
Scope of records of transactions depends on other
specificities of the implementing acts, discussion paper
therefore addresses all aspects of implementing acts
Close coordination with ESMA on both content (records of
transactions data fields) and timing of public consultations
Outline
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Background
Draft Recommendations on Article 8(1) of REMIT
Draft Recommendations on Article 8(2) - (4) of REMIT
Draft Recommendations on Article 8(5) - (6) of REMIT
The way ahead
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Proposal of Definitions
Lack of definitions in REMIT and need to clarify
definitions for the understanding of data collection and
reporting obligations
Proposal of definitions inter alia for “contract”,
“standardized and non-standardized contract”, “agreement”,
“transaction”, “order to trade”, “trade”, “supply”,
“transportation”, “market participant subject to reporting
obligation”, “derivative” etc.
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Proposal for Records of transactions
Content of the records of transactions organized as follows:
a. parties of the contract, b. contract type, and c. details on
the transaction (EMIR role model)
Reporting of life-cycle information: a. orders to trade (for
standardized contracts), b. execution, c. confirmations,
amendments, cancellations and clearing or
scheduling/nomination information
Interoperability of unique identifier for reporting, i.e. either
“ACER code”, EIC, BIC, GS1/GLN or LEI code
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Proposal for Records of transactions
Records of transactions, including orders to trade,
for standardized (list of 39 fields) and non-standardized
contracts (list of 29 fields) in Annex II of the draft
recommendations paper
Taking into account experiences and developments
in EU financial market legislation (MiFID, EMIR, MiFID
review)
Parallel consultation of ESMA on EMIR data
collection with main differences relating to different
scope of data collection (transactions and orders to
trade and derivatives and commodities under REMIT
Outline
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Background
Draft Recommendations on Article 8(1) of REMIT
Draft Recommendations on Article 8(2) - (4) of REMIT
Draft Recommendations on Article 8(5) - (6) of REMIT
The way ahead
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Proposal for list of contracts
Broad definition of list of contracts to be reported in the
implementing act
Possibility for ACER to establish a database for a list of
standardized contracts on its website (MiFID model)
Exclusion of balancing markets from data collection through
ACER in initial phase of data collection (but collection
possible through NRAs)
Proposal of phased approach of data collection depending
on listing of a contract on ACER website (comparable to
ACER “white, grey and black lists” of DG ENER consultants)
Proposal for de minimis rule
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Three options for de minimis rule proposed:
Option A: No de minimis, but definitions and list of
contracts
Option B: Threshold for small producers with an
overall capacity of up to 2 MW
Option C: de minimis for contracts for the sale of
renewable energy sources at regulated tariffs
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Proposal for uniform rules on
reporting
Reporting of standardized contracts through RRMs, including
the possibility for market participants to become RRM
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Reporting of non-standardized contracts directly to ACER
Proposal for timing and form of
reporting
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Reporting of transactions, including orders to trade,
in standardized contracts through RRMs „as quickly
as possible, and no later than the following working
day following the execution, modification or
termination of the transaction“
Reporting of transactions in non-standardized
contracts within one month following the execution
of the transaction
Proposal for avoidance of double
reporting
Proposal for reporting channels
• Reporting through RRMs, i.e. in particular through
organised market places and trade repositories, trade
matching, trade reporting systems or other RRMs
reporting on behalf of market participants (e.g. TSOs,
market participants)
• Requirements for RRMs to have adequate policies
and arrangements in place to report the information
(FSA model)
Outline
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Background
Draft Recommendations on Article 8(1) of REMIT
Draft Recommendations on Article 8(2) - (4) of REMIT
Draft Recommendations on Article 8(5) - (6) of REMIT
The way ahead
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Proposal for reporting of
regulated information
Regulated information includes inside information and
transparency information to be published pursuant to
Regulations (EC) No 714/2009 and (EC) No 715/2009
Reporting of inside information through Regulated
Information Services (RIS) (FSA model), i.e. platforms for
the disclosure of inside information from organised market
places and TSOs, reporting of transparency information
through existing reporting channels (TSOs)
No direct reporting of market participants to ACER, but
through RIS or existing platforms according to Regulations
(EC) No 714/2009 and (EC) No 715/2009
Similar technical requirements for RIS than for RRMs
Outline
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.
.
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Background
Draft Recommendations on Article 8(1) of REMIT
Draft Recommendations on Article 8(2) - (4) of REMIT
Draft Recommendations on Article 8(5) - (6) of REMIT
The way ahead
ACER Recommendations on REMIT
Record of Transactions and
Implementing Acts
Timeline
21 June- 31 July
2012
19 July 2012
Sept 2012
Public Consultation
Public Workshop
Recommendations
submitted to the
European Commission
Discussion
Thank you for your attention!
Thank you for
your
attention
www.acer.europa.eu