Transcript 120719_2nd edition of ACER guidance issues

Issues for the 2nd edition of the ACER
Guidance on the application of REMIT
Volker Zuleger
Seconded National Expert
Axel Biegert
Acting Chair of the Wholesale Market Surveillance TF
Public Workshop on REMIT
TITRE 19 July 2012
Ljubljana,
Outline
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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
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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
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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
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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
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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 dayahead markets
Increase scope of ACER guidance to definitions
of „market participant“, „wholesale energy
market“ and „wholesale energy product“
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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
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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
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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
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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
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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
Timeline
19 July 2012
Public Workshop
Sept 2012
Publication of 2nd edition
of ACER Guidance and
Recommendations
ACER milestones
8.12. 28.12.
Mid 2013
Mid 2012.
2011/
2012
2012 /
2013
OJ
Publicatio
n
Entry into
force of REMIT ACER’s 2nd
edition of
guidance and
recommendations
Presumed
COM proposal
implementing
acts
ACER determines
and publishes data
format for
registration
ACER’s 1st
edition of
ACER
guidance on recommendations
REMIT definitions on record of
transactions etc
Plan
Design
2013 /
2014
Presumed
Expected
adoption of
start of data
implementing
collection
acts after
through
comitology
ACER under
procedure
REMIT
Registration of market
participants applies at the
latest
Further editions of ACER
guidance on REMIT definitions
if necessary
Build
Operate
Monitoring
Discussion
Thank you for your attention!
Thank you for
your
attention
www.acer.europa.eu