TITRE Public Workshop on REMIT Ljubljana, 19 July 2012 Issues for the 2 nd edition of the ACER Guidance on the application of REMIT Volker Zuleger Seconded.

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