|Registration for REMIT – requirement to reveal corporate structures - Page 3|
|Saturday, 28 April 2012 16:52|
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Information fields of the European register to be published
The ACER Agency intends to publish at least all information fields of the “basic information” section of the registration format. (i.e. points indicated at the outset under the heading ‘Basic information’).
The following points are, furthermore, regarded by the Agency as not suitable for publication:
• the information regarding the physical persons indicated as “Contact persons”;
• the information regarding corporate relationships with parent and related undertakings included in the “Corporate structure information” section (see above);
• the information on the “ultimate controller of beneficiary of the market participant’s trading activities”.
It will be up to National Regulatory Authority to decide on the publication of the information included in the “Country-relevant information” section (i.e. registration number in a local trade register (e.g. Chamber of commerce) and registration number issued by the relevant National Regulatory Authority (if already in place at national level).
Unique system identifier
There are several options for the setting up arrangements for unique system identifier necessary for using by market participants the IT system operated by the Agency. ACER mentions the following examples for system identifiers, capable of being exploited for this purpose:
• EIC is widely used in Europe – but not in all EU Member States – in dealing with TSOs, mostly in the electricity sector (e.g. balancing contracts); it is also widely used in brokered trading, but not universally; a point of complexity is that in some European countries, several different EIC codes (party codes or X-codes) are assigned to the same market participant, however each EIC code corresponds to one and only one market participant;
• In some EU Member States a code different from EIC is used in dealing with TSOs (according to an existing inter-TSO agreement, each TSO shall define either 1) the use of the EIC, or 2) the use of GS1 code, or 3) the use of both the EIC and GS1 scheme, except where national agreements exist on the use of a national coding scheme;
• BIC is used by financial regulators for the exchange of information on investment firms licensed under MiFID and is intended to be used under EMIR;
• LEI (Legal Entity Identifier) is still under development and is likely to be adopted in the future as world unique identifier, even though the timeline for full coverage is not yet defined;
• the VAT number has a full coverage throughout Europe (even though each Member State has its own structure for this code), but, at present, the VAT number is not adopted as unique identifier by most trading venues, as they use their own coding. Due to existence of “VAT-groups” in some Member States, it is questionable whether VAT number can be used as a unique identifier for the whole Europe.
Notwithstanding the choice between the multiplicity of existing classifications and the possibility for creating a new system specifically designed for REMIT needs, the IT-system operated by the Agency should be designed in such a way to generate, during the registration process, a unique system identifier to:
(a) Market participants;
(b) Entities listed in Article 8(4) of REMIT, under points (b) to (f), who can provide transaction data (third parties acting on behalf of the market participant, trade reporting systems, organised markets, trade matching systems and other persons professionally arranging transactions, trade repositories or competent authorities or ESMA);
(c) Providers of fundamental data, as foreseen by Article 8(5) of REMIT.
The Agency intends to keep totally separated the registration of market participants from the registration of other entities acting as transaction and fundamental data providers and therefore involved in REMIT reporting functions, but different from market participants. The Agency believes that these other entities acting as “data providers” should also register with the Agency, in order to be uniquely identified as transaction and fundamental data providers, but not as part of the market participants’ registration process.
State of play
ACER has currently invited all interested parties to provide comments to the consultation paper on REMIT Registration Format by 21 May 2012.
The format through which National Regulatory Authorities transmit the information on market participants to the ACER should be determined and published by 29 June 2012.