In the EMIR Review Report no. 4 of 13 August 2015 - ESMA input as part of the Commission consultation on the EMIR Review (2015/1254 the European Securities and Markets Authority (ESMA) recommends substantial modification to the EMIR reporting requirement i.e. waiving the obligation to report contracts which were terminated before the reporting start date (i.e. 12 February 2014).

Proposed amendment to Article 9(1) of Regulation (EU) No 648/2012 (second paragraph) is as follows:

 The reporting obligation shall apply to derivative contracts which:

(a) were entered into before 12 February 2014 and remain outstanding on that date, or

(b) were entered into on or after 12 February 2014.

See the updated implementation outline for European Union Internal Energy Market Network Codes.

ACER has published examples of transaction reporting under the REMIT scheme - details see here.

The new EMIR II consultation brings, principally, no revelations. Among few exceptions is the fact that the European Commission's working document seeks market participants' views on the appropriateness of the hedging definition as well as on the proper calibration of the clearing thresholds.

These issues may be of major practical importance for non-financial counterparties.

On 7 May 2015 a list of the recognised, equivalent third-country CCPs has been published for the purposes of the EMIR Regulation.

Among the first third-country CCPs are also the two Australian central counterparties authorised to clear emissions derivatives: ASX Clear (Futures) Pty Ltd, ASX Clear Pty Ltd. (OTC bilateral and OTC third country exchange).

The recognition allows the abovementioned third-country CCPs to provide clearing services to clearing members or trading venues established in the EU.

REMIT implementing acts (Commission Implementing Regulation No 1348/2014 of 17 December 2014 on data reporting implementing Article 8(2) and Article 8(6) of Regulatio (EU) No 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency (OJ L 363, 18.12.2014)) enter into force on 7 January 2015.

The REMIT implementing acts were published yesterday in the Official Journal of the European Union and will enter into force 20 days later, that is to say on 7 January 2015. The REMIT implementation timeline can now be defined as follows:
Registration of market participants by National Regulatory Authorities at national level shall be opened no later than 17 March 2015.

Reporting obligation for reportable wholesale energy supply and derivatives contracts executed at organised marketplaces and for ENTSO-E and ENTSOG fundamental data will apply from 7 October 2015.

Reporting obligation for other reportable wholesale energy market contracts (OTC standard and non-standard supply and derivatives contracts, transportation contracts) and for additional fundamental data will apply from 7 April 2016.

Source: ACER