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Legal Alert
REMIT: list of organised markets published!
Legal Alert
Sunday, 16 November 2014 14:37

 

ACER releases the preliminary list of organised market places which will be required to offer, at the request of the market participant, a data reporting agreement for the wholesale energy products executed (see details).

 
TRN no longer applicable for EMIR reporting
Legal Alert
Tuesday, 11 November 2014 12:08

 

Recent Consultation Paper indicates ESMA has changed its mind as regards concepts important for EMIR reporting, like for instance Transaction Reference Number (TRN) or the possibility to use a client code, e.g. account no. or member id, for customers being individuals who do not have a BIC or LEI.

 

 
Carbon leakage list for 2015-2019
Legal Alert
Thursday, 08 May 2014 08:59

 

On 5 May 2014 the European Commission has sent its draft proposal for a 2015-2019 carbon leakage list (documentation consisting of the Proposal for the 2015-2019 carbon leakage list and the Annex to the proposal) to the EU Climate Change Committee.


The schedule announced view its adoption by the European Commission before the end of the year 2014.

 

See more on carbon leakage

 

 
15 March 2014 - portfolio reconciliation date
Legal Alert
Tuesday, 25 February 2014 22:41

 

For counterparties having to perform their portfolio reconciliation annually, the first one should be made within one year from the entry into force of the RTS on OTC derivatives, i.e. before 15 March 2014.

 
 
EUA auction calendar for 2014
Legal Alert
Tuesday, 26 November 2013 13:27

 

The total quantity of allowances to be auctioned in 2014 amounts to 926,218,500.

This amount is comprised as follows: 

 

Volume

Auction platformStatesDetails
559,575,000 EEX 25 participating Member States Weekly auctions on Mondays, Tuesdays and Thursdays
204,534,500 EEX Germany Weekly auctions on Fridays
55,565,000 EEX Poland 12 auctions on Wednesdays
106,544,000 ICE United Kingdom

Fortnightly auctions on Wednesdays

 

(Source: European Commission communication of 18 November 2013)

 

The above table is formulated under the following reservations:

 

(1) The volumes do not yet include allowances to be auctioned for the Member States of the European Free Trade Association (EFTA) that are members of the European Economic Area (EEA). These allowances total 8,422,182 for 2013 and 8,827,000 for 2014. The EEA-EFTA States intend to make use of the transitional common auction platform and the Commission is currently discussing the arrangements with them. It is not yet clear when the transitional common auction platform will start to auction allowances for the EEA-EFTA States. 

 
(2) The above calendars do not take into account the Commission's draft amendment of the Auctioning Regulation for 'back-loading' a significant volume of allowances, which will affect the figures for individual years, including 2014. The calendars will be modified accordingly for the remainder of the year following adoption of this draft amendment.

 

(3) In 2014, pursuant to Article 10c of the ETS Directive, seven new Member States intend to allocate a total of 129,505,064 allowances to certain electricity generators free of charge. This volume has been deducted from the volume of allowances to be auctioned.
 
  
 
Backloading new options - European Commission release of 21 November 2013
Legal Alert
Monday, 25 November 2013 17:05

 

European Commission options elaborated (EC release of 21 November 2013) due to legislative delays and the lack of possibility to apply backloading in 2013 are available here.

  

They are rather simple, they consist in:

 

1) backloading as of 2014 on the basis of the initial profile, meaning the postponement of backloaded volumes from previously scheduled years 2013, 2014 and 2015 in identical proportions into the subsequent years 2014, 2015 and 2016 (option 1);

 

 

2) the distribution of the 2013 backloaded volumes into years 2014 and 2015 - effecting (as opposite to the option 1) in no backloaded volumes in 2016 (option 2).

 

Under option 1 a sub-option has been differentiated which consists in adding a provision in the following wording:

"Where in 2014 the volume of reduction set out in Annex II cannot be spread over a period of more than [x] months it shall be decreased by [xxx] million allowances. In that case, the volumes of reduction for 2015 and 2016 shall be adjusted in equal instalments accordingly."

  

See more on the issue.

 

 
Recent Auctioning Regulation amendment
Legal Alert
Monday, 25 November 2013 11:57

 

A new amendment to the Auctioning Regulation - see: Commission Regulation No 1143/2013 of 13 November 2013 amending Regulation (EU) No 1031/2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community in particular to list an auction platform to be appointed by Germany (OJ L 303, 14.11.2013, p. 10).

 

On the occasion of regulating the status of EEX as an auction platform several other changes have been made to the Auctioning Regulation. Among them are:

 

- Technical adaptations necessary due to current delays in auction monitor appointment: additions in places providing for the auction monitor competences of the phrase: "if appointed" (new Article 7, paragraph 7, Article 8, paragraph 3 of the Auctioning Regulation).

 

- Changes in the publication of the auction calendar: auction platform should determine and publish the bidding windows, individual volumes, auction dates as well as the auctioned product, payment and delivery dates of emission allowances to be auctioned in individual auctions each calendar year, by 30 September (instead of 28 February in the earlier text) of the previous year (amendment to Article 11, paragraph 11 of the Auctioning Regulation).

 

- Clarification on the relation of the admission to the auctions and becoming a member of or a participant in the secondary market: admission to the auctions must not be dependent on becoming a member of or a participant in the secondary market organised by the auction platform or any other trading place operated by the auction platform or by any third party (Article 16, paragraph 1a of the Auctioning Regulation).

 

For more on the issue see here.

 

 
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