The draft of the Commission Regulation establishing a Union Registry of emission allowances - practical consequences for jurisdictional decisions as regards an account’s location
- Category: Emissions trading
Taking into account the division of powers and responsibilities between central and national administrators of the future Union Registry it could rise doubts whom to turn to with matters regarding specific cases within their practical functioning.
It follows from Annex I to the Regulation that the account administrator for operator holding account is a national administrator of the Member State “where installation is located”. For person holding account the account administrator is a national administrator that “has opened an account”. This crucial differentiation creates an area for possible choices as regards jurisdictional matters – mainly for the prospective holders of person holding accounts.
The definition of ‘inside information’ under REMIT – dubious without the EC and market input (II)
- Category: Emissions trading
Are such categories of data like operational dispatching decisions and the bidding behaviour of electricity producers at power exchanges, interconnection auctions, reserve markets and over-the-counter-markets, the per-plant and per-hour information on available generation capacity and committed reserves, allocation of those committed reserves on a per-plant level etc. all inside information under REMIT?
The draft of the Commission Regulation establishing a Union Registry – the finality of transfers rules and other details for the new security measures revealed
- Category: Emissions trading
Trusted account list, the differentiation between trading and holding accounts, 24-hour delay in effecting transfers, view-only access to the accounts enabling such services as “safe zone” as well as strict rules on finality of transactions entered into the registry are some of the measures that could contribute to the enhancement of the security of the registries and, consequently, of the assets of the account holders. Some of these new instruments are designed as mandatory, but other will require decisions to be made by the emissions market participants depending on the politics and strategies they pursue.
The definition of ‘inside information’ under REMIT – dubious without the EC and market input (I)
- Category: Emissions trading
Considering the strict legal consequences following the classification of a certain data as an ‘inside information’ under the REMIT provisions, the question arises which exact categories of information available on the energy market are covered by this definition.
Europe-wide passport for wholesale trading in electricity and gas – still fragmentary perception of the production chain
- Category: Emissions trading
Nowadays we have MiFID Europe-wide passport encompassing trading in financial instruments and – possibly, if CEER proposals materialize – Europe-wide passport for wholesale trading in electricity and gas. What about all cross-border issues relating to the other remaining commodities (in particular other fuels and EUAs) taking part in the production of electricity?
EUAs as a financial instrument under MiFID - not yet
- Category: Emissions trading
The Discussion paper in view of a European Climate Change Programme (ECCP) stakeholder meeting on carbon market oversight organised by the Commission services Brussels, 4th May 2011 considers the implications of classifying emission allowances and other EU ETS compliance units as financial instruments under MiFID. It seems, however, not probable taking into account arguments of many participants of various market sectors and branches in their responses to the MiFID review consultation.
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