Coal-biomass co-firing plants in the Community Guidelines on Environmental and Energy State Aid for 2014-2020
- Category: Energy market
Coal-biomass co-firing plants under serious risk of returning aid due to imprecise clues.
Guarantees and branches - key elements for third-country interest in EMIR
- Category: EMIR
EMIR cross-border issues (to be clear, the circumstances under which the EMIR clearing obligation, risk mitigation techniques and margin requirements apply to contracts between two non-EU entities) have been finally settled and published on 21 March 2014 in the Official Journal.
It is already known which guarantees in the extra-EU circulation are subject to EMIR rules.
The authorisation of the first European CCP does not cover emission allowances
- Category: EMIR
The authorisation under EMIR Regulation of Nasdaq OMX Clearing AB by the Finansinspektionen in Sweden as the first EU-based CCP on 18 March 2014 has limited impact on the European carbon market since the scope of the notification does not cover emission allowances.
MiFID II finally settled - EU ETS installations' operators exempted
- Category: MiFID
A specific exemption for operators with compliance obligations under the EU ETS Directive has been inserted in MiFID II compromised text of February 2014.
To remain exempted the said operators, however, mustn't provide any investment services or apply a high frequency algorithmic trading technique.
There is also a separate exemption for dealing on own account or providing other investment services in emission allowances as an ancillary activity, but in this case an annual notification to the financial authority is required.
EU ETS Market Stability Reserve - a remedy with side effects
- Category: Implementation
The European Commission asserted that the EU ETS Market Stability Reserve would both address the surplus of emission allowances that has built up and improve the system's resilience to major shocks by automatically adjusting the supply of allowances to be auctioned.
But the operation of the reserve is based only on the volumes of allowances in circulation, which seems the fundamental shortcoming.
EMIR - procedural strategy for clearing and collateral intra-group exemptions
- Category: EMIR
Company's groupings qualifying as non-financial counterparties currently below the clearing threshold under EMIR Regulation, considering clearing and collateral exemptions for intra-group transactions as valuable alternative for their businesses, may face a dilemma whether to make the appropriate submissions to relevant authorities for exemption only the grouping crosses the threshold value or immediately initiate this procedure for future potential use.
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