Main points of ACER’s 2nd Edition of Guidance on REMIT
- Category: REMIT
The company internal documentation and procedures on definitions of roles and responsibilities in the organisation (e.g. responsibilities for the REMIT requirements (centralised vs. decentralised), internal vs. external reporting lines, internal vs. external interfaces, provision of resources: human/technical IT Systems) resources), as well as the identification/assessment of concrete compliance risks will inevitable be in the first place the subject of the detailed scrutiny and examination of the relevant authorities in case of any suspected REMIT non-compliance.
Capacity markets vs. Internal Electricity Market – will State aid weapon be used?
- Category: Capacity Markets
Capacity mechanisms attempt to ensure that electricity undertakings (often suppliers) assume the responsibility to provide or pay for generation capacity which they would not otherwise do, or at least not to the same extent, considering only their own commercial interests. According to the European Commission’s stance it is possible that such a mechanism constitutes a public service obligation and involve State aid. The above notwithstanding, UK prepares for capacity auctions from 2014 for delivery of capacity in the winter of 2018/19, if needed.
Obligation to trade on regulated markets, MTFs or OTFs – new element of the emission market financial infrastructure
- Category: MiFID
MiFIR (Markets in Financial Instruments Regulation) will for the first time require certain derivatives contracts – those that are both cleared through a central counterparty (CCP) and deemed sufficiently liquid – to trade on a ‘trading venue’.
MiFID II exemption for EUAs compliance buyers – EP report of 5 October 2012
- Category: MiFID
Specific MiFID exemption has been designed for persons which own or directly operate installations subject to Directive 2003/87/EC, but the issue whether it is properly formulated is open.
California carbon leakage list
- Category: California cap-and-trade
Leakage refers to a reduction in emissions of GHGs within the California State that is offset by an increase in GHG emissions outside the State. Risk of leakage is highest for industries in which production is highly “emissions intensive” (leading to high compliance costs) and trade exposed (i.e., that face competition from out-of-state producers).
Rules on client-as-agent model specified by ESMA in EMIR RTS on indirect clearing arrangements
- Category: EMIR
Regulatory Technical Standards prejudge that facilitating indirect clearing arrangements is not mandatory for clearing members – the contentious issue as yet.
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