Emissions-EUETS.com
European Union Emissions Trading Scheme – legal point of view

Głowacki Law Firm

Main menu

Home page
Legal Alert
Financial Market
Low Carbon Energy System
Emissions Trading
Climate-Energy Legislative Package
Judgments of the European Court of Justice relating to EU ETS
Energy Efficiency
IED
MCP
Auctions of CO2 Allowances
Disclaimer
Contact

Search

twitterfacebooklinkedin

How the REMIT compliance system should look like?

Category: REMIT
Published: 17 July 2014

 

It appears, energy regulators have gathered sufficient knowledge, and are keen now to acquire experience in practical aspects of REMIT functioning.

 

Recent Ofgem communication indicated the regulators' key areas of interest for REMIT compliance checking.

 

Read more ...

MiFID II ancillary activity exemption - constant monitoring necessary

Category: ROOT
Published: 12 July 2014

 

So, MiFID II published in the EU Official Journal. Time for the preliminary verification of the modified scope for the ancillary activity (or "commodity derivatives trader") exemption - Article 2(1)(j).

 

Read more...

 

Hedging activity under MiFID II

Category: ROOT
Published: 07 July 2014


Do hedging deserve any preferential treatment under MiFID II? Definitely!

  

Read more ...

What compensation for Long-Term Transmission Rights curtailments

Category: ROOT
Published: 05 June 2014

 

The European Energy Market Regulator (the Agency for the Cooperation of Energy Regulators - ACER) more and more decisively marks its presence and puts its weight on political and strategic choices for the uniform European Internal Electricity Market architecture.

 

Recently, ACER heavily engaged its authority in determinations regarding the element, which possibly plays the most vital part in the EU national electricity markets' integration, i.e. market design for Long Term Transmission Rights and, particularly, their potential value.

 

The true regulatory battle is clearly visible between ACER and European Transmission System Operators assotiated in ENTSO-E and it currently concentrates on the enigmatic - in the context of electricity market - term of "firmness".

The final arbiter in this discrepancy will be the European Commission, which will settle the ultimate shape of the European Forward Capacity Allocation Network Code (FCA Code).

 

ACER's Recommendation No 02/2014 of 22 May 2014, despite of ENTSO-E reservations supported by elaborate argumentation, decisively required of the future FCA Code to implement the rule that caps on the compensation to be paid to market participants for curtailing Long-Term Transmission Rights may be introduced only before the Long-Term Firmness Deadline.

 

ENTSO-E stance and propositions were quite opposite and consisted in the rule that for curtailments between the Long-Term Firmness Deadline and the Day-Ahead Firmness Deadline, compensation is capped at the total monthly congestion income.

 

The ACER's position in this legal dispute is more convincing to me. In the framework of ACER's conception the institution of Long-Term Firmness Deadline seems to be more coherent. Transmission System Operators' role can be easily adjusted to their new responsibilities through regulation, while adequate resources can be assigned by energy regulators in tariffs.

 

Finally, the electricity market mechanics will, in the ACER's vision for the Long-Term Firmness Deadline construction, far more transparent and logical. 

  

Trading obligation for derivatives under MiFIR - clear follow-up to EMIR developments

Category: MiFID
Published: 31 May 2014

 

As appears from the latest ESMA recommendations, trading obligation for derivatives under MiFIR regulatory technical standards will be shaped to closely resemble EMIR clearing requirement.

 

Broadly, the same prerequisites, entities covered, cross-border rules - all this indicates both measures represent  only subsequent stages of the same process, having at its end sistemically important OTC derivatives subjected to the rules of authorised trading venues and cleared.

 

Read more...

Financial law academy - how to avoid circularity

Category: MiFID
Published: 29 May 2014

 

Clearing arrangements as an indicator of whether a contract qualifies as a financial instrument? Manifest error in assumptions...

 

Read more ...

The consequences of subjecting professional emissions trading on own account to MiFID II rules

Category: Emissions trading
Published: 25 May 2014

 

MiFID II does not contain specific exemption for firms specialising in professional emissions trading on own account.
 
It may be interesting to exemplify practical effects of this incoming regulatory switch...

 

Read more...

 

Clearing threshold calculation under EMIR - ESMA explains what conglomerates are made of

Category: EMIR
Published: 23 May 2014

 

It needs to be recalled that positions taken by third-country non-financial entities in the same group as the non-financial counterparty, which would be non-financial counterparties if they were in the EU, count for the calculation of the EMIR clearing threshold.

 

Global conglomerates, EU-based subsidiaries thereof are relatively small, may be particularly affected.

 

ESMA in its EMIR Q&As update of 21 May 2014 (ESMA/2014/550) has underlined in this context that the group to which the non-financial counterparty belongs, includes subsidiaries, sisters and parent companies of the non-financial counterparty wherever the ultimate parent company is established. 

 

This clarification is rather obvious, however, its regulatory origin and rank removes any remaining ambiguities.

  

See more on the clearing threshold calculation under EMIR...

  

 

Clarification on the cumulative use of exemptions under MiFID II

Category: MiFID
Published: 23 May 2014

 

ESMA expressed the view that "the execution of orders in financial instruments between two non-financials directly and without any further intermediation by third parties as ancillary activity is not covered by the term 'dealing on own account when executing client orders' and would therefore not prevent the persons concerned from using the exemptions under paragraphs (d) and (j) of Article 2(1) MiFID II."

 

See more on MiFID II exemptions:

 

1. dealing on own account (Article 2(1)(d)),

 

2. ancillary activity (derivatives trader exemption - Article 2(1)(j)).

  

Electricity Balancing Network Code transitional arrangements - existing agreements affected

Category: Network Codes
Published: 16 May 2014

 

 

While negotiating any agreements with electricity transmission system operators it is necessary to take account of provisions of the draft ENTSO-E Network Code on Electricity Balancing.

It is only non-binding draft now - some may say. Never mind...

 

Read more ...

EMIR frontloading - serious regulatory risk

Category: EMIR
Published: 14 May 2014

 

Frontloading - the term involved with EMIR Regulation should seriously worry derivatives players these days.

 

Read more ...

Excess margin risk of the clearing client - individual account much better than omnibus

Category: EMIR
Published: 05 May 2014

 

The manner in which the excess margin is dealt with by the clearing broker depends on whether the clearing client has an omnibus or individual client account.

 

Read more ...

  1. Firmness - financial hedge between bidding zones or capacity product
  2. Ban on re-use of collateral collected as initial margin
  3. Concentration limits on collateral pursuant to EMIR draft RTS
  4. The two distinct MiFID II exemptions for EU ETS operators

Page 10 of 33

  • 5
  • 6
  • 7
  • 8
  • ...
  • 10
  • 11
  • 12
  • 13
  • 14

Copyright © 2009 - 2021 Michal Glowacki. All rights reserved.
The materials contained on this website are for general information purposes only and are subject to the disclaimer

 

Realizacja 48media.pl