2. Longer delay in reporting
In order to ensure the timeliness and effectiveness of the monitoring of wholesale energy data, it is proposed to foresee a similar delay for the reporting of records of transactions in standardised contracts under REMIT to that foreseen under EU financial market rules, i.e. as quickly as possible and no later than the close of the following working day following the execution, modification or termination of the transaction for reporting of transactions in standardised contracts.
Transactions in non-standardised wholesale energy contracts could be required to be reported with a longer delay, e.g. within one month following the execution of the transaction
The text of the non-standardised contract should be submitted to the ACER (uploaded pdf file of the contract).
3. The necessity to submit the text of the contract in its entirety
The text of the non-standardised contract as such should be submitted to the Agency (uploaded pdf file of the contract). The Recommendations do not envision the analogous requirement as regards standardised contracts.
Preliminary conclusions
In conclusion, it is apparent that given the non-standardised contracts are to be reported to ACER directly by market participants (and not by trading venues), the former are allowed more time for contract verification against reporting schedule. The one-month period seems to be sufficient for such an assessment even when it comes to complex and complicated contracts. Moreover, mandatory submitting to the ACER the pdf file of the entire contract enables additional examination of the contract by ACER services.
The question, whether the said ACER’s services will be able to efficiently and timely assess all the contract’s elaborate clauses and draw appropriate conclusions for the benefit of the European wholesale energy market, is another problem. The case of the recent LIBOR irregularities that have been taking place for many years under the close market supervision does not currently incline optimistic.