Legal Alert
Regulatory overview July 2022
- Category: Legal Alert
The French energy regulator (CRE) fines Engie SA €80,000 for insider trading
Related article: Insider trading prohibition under REMIT
The Spanish energy regulator (CNMC) fines GASELA GMBH and SOLSTAR Limited €6 million each for manipulating the Spanish gas market
Related article: Market manipulation prohibition under REMIT
Modernisation Fund invests €2.4 billion to accelerate the green transition in 7 beneficiary countries
Related article: Modernisation Fund
ESMA reviews guidelines on MiFID II product governance guidelines
Related article: Product governance requirements under MiFID II
ESMA Consultation Paper on guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure, ESMA70-460-34
Related article: Distributed ledger technology (DLT)
ESMA Consultation Paper on clearing and derivative trading obligations in view of the 2022 status of the benchmark transition, ESMA70-446-369
Related articles:
MiFID II trading obligation for derivatives (DTO)
ESMA updates on third-country CCPs’ applications for recognition, ESMA91-398-5549
ESMA Report, 4th ESMA Stress Test Exercise for Central Counterparties, ESMA91-372-2060
Related article: Central counterparty (CCP)
Commission Implementing Regulation (EU) laying down rules for the application of Regulation (EU) 2018/1999 of the European Parliament and of the Council as regards the structure, format, technical details and process for the integrated national energy and climate progress reports - open feedback period
Related article: Governance of the Energy Union
FIRDS, User Guide, version 5.1
Related article: Financial Instruments Reference Data System (FIRDS)
ESMA corrects double volume cap
Related article: Double volume cap (DVC) transparency regime under MiFID II
ESMA identifies data reporting services providers to be supervised directly
Related articles:
Data Reporting Services Provider (DRSP)
Approved Publication Arrangement (APA)
Approved Reporting Mechanism (ARM)
ACER submits to the European Commission the revised Network Code on electricity cybersecurity
Related articles:
EU Internal Energy Market Network Codes
ESMA Opinion on classification of counterparties in weekly position reports (ESMA70-156-6046) states that for the purpose of the weekly position reports on commodity derivatives and emission allowances derivatives under MiFID II, third-country financial entities should be classified as they would be classified if they were established in the EU.
Related article: Positions reporting under MiFID II
Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022 amending Delegated Regulation (EU) 2021/2139 as regards economic activities in certain energy sectors and Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those economic activities published in the EU Official Journal
Related article: Taxonomy Regulation
Questions and Answers on MiFID II and MiFIR market structures topics, ESMA70-872942901-38 updated, provides answers to:
- Question 33 Do orders that are executed through trading functionalities which offer automated managing of the order qualify as algorithmic trading?
- Question 34 How should firms ensure compliance with the requirements in Article 17 of MiFID II and RTS 6 when using third party systems which offer algorithmic trading functionalities?
Related article: Algorithmic trading
The CRE calls for a review of the automatic rise in the price cap for the wholesale electricity marke
Report, Analysis and lessons learnt relating to the price peak on 4 April 2022
Related article: Single day-ahead coupling (SDAC)
ACER grants an extension of six months for regulators of the Continental Europe Synchronous Area to decide on the minimum activation period of frequency containment reserves (FCR) providers
Regulators have now until 3 December 2022 to agree on the Transmission System Operators’ proposal for the minimum activation period to be ensured by those FCR providers having units or groups with limited energy reservoirs to remain available during alert state.
ACER Decision No 08/2022 of 18 July 2022 on the request of the regulatory authorities of the Continental Europe synchronous area to extend the period for reaching an agreement on the proposal for the minimum activation period to be ensured by frequency containment reserves providers
Related article: Frequency Containment Reserve (FCR)
Commission Implementing Regulation (EU) 2022/1210 of 13 July 2022 laying down implementing technical standards for the application of Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to the format of insider lists and their updates (Text with EEA relevance) was published in the EU Official Journal
Related article: Insiders lists in the carbon market under the Market Abuse Regulation
Commission Implementing Regulation (EU) 2022/1220 of 14 July 2022 laying down implementing technical standards for the application of Directive 2014/65/EU of the European Parliament and of the Council with regard to the format in which branches of third-country firms and competent authorities have to report the information referred to in Article 41(3) and (4) of that Directive (Text with EEA relevance) was published in the EU Official Journal
Related article: Third-country regime under MiFID II
ESMA Questions and Answers on SFTR data (ESMA74-362-893) updated, Question 13 Construction of Trade State Report (How should TRs take into consideration the maturity date of SFTs transactions for the construction of the Trade State Report?) and Question 14 (Reporting of valuation and collateral on the last day of an SFT)
Related article: Regulation on transparency of securities financing transactions and of reuse (SFTR)
ACER approves the extension of the application of Forward Capacity Allocation methodologies related to the establishment of a Single Allocation Platform to Fingrid (the Finnish Transmission System Operator (TSO)), allowing the issuing of long-term transmission rights on the Finnish – Estonian bidding zone border.
ACER Decision No 09/2022 of 18 July 2022 on the TSOs’ proposal for amendment to the requirements of the Single Allocation Platform and to the methodology for sharing costs of establishing, developing and operating the Single Allocation Platform
Related article: Forward Capacity Single Allocation Platform (SAP)
ACER publishes the first Implementation Monitoring Report on the System Operation Guideline
Related article: Network Code on System Operation
Romanian energy authority fines energy companies for market manipulation
Related article: Market manipulation prohibition under REMIT
SFDR Templates
Related article: SFDR
Joint ESAs Report on the extent of voluntary disclosures of PAI under SFDR (JC 2022 35) provides an overview of good examples of best practices, and less good examples of voluntary disclosures.
Related article: Principal Adverse Sustainability Impacts (PAI)
Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing Regulation (EU) 2019/2088 of the European Parliament and of the Council with regard to regulatory technical standards specifying the details of the content and presentation of the information in relation to the principle of ‘do no significant harm’, specifying the content, methodologies and presentation of information in relation to sustainability indicators and adverse sustainability impacts, and the content and presentation of the information in relation to the promotion of environmental or social characteristics and sustainable investment objectives in pre-contractual documents, on websites and in periodic reports (Text with EEA relevance) published in the EU Official Journal
Related article: SFDR
Commission Implementing Regulation (EU) 2022/1300 of 24 March 2022 amending Implementing Regulation (EU) 2017/1093 laying down implementing technical standards with regard to the format of position reports by investment firms and market operators published in the EU Official Journal
Related article: Positions reporting under MiFID II
Commission Delegated Regulation (EU) 2022/1302 of 20 April 2022 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives and procedures for applying for exemption from position limits (Text with EEA relevance) published in the EU Official Journal
Related article: MiFID II position limits for commodity derivatives
Commission Delegated Regulation (EU) 2022/1299 of 24 March 2022 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of position management controls by trading venues (Text with EEA relevance) published in the EU Official Journal
Related article: MiFID II position limits - trading venues' controls
Feedback period on the draft Implementing Regulation on interoperability requirements and non-discriminatory and transparent procedures for access to metering and consumption data
Related article: Smart metering
The update of the List of third-country markets considered as equivalent to a regulated market in the Union for the purposes of the definition of OTC derivatives
Related article: Regulated market
ACER sixth report on the gas balancing network code implementation
Related article: Network Code on Gas Balancing of Transmission Networks (NC BAL)
Call for Evidence on Pre-hedging, ESMA70-449-672
Related articles:
Request-for-quote (RFQ) system