Legal Alert

 

European Commission presents Complementary Climate Delegated Act to accelerate decarbonisation

Related articles: 

Taxonomy Regulation

Taxonomy technical screening criteria (TSC)

 
Annex I, point 5 of the European Commission Proposal of 15 December 2021 for a Directive of the European Parliament Parliament and of the Council on common rules for the internal markets in renewable and natural gases and in hydrogen (COM/2021/803) explicitly envisions that the disclosure of the share of renewable gas purchased by the final customers shall be done by using guarantees of origin.

Related article: Guarantee of origin of electricity from renewable energy sources

 

ESMA makes available the latest set of double volume cap (DVC) data under MiFID II in the new DVC IT system

Related article: Double volume cap (DVC) transparency regime under MiFID II

 

ACER shares considerations on ENTSO-E’s electricity Adequacy Outlook for this winter

Related article: European Resource Adequacy Assessment (ERAA)

 

TRV Risk Analysis, Text mining ESG disclosures in rating agency press releases, ESMA 80-195-1352 - assesses the implementation of ESMA’s Guidelines on the disclosure of environmental, social, and governance (ESG) factors in credit rating agency (CRA) press releases.

ESMA finds that the overall level of disclosures has increased since the introduction of the Guidelines, but the extent of ESG disclosures differs significantly across both CRAs and ESG factors, especially environmental topics.

ESMA Call for evidence on Market Characteristics for ESG Rating Providers in the EU, ESMA80-416-250 - Its purpose is to develop a picture of the size, structure, resourcing, revenues and product offerings of the different ESG rating providers operating in the EU.


Related article: ESG (environmental, social, governance) sustainability factors

 

ACER Decision No 01/2022 of 31 January 2022 requesting additional information in relation to the Single Intraday Coupling

The information is needed for the reconstruction of the trading activity on the Shared Order Book in the SIDC market and thus allowing ACER to comply with its mandate of monitoring the wholesale energy markets pursuant to Article 7 of REMIT. The requested information complements the data collected on SIDC according to Article 8 of REMIT. 

Related article: Single intraday coupling (SIDC)

 

Developments as regards the OMPs (organised market places) listings under REMIT in 2021

Related article: Organised market place or organised market - OMP (REMIT definitions)

 

Updated CEREMP numerical data and the ACER's explanation of the gap between registered and reporting market participants under REMIT

Related article: CEREMP (Centralised European Registry of Energy Market Participants)

 

ACER Report, Analysis of the Consultation Document on the Gas Transmission Tariff Structure for Denmark

In the Report ACER concludes that the Danish transmission system operator (TSO), Energinet, does not sufficiently demonstrate the compliance of the proposed reference price methodology (RPM) with the requirements of the NC TAR.

Related article: Gas Tariffs Network Code (NC TAR)

 

FIRDS Reference Data System Instructions on download and use of full, delta and cancellations reference data files, ESMA65-8-5014 rev 3

FIRDS Reference Data XML Schema v1.2.0

Related article: Financial Instruments Reference Data System (FIRDS)

 

The European Commission:

- launches a targeted public consultation and a call for evidence on ways to improve the attractiveness of EU CCPs and reduce the EU’s exposure to systemic non-EU CCPs,

- adopts a decision to extend equivalence for UK central counterparties (CCPs) until 30 June 2025.

Related article: Central counterparty (CCP)

 

Targeted consultation on the review of the central clearing framework in the EU

Related article: EMIR clearing obligation


Reception and transmission of orders (RTO) explained in the ESMA Consultation Paper of 28 January 2022 on the Opinion on Trading Venue perimeter (ESMA70-156-4978)

Related article: Reception and transmission of orders in relation to one or more financial instruments (MiFID definitions)

 

The details of the validation procedure used by the ACER with respect to the REMIT reporting described in the REMIT Quarterly, Issue No. 27 /Q4 2021.

Related article: REMIT - Records of wholesale energy market transactions

 

ESMA makes available the new quarterly liquidity assessment for bonds, the data for the systematic internaliser quarterly calculations for equity, equity-like instruments, bonds and for other non-equity instruments and the consolidated tape provider (CTP) data

Related article: Systematic internaliser’s pre-trade transparency for bonds, structured finance products, emission allowances and derivatives

 

Recent example of enforcement action and a two-step approach to qualifying a specific fact as ‘inside information’ under REMIT described in REMIT Quarterly, Issue No. 27 /Q4 2021: Latvian NRA issues decision on a breach of obligation to publish inside information.

On this occasion ACER reminds rules regarding publications which require a prognosis.

Related articles: 

Obligation to publish inside information under REMIT

The notion of "inside information" under REMIT

 

European Commission adopts Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/2417 as regards the transition to new benchmarks referenced in certain OTC derivative contracts (C(2022) 620 final).
The Regulation amends the MiFID derivatives trading obligation due to the cessation of the publication of LIBOR settings.

Related article: MiFID II trading obligation for derivatives

 

European Commission adopts Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2015/2205 as regards the transition to new benchmarks referenced in certain OTC derivative contracts (C(2022) 619 final).

The Regulation amends the EMIR clearing obligation due to the cessation of the publication of LIBOR settings.

Related article: OTC Credit Default Swaps (CDS) mandatory clearing

 

ACER decides not to approve ENTSO-E’s first pan-European resource adequacy assessment due to shortcomings 

ACER Decision No 02/2022 of 22 February 2022 on the European Resource Adequacy Assessment for 2021

Related article: European Resource Adequacy Assessment (ERAA)