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Remit Delegation Agreement

By definition, contracts to be declared from 7 October are those negotiated with the OMPs, the issue of delegated reporting is crucial. The enforcement actions state that OMPs are required to offer a data reporting agreement at the request of market participants. At the same time, however, market participants must “take appropriate measures to verify the completeness, accuracy and timeliness of the data” when delegating it to third parties. Section 28 of the AEMF Regulation allows an ANCA to delegate duties and responsibilities under the jurisdiction of the AEMF to another ANCA or AEMF; if the following conditions are met: following the information of a delegation agreement proposed in accordance with point v), the AEMF has the possibility of issuing a notice within one month (calculated in accordance with the regulation (EEC, Euratom) No. 1182/71), in accordance with Article 28, paragraph 4, of the AEMF Regulation. We would like to point out that, in accordance with the REMIT implementation regulation, Article 6, paragraph 3, must, as of 7 April 2016 (for the second phase of the reports), provide the registration of wholesale energy transactions carried out outside the gas exchange (i.e. bilateral contracts). In light of this requirement, GET Baltic provides services to all players in the electricity and natural gas market under the bilateral electricity and gas contracts, which are available at ACER. For more information about this service, please contact us by phone: 370 5 236 0000 or by e-mail: remit@getbaltic.com.

Efet hopes to be able to tackle this problem through, among other things, a standard agreement for third-party notification of transactions. The group wants to ensure that market participants can report to the RRM of their choice when using delegated reports and that the rights and responsibilities of each party to the agreement are clarified. Since December 2014, Efet has been referred to the London Energy Brokers` Association (Leba) and Europex, based in Brussels, an association of European energy exchanges, to conduct separate discussions on the idea. The aim of such a delegation is to reduce duplication in supervisory tasks, promote cooperation, streamline the monitoring process and reduce the burden on financial market players. In the meantime, it appears that market participants and trading platforms are tasked with ensuring that they unite before October 7. “It`s not a luxury position where you know it`s going to be nine months from now,” says Sleeuwagen d`Efet. “The basic rules of the whole first phase depend on how the delegation will operate from a legal, operational and technical point of view, and this is far from clear today.” At the time this article was made to the press, discussions between Leba and Efet were ongoing. But sources familiar with the case say talks between Efet and Europex failed at the end of January. Stock exchanges are said to prefer the idea of entering into individual agreements with market participants, with one source saying they would be “atrophied” to exchange data that could potentially be used to undermine their market power.

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