On May 7, 2014,EURELECTRIC issued its response to ACER consultation on the draft Trade Reporting User Manual for the EU Regulation No 1227/2011 ofthe European Parliament andof the Councilon wholesale energy market integrity and transparency (REMIT).
As stated in the Key Messages of the relevant response paper, EURELECTRIC’s position is the following:
· We welcome the effort made by ACER to produce the Transaction Reporting User Manual and also to aim at publishing it together with the Implementing Acts. For market participants it is important that valuable guidance on the reporting process is provided. At the same time, we would like to emphasize that it would be very beneficial to also include examples and provide more specific guidance on how to populate the relevant data fields for a report on individual standard transactions (including orders) and non-standard transactions.
· EURELECTRIC believes that any future additional
parts should be consulted with market participants before being
officially issued as part of the TRUM. In particular - although reporting obligations
for non - standardised contracts will enter into force later - EURELECTRIC
believes that the section 6.2 related to those contracts needs to be drafted as
soon as possible to help market participants to anticipate and trigger all
necessary organisational measures and IT investments.
· EURELECTRIC believes that the TRUM proposals on
data integrity may be in contrast with the well -known REMIT requirement of not
creating unnecessary costs or administrative burdens for market participants
reporting transactions and fundamental data. The responsibility of market participants must
be strictly related to the reliability of reported data. No larger
responsibility should be attributed to them in terms of checking the services
provided by RRMs, especially if not previously envisaged by primary legislation.
· As already mentioned on several occasions, as
far as transaction reporting under REMIT is concerned, EURELECTRIC generally considers that
the organized market places are the best placed to do the reporting and should
thus have a clear primary obligation to report all trades executed over their
platforms (including orders to trade), whilst leaving the choice to the market
participant to still report these deals directly to an authorized RRM or
directly to ACER as RRM.
· Once the market participant has provided timely all necessary data to the RRM or the RIS reporting on its behalf, it should be explicitly released from any liability with respect to its reporting or publication obligations under REMIT. This is not sufficiently reflected in the draft TRUM. For market participants opting for direct reporting - EURELECTRIC believes that self-reporting entities need to have lighter requirements than RRM reporting on for third parties in order to avoid unnecessary burden and IT development costs.
The full document is available here.
