Financial Services partner Nathaniel Lalone was quoted in an article on the Agency for Cooperation of Energy Regulators' (ACER's) new rule, which is in effect on October 7, 2015. Under ACER's Regulation on Wholesale Energy Market Integrity (REMIT), market participants will be required to report their standard power and gas trades to the regulator via a registered reporting mechanism, with the reporting of more complex over-the-counter trades to follow six months later. With less than a month remaining before the rule goes into effect, the market participants seem to be concerned about their level of preparedness for this new reporting landscape.
Nathaniel told FOW, "Although some wholesale energy market participants have long been aware of the need to comply with [REMIT], for many others this past summer was a huge wake-up call, not just of [REMIT's] existence but also of the imminent deadline of registration and reporting requirements." Market participants, ACER and national energy regulators are still working through a number of key interpretive issues that will affect the scope of REMIT registration and reporting requirements. "Although the relevant deadlines are fast approaching, there should be just enough time for affected market participants to take the necessary preparatory steps," Lalone added. ("ACER's New Reporting Rule Kicks in on October 7, 2015," September 9, 2015)