Lunch & Learn Event. EU REMIT Reporting in Power and Gas Trading
16. January 2024
11:30 - 14:00
Hotel City Garden, Garden Room
Date: Tuesday, 16 January 2024 is postponed, new date will follow soon!
EU REMIT Reporting in Power and Gas Trading – Sweeping REMIT Review Imminent
This session will look at how REMIT reporting is carried out, who is affected and how it may change over the coming years. REMIT reporting applies to all Wholesale Energy Products regardless of the location of the market participant and takes a variety of shapes depending on product and where it is traded.
Upcoming changes to the Transaction reporting User Manual (TRUM) and eventually the REMIT Implementing Act will require work in staying compliant. Similar reporting will also be required in Switzerland under the upcoming “BATE” regulation.
A brief look will also be taken at the upcoming “REMIT II” changes, which will impact:
- How non-EU entities can engage in the EU Wholesale Energy Market
- Rules around algorithmic trading
- The requirement to monitor for abuse.
Topic 2: Growth of national reporting in gas trading, how to manage non-compliance risks
The workshop summarises our views on the changes proposed by the Council and Parliament to REMIT II, what market participants need to know how to comply with the new REMIT II framework based on implementation rules issued by the EU Commission and non-binding ACER guidance.
European Parliament and European Council met on 21 September and end 30 October to discuss the final text on REMIT, aim is to have the text adopted by Christmas. In the EU political decision-making process, we are in the last stages before REMIT II becomes law. REMIT II will be applicable for wholesale gas and electricity markets.
Issues at Stake
REMIT-Review brings about substantial changes which require operational implementations by market participants. The presenters will explain:
- the new changes to REMIT and their impact of the changes to attendees.
- Provide for information on phasing in REMIT II.
- Ways on how the new rules could be implemented by electricity and gas traders.
Since the European Supply crisis in 2022, more and more national governments were empowered to introduce own reporting duties and special tax regimes applicable to natural gas. Over the last year, we have seen around 200 national duties introduced for wholesale market participants. Learning Lunch Participants will learn:
- what the new national measures are about?
- An assessment of how these rules affect wholesale markets.
- how national rules can be monitored and how regulatory change can be managed.
Dr. Jan Haizmann:
Mr. Haizmann has been an independent consultant to the energy trading industry, based in Brussels, advising clients on legal and regulatory aspects of power and gas trading. Mr. Haizmann has been appointed expert in various dispute resolutions in complex gas and power transactions. He has been managing gas business set ups for existing and new energy trading and advised on corporate strategy and on ways to improve legal and regulatory risk management for the wholesale trading business. Mr. Haizmann has been managing director of Correggio Consulting, which he founded as boutique consulting in 2005 (www.correggio-consulting.eu), operating across Europe. Mr. Haizmann had various executive roles in EFET (European Federation of Energy Traders) between 2006 and 2023. In 2018, Mr. Haizmann conceptually created CorreggioNet, a regulatory change management system (www.correggionet.eu) has become an industry solution towards management regulatory change.
Aviv Handler is a specialist in the regulation of the commodities, energy and financial markets, providing advice and services to the energy and commodity markets in the understanding, preparation and implementation of European Energy and Commodity Market Regulations. He focuses on all streams of regulation including EMIR, REMIT, MiFiD II, MAR and their Swiss and UK equivalents, as well as applicable rules across the globe.
Aviv founded ETR Advisory in 2013 to provide support and advice to those affected by the rules, helping over 100 companies in that period.
12.00 Presentation followed by brief luncheon
14.00 End of event.
Please note that it is not possible to use the payment system specified in the registration process. We will send you an invoice and try to solve this problem as quickly as possible.