Welcome back to our ‘ACER REMIT Reporting’ series. In our last post, you learned that on November 16th, 2022, ACER published the updated ‘Transaction Reporting User Manual’( TRUM) and its Annexes (Annex II, III, V, and VII) which updated the REMIT trade data reporting requirements. Next, let’s look at the relevant dates and deadlines so you don’t miss a beat.
Deadlines for Compliance Action
Following a transition period, ACER plans to retire the older versions of the electronic format for the reporting of REMIT Table 1 transactions. The agency recognized that the current schemas used to report standard and non-standard contracts have limitations and updates were needed. Accordingly, both V1 and V2 schemas will be replaced with “V3” by June 2023.
The responsible reporting party(s) is/are expected to comply with the updated electronic format and new transaction reporting guidance within six months of the initial ACER publication. Most market participants have long-standing reporting systems & processes in place. These announced schema changes will impact such systems and relevant processes.
Specifically:
- Reporting entities can continue using Version 1 (“REMITTable1_V1”) until June 23rd, 2023, and Version 2 (“REMITTable1_V2”) until October 16th, 2023.
- Natural gas transportation contracts currently relying on “Table 4” must utilize the updated electronic format going forward for the reporting of such contracts. Older formats of Table 4 contracts will no longer be accepted by ACER after October 2023.
The nifty timeline graphic nearby illustrates this series of dates and the deadline. As of the publishing date of this article – June 20203 – you’ve got four (4) months to act.
If you’re uncertain about what’s happening or the steps to move forward, Essentia is here to help implement these trade data revisions and schema changes by the regulatory compliance date. Please contact us at info@essentiaap.com and we will quickly help you get this sorted, an action plan in place, and ensure your org remains compliant.
That’s a wrap for this blog. The next installment – part-3 of this series – will delve deeper into the changes introduced. It will suggest actions to help facilitate a successful implementation of the changes required. Also, make sure to read-up on part-1 of this blog series if you missed it.
Rahim Kabani, Director, Essentia Advisory Partners
Rahim Kabani is a director at Essentia Advisory Partners where he heads our Regulatory Compliance Advisory service. He has over 15 years of derivatives trading & regulatory compliance experience spanning multiple jurisdictions. Email: rkabani@essentiaap.com