Commission Implementing Regulation (EU) No 1348/2014Show full title

CHAPTER II U.K. REPORTING OBLIGATIONS ON TRANSACTIONS

Article 3 U.K. List of reportable contracts

[F1 A1. Paragraphs 1 and 2 apply—

(a) as regards wholesale energy products relating to—

(i) the supply of electricity or natural gas with delivery in Great Britain; or

(ii) the transportation of natural gas in Great Britain,

from the start date of any data reporting system established by the GB Authority;

(b) as regards wholesale energy products relating to—

(i) the supply of natural gas with delivery in Northern Ireland; or

(ii) the transportation of natural gas in Northern Ireland,

from the start date of any data reporting system established by the NI Authority.]

1. The following contracts shall be reported [F2 to the GB Authority if they fall within paragraph A1(a) and to the NI Authority if they fall within paragraph A1(b)]:

(a) As regards wholesale energy products in relation to the supply of electricity or natural gas with delivery in [F3 Great Britain or Northern Ireland]:

(i)

Intraday or within-day contracts for the supply of electricity or natural gas where delivery is in [F3 Great Britain or Northern Ireland] irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded,

(ii)

Day-ahead contracts for the supply of electricity or natural gas where delivery is in [F3 Great Britain or Northern Ireland] irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded,

(iii)

Two-days-ahead contracts for the supply of electricity or natural gas where delivery is in [F3 Great Britain or Northern Ireland] irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded,

(iv)

Week-end contracts for the supply of electricity or natural gas where delivery is in [F3 Great Britain or Northern Ireland] irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded,

(v)

After-day contracts for the supply of electricity or natural gas where delivery is in [F3 Great Britain or Northern Ireland] irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded,

(vi)

Other contracts for the supply of electricity or natural gas with a delivery period longer than two days where delivery is in [F3 Great Britain or Northern Ireland] irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded,

(vii)

Contracts for the supply of electricity or natural gas to a single consumption unit with a technical capability to consume 600 GWh/year or more,

(viii)

Options, futures, swaps and any other derivatives of contracts relating to electricity or natural gas produced, traded or delivered in [F3 Great Britain or Northern Ireland].

(b) Wholesale energy products in relation to the transportation of electricity or natural gas in [F3 Great Britain or Northern Ireland]:

(i)

Contracts relating to the transportation of electricity or natural gas in [F3 Great Britain or Northern Ireland] between two or more locations or bidding zones concluded as a result of a primary explicit capacity allocation by or on behalf of the TSO, specifying physical or financial capacity rights or obligations,

(ii)

Contracts relating to the transportation of electricity or natural gas in [F3 Great Britain or Northern Ireland] between two or more locations or bidding zones concluded between market participants on secondary markets, specifying physical or financial capacity rights or obligations, including resale and transfer of such contracts,

(iii)

Options, futures, swaps and any other derivatives of contracts relating to the transportation of electricity or natural gas in [F3 Great Britain or Northern Ireland].

[F4 1A. For the purposes of paragraphs A1 and 1, any contract made in the SEM relating to the supply or transportation of electricity, or derivative of such a contract, is to be treated as a contract or derivative relating to the supply of electricity for delivery in, or the transportation of electricity in, Northern Ireland.]

2. F5 ...

[F6 Organised] market places shall submit identifying reference data for each wholesale energy product they admit to trading to the [F7 national regulatory authority]. The information shall be submitted before trading commences in that particular contract in a format defined by the [F7 national regulatory authority]. Organised market places shall submit updates of the information as changes occur.

In order to facilitate reporting, final customers party to a contract as referred to in Article 3(1)(a)(vii) shall inform their counterparty about the technical capability of the consumption unit in question to consume 600 GWh/year or more.

[F8 3. If a wholesale energy product referred to in paragraph 1 or 2 is not required to be reported to the GB Authority, or to the NI Authority, under those paragraphs because a data reporting system is not in operation, it must be reported to that authority upon a reasoned request by that authority.]

Textual Amendments

F1 Art. 3(A1) inserted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 3(2) (as amended by S.I. 2020/1016, regs. 1(2), 7(6)(a)); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in Art. 3(1) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 3(3)(a); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in Art. 3(1) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 3(3)(b); 2020 c. 1, Sch. 5 para. 1(1)

F4 Art. 3(1A) inserted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 3(4); 2020 c. 1, Sch. 5 para. 1(1)

F5 Words in Art. 3(2) omitted (31.12.2020) by virtue of The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 3(5)(a); 2020 c. 1, Sch. 5 para. 1(1)

F6 Word in Art. 3(2) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 3(5)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)

F7 Words in Art. 3(2) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 3(5)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F8 Art. 3(3) inserted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 3(6); 2020 c. 1, Sch. 5 para. 1(1)

Article 4 U.K. List of contracts reportable at request of the [F9 national regulatory authority]

1. Unless concluded on organised market places, the following contracts and details of transactions in relation to those contracts shall be reportable only upon reasoned request of the [F10 national regulatory authority] and on an ad-hoc basis:

(a) Intragroup contracts,

(b) Contracts for the physical delivery of electricity produced by a single production unit with a capacity equal to or less than 10 MW or by production units with a combined capacity equal to or less than 10 MW,

(c) Contracts for the physical delivery of natural gas produced by a single natural gas production facility with a production capacity equal to or less than 20 MW,

(d) Contracts for balancing services in electricity and natural gas.

2. Market participants only engaging in transactions in relation to the contracts referred to in points (b) and (c) of paragraph 1 shall not be required to register with the national regulatory authority pursuant to Article 9(1) of Regulation (EU) No 1227/2011.

Textual Amendments

F9 Words in Art. 4 heading substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 4; 2020 c. 1, Sch. 5 para. 1(1)

F10 Words in Art. 4(1) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 4; 2020 c. 1, Sch. 5 para. 1(1)

Article 5 U.K. Details of reportable contracts including orders to trade

1. The information to be reported pursuant to Article 3 shall include:

(a) in relation to standard contracts for the supply of electricity or natural gas the details set out in Table 1 of the Annex,

(b) in relation to non-standard contracts for the supply of electricity or natural gas the details set out in Table 2 of the Annex,

(c) in relation to standard and non-standard contracts for the transportation of electricity the details set out in Table 3 of the Annex,

(d) in relation to standard and non-standard contracts for the transportation of natural gas the details set out in Table 4 of the Annex.

Details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported using Table 1 of the Annex.

F11 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F11 Art. 5(2) omitted (31.12.2020) by virtue of The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 5; 2020 c. 1, Sch. 5 para. 1(1)

Article 6 U.K. Reporting channels for transactions

1. Market participants shall report details of wholesale energy products executed at organised market places including matched and unmatched orders to the [F12 national regulatory authority] through the organised market place concerned, or through trade matching or trade reporting systems.

The organised market place where the wholesale energy product was executed or the order was placed shall at the request of the market participant offer a data reporting agreement.

2. TSOs or third parties acting on their behalf shall report details of contracts referred to in Article 3(1)(b)(i) including matched and unmatched orders.

3. Market participants or third parties acting on their behalf shall report details of contracts referred to in Article 3(1)(a), 3(1)(b)(ii) and 3(1)(b)(iii) which have been concluded outside an organised market.

4. Information in relation to wholesale energy products which have been reported in accordance with Article 26 of Regulation (EU) No 600/2014 of the European Parliament and of the Council(1) or Article 9 of Regulation (EU) No 648/2012 of the European Parliament and of the Council(2) shall be provided to the [F13 national regulatory authority] by:

(a) trade repositories referred to in Article 2 of Regulation (EU) No 648/2012,

(b) approved reporting mechanisms referred to in Article 2 of Regulation (EU) No 600/2014,

(c) competent authorities referred to in Article 26 of Regulation (EU) No 600/2014,

F14 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

as appropriate.

5. Where persons have reported details of transactions in accordance with Article 26 of Regulation (EU) No 600/2014 or Article 9 of Regulation (EU) No 648/2012 their obligations in relation to reporting those details under Article 8(1) of Regulation (EU) No 1227/2011 shall be considered as fulfilled.

6. In line with the second subparagraph of Article 8(3) of Regulation (EU) No 1227/2011 and without prejudice to paragraph 5 of this Article organised markets, trade matching or reporting systems shall be able to provide the information referred to in paragraph 1 of this Article directly to the [F15 national regulatory authority].

7. Where a third party reports on behalf of one or both counterparties, or where one counterparty reports the details of a contract also on behalf of the other counterparty, the report shall contain the relevant counterparty data in relation to each of the counterparties and the full set of details that would have been reported had the contracts been reported by each counterparty separately.

8. The [F16 national regulatory authority] may request additional information and clarifications from market participants and reporting parties in relation to their reported data.

Textual Amendments

F12 Words in Art. 6(1) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 6(2); 2020 c. 1, Sch. 5 para. 1(1)

F13 Words in Art. 6(4) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 6(3)(a); 2020 c. 1, Sch. 5 para. 1(1)

F14 Art. 6(4)(d) omitted (31.12.2020) by virtue of The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 6(3)(b); 2020 c. 1, Sch. 5 para. 1(1)

F15 Words in Art. 6(6) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 6(4); 2020 c. 1, Sch. 5 para. 1(1)

F16 Words in Art. 6(8) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 6(4); 2020 c. 1, Sch. 5 para. 1(1)

Article 7 U.K. Timing of reporting of transactions

1. Details of standard contracts and orders to trade, including for auctions, shall be reported as soon as possible but no later than on the working day following the conclusion of the contract or placement of the order.

Any modification or the termination of the concluded contract or order to trade shall be reported as soon as possible but no later than the working day following the modification or termination.

2. In the case of auction markets where orders are not made publicly visible, only concluded contracts and final orders shall be reported. They shall be reported no later than on the working day following the auction.

3. Orders placed in brokers' voice operated services and not appearing on electronic screens shall be reportable only upon request of the [F17 national regulatory authority].

4. Details of non-standard contracts including any modification or the termination of the contract and transactions referred to in the second subparagraph of Article 5(1) shall be reported no later than one month following the conclusion, modification or termination of the contract.

5. Details of contracts referred to in Article 3(1)(b)(i) shall be reported as soon as possible but no later than on the working day following the availability of the allocation results. Any modification or the termination of the concluded contracts shall be reported as soon as possible but no later than on the working day following the modification or termination.

F18 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F17 Words in Art. 7(3) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

F18 Art. 7(6) omitted (31.12.2020) by virtue of The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 2 para. 7(3); 2020 c. 1, Sch. 5 para. 1(1)

(1)

Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).

(2)

Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).