Ofgem , the National Regulatory Authority for Great Britain, has published this open letter which gives guidance on the arrangements for the end of the transitional period of Brexit, in relation to REMIT. The transitional period ends on 31st December 2020. The letter is an update on the previously issued one in the run up to the possible “hard Brexit” last year (see here). In this case, the arrangement will definitely come into application on 31st December. The letter addresses the following topics: Monitoring and enforcement – under REMIT will continue as now in the UK. This includes the application of ACER’s REMIT Guidance in future. Registration – Ofgem will have its own registration regime under REMIT. Market participants will only need one ACER code across the UK and EU. Current UK Market Participants who trade products in scope of REMIT EU will need to have an ACER code valid in the EU which involves transferring the UK registration to an EU NRA Reporting – There will not be running a parallel reporting regime in GB for now. The letter states that it will be the last communication from Ofgem on the subject this year. Recently, the FCA issued a… continue reading
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Source: CTRM Center