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ACER publishes details of LNG price assessment data reporting rules

ACER yesterday published details of how to report data relating to the Council Regulation first published in October to support the publication of an LNG p;rice assessment and benchmark (see here). Affected market participants must be registered in the REMIT “CEREMP” database and also register and report data via a new system (“Terminal”). The reporting guide can be found here and registration guide here. Reports are to be submitted to the Terminal system by 6pm on the day of the relevant event. This regulation and reporting requirement is in addition to REMIT and has a different wider scope, defined by Article 2 of the regulation as:

“bids, offers or transactions for the purchase or sale of LNG:
(a) that specify delivery in the Union, or
(b) that result in delivery in the Union, or
(c) in which one counterparty re-gasifies the LNG at a terminal in the Union”

Reporting starts within 2 weeks of the regulation coming into force.

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Yesterday, ESMA published further details around EMIR REFIT (see here). While those changes start for EU market participants in 2024, there is a great deal of data reporting work ahead.