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FAQs on transaction reporting – Question II.3.5.6

We experienced several novations in the past and were confronted with different proposals on how to report such events to ACER. Could you please further specify the different data fields which need to be populated?

Could you please provide more clarity about the precise reporting requirements in case of novation? What values have to be reported?

Supply contract for gas for 1.4.16-1.4.17 was concluded on 15.02.2016. Novation agreement was signed on 15.12.2016 with effective date on 01.01.2017.

For the old transaction the following scenarios are possible:

Scenario Start of delivery End of delivery Contract date Termination date Event
(fields table 1 / 2) (# 49 / # 42) (# 50 / # 43) (#30 / #12) (#43 / – ) (# 58 / #45)
Reported 1.4.16 1.4.17 15.2.16   NEW
A 1.4.16 1.4.17 15.12.16 1.1.17 Cancel
B 1.4.16 1.1.17 15.12.16 1.1.17 Cancel
C 1.4.16 1.1.17 15.12.16   Modify

 

For the reporting of the new contracts the following scenarios are possible:

Scenario Start of delivery End of delivery Contract date Event
(fields table 1 / 2) (# 49 / # 42) (# 50 / # 43) (#30 / #12) (# 58 / #45)
I 1.4.16 1.4.17 10.2.16 NEW
II 1.4.16 1.4.17 15.12.16 NEW
III 1.1.17 1.4.17 10.2.16 NEW
IV 1.1.17 1.4.17 15.12.16 NEW

 


Answer:

All the open trades have to be novated with the name of the new legal entity to notify the change of the counterparty to the contract. In order to report a novation, an early termination with the old UTI and a new trade with a new UTI should be reported.

Both market participants, MP1 and MP2 have to submit an early termination report with Action Type “C” to cancel the old trade and MP1 and MP3 have to provide a new submission with Action Type “N” for the new trade between MP1 and MP3 with a new UTI. In addition:

  • The early termination should be reported with the timestamp/contract date of the early termination agreement day.
  • The termination date refers to the date the contract ceases to exist, and not the agreement date (timestamp/contract date, see above).
  • “Modify” should not be used.

Last update: 08/12/2017   RSS_Icon Subscribe to this Page’s RSS