The SEM Committee has today, 30 June 2023, published the Trading and Settlement Code Terms of Reference for the Market Audit 2022 Decision Paper.
This paper sets out the terms of reference that the SEM Committee has determined for the Trading and Settlement Code Market Audit 2022, following the publication of the Consultation Paper on the proposed terms of reference (SEM-23-033) and subsequent review of the two responses received.
Having considered the responses, the SEM Committee has decided the following for the Market Audit 2022:
- To cover the period from 01 January 2022 to 31 December 2022.
- To implement a Core SEMO Audit without expansion.
- To apply the ISAE 3000 Assurance Opinion reporting approach.
- To increase the materiality level to 0.5% of the estimated annual market value of electricity traded in the relevant markets.
The SEM Committee will continue engagement with SEMO in relation to the Market Audit 2022.
Link to decision paper