On 7th October 2015, the SEM Committee published an Information Paper entitled 'Market Rules Information Note and Invitation for Nominations to Participate in Market Rules Working Group' (SEM-15-078). The paper described the working group approach to the development of rules and legal drafting for the I-SEM and sought nominations from interested parties for individuals to participate in the working group process. The paper committed to clarifying the overarching regulatory framework of the new market as well as providing detail on the consultation process at a later date.
On 23rd February 2016, the SEM Committee now publishes an Information Note on the I-SEM Regulatory Framework, which aims to:
- provide clarity on the overarching regulatory framework, comprising legislation, licence changes and market rules which will implement the market design referred to as I-SEM;
- provide insight on the provisional timeline and proposed consultation process regarding licence changes and the introduction of revised (and new) market rules; and
- provide initial thinking on NEMO regulation and enforcement.
Queries with respect to this paper should be directed to Elaine Gallagher, egallagher@cer.ie and to Leigh Greer leigh.greer@uregni.gov.uk