The National Regulatory Authorities (NRAs) did not reach an agreement on the required credit rating for banks issuing collaterals for market participants and have requested ACER to take a decision.
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On 17 August 2017, the Agency received a letter on behalf of all NRAs requesting it to adopt a decision pursuant to Article 4(10) of Regulation 2016/1719 on the all Transmission System Operators (TSOs)’ proposal for HAR.
The point of disagreement among NRAs lies in the provisions of Article 21(1)h of the proposed HAR, concerning the required credit rating for banks issuing collaterals for market participants: while the TSOs’ proposal states that, in case of an industry-wide downgrade of financial institutions, the Allocation Platform may decrease the required rating below BBB+ for a limited period of time, one NRA would prefer instead either (i) to maintain the default required credit rating level BBB+ even though there is an industry-wide downgrade, or (ii) to delete all provisions of credit rating and leave the decision completely to TSOs.
On 26 August, in compliance with the provisions of Article 8(1) of Regulation (EC) 713/2009, the Agency launched a consultation among the national regulatory authorities and the transmission system operators concerned. This consultation will remain open until 8 September.
In addition, the Agency would also like to give other stakeholders a chance to provide comments on its proposal.
The Agency’s proposal for an amended version of the HAR is attached to this invitation. This version keeps the TSOs’ proposal as regards Article 21(1)h and includes a few other minor amendments (mainly for clarification and alignment with the Regulation 2016/1719) already communicated by NRAs early this year.
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