Invitation
New
EU Directives for the
Financial Services Market and their Impact on the Energy Market
Content and
Consequences of MiFID and CAD III / Basle
21/22 April 2005
Französischer Dom (French Cathedral) Berlin
2nd
International Conference
of
Gesellschaft für
Energiewissenschaft und Energiepolitik GEE e.V. in co-operation with
the
law firm Becker Büttner Held
Background
The EU Directive on
Markets in Financial Instruments (MiFID), which attempts to create a
common
European legal framework for the execution of commercial agreements and
trading
orders by providers of financial services, stock and commodity
exchanges and
alternative trading systems, became effective on 21 April 2004. Among
others,
commodity derivatives will be subject to this new supervision as long
as “they
are comparable to traditional financial instruments under supervisory
aspects”.
Thus, this directive has a considerable impact on energy trading.
In addition, the
European Commission submitted a draft directive on the capital adequacy
of
investment firms (Capital Adequacy Directive CAD), which will affect
all
financial service providers, in particular, however, those in the
energy
market. The Commission’s draft bears the trademark of the banking world
and
does only to a certain extent reflect the specifics of the energy
sector. It
remains to be seen to what extent due account will be taken of the
specifics of
commodities such as electricity, gas, coal and oil as well as
allowances and
weather derivatives.
Conference
objectives
The conference resumes the
successful exchange of ideas at the International Conference on the
EU
Investment Services Directive and European Energy Trading, which was held in
April 2004 in Berlin and which brought together more than 100
participants from
all over Europe. The focus of this conference on EU Directives and
their impact
on the energy market was the MiFID (at that time still termed “ISD 2”)
against
the background of the supervisory practice in the different EU Member
States.
The
second conference on 21/22 April 2005 will again bring together
European
supervisory authorities and energy market players. The following issues
shall
be jointly addressed and clarified:
- Who and what shall be supervised
under “MiFID”? Will really all trading activities be regulated? What
are the exemptions for commodity trading in Europe?
- Why is there no common
understanding of the regulations of the MiFID? How do concerned
associations and market players see these regulations? What is the view
of the banking world
- What is the standpoint of
national supervisory authorities regarding the question where in the
energy market the obligation to obtain a license shall begin and end?
- Which conflicts can be
identified between the desire for uniform standards and the necessary
consideration of national specifics and supervisory traditions?
- Will now the European Passport
be valid in future?
- How may the views of the energy
industry and the banking world be brought together?
- What does the new legislation
mean for the emerging emission tradings? Will weather derivatives now
also be subject to supervision?
- Do the regulations of
“CAD”/Basle put an end to the business as a financial portfolio manager
or own account trader
- Are the particularities of price
fluctuations in the energy market adequately taken into consideration?
Are there different regulations for the banking sector and the energy
sector?
- How is the fact taken into
account that the energy industry deals with especially large supply
contracts/ large exposures on a daily basis?
The
conference addresses European supervisory authorities for financial
markets and
stock and commodity exchanges, ministries, political representatives,
and
alternative trading system operators, energy wholesale traders and
brokers as
well as municipal utilities and other energy supply companies
interested in
structured energy purchases and sales.
Your moderators
would like to invite you:
Dr. Ines Zenke, lawyer and
partner with Becker Büttner Held, a law firm specialized in energy, and
Dr
Michael Kraus, member of the board of Gesellschaft für
Energiewissenschaft und
Energiepolitik GEE eV.
First
Conference Day – Thursday, 21 April 2005
I.
Welcome
10:00 Opening of the Conference and
Welcoming of the participants and speakers by
the chairpersons Dr. Michael Kraus and Dr. Ines Zenke
II.
Introductory
Presentations
10:00 Importance
and Development of Energy Wholesale in Europe – an Update
Dr.
Michael Kraus
10:30
New European and National
Requirements for the Commercial Market („MiFID“ and „CAD III“) –
Contents,
Exemptions, Discussions
Dr. Ines Zenke
11:00 Objectives of MiFID und CAD
III with regard to the
Energy Market from the EU Commission’s point of view
Jiri
Krol, European
Commission, Internal Market DG, Brussels
11:30 Coffee break
III.
Implementation
of MiFID and CAD
III; Supervision and Practice in Germany, Austria and Switzerland
11:45
Position of the German Supervisory
Authority
Joachim du
Buisson (BaFin,
Bonn)
12:15 Panel
Discussion with Market Players
Dr. Günther
Rabensteiner
(APT); Dr. Ralf Schäfer (RWE Trading); Ulrich Erkens (E.ON
Sales&Trading); Dr. Jörg Spicker (ATEL);
Peter Juch
(Deriwatt); Vincent van Lith (BHF Bank AG);
Dr. Michael Redanz (KOM-Strom AG)
Moderator:
Hermann Schmeink
(GEODE)
13:15
Lunch
IV.
Implementation
of MiFID and CAD
III; Supervision and Practice in Scandinavia
14:30
Position of the Norwegian
Supervisory Authority
Knut
Godager
(Kredit
Tilsynet)
15:15
Statements by Exchanges and
Panel Discussion with Market Players
Torger Lien (NordPool); Dr. Torsten
Amelung
(Statkraft);
Mats-Erik Olofsson (Vattenfall);
Johan Erlandsson
(Sydkraft); Bjørn Øiulfstad(NEBA); Dr. Thomas Pilgram (Bergen Energi)
Moderator: Harald von Heyden (EGL Nordic AS)
16:00 End
of First Conference Day
20:00
Dinner
Restaurant Refugium at Gendarmenmarkt,
Hohes Gewölbe des Französischen Doms (in the Vault of the French
Cathedral)
Second
Conference Day – Friday, 22 April 2005
|
9:00 Welcome by
Chairpersons
Dr. Ines Zenke and Dr. Michael Kraus
V.
Implementation
of MiFID and CAD
III; Supervision and Practice in the Netherlands and the UK
9:15
Position of the
Dutch Supervisory Authority and the FOA
Harold
Mahadew (NAFM)
Anthony
Belchambers (FOA)
10:00
Statements by Exchanges and
Panel Discussion with Market Players
Fiona Smith (Morgan Stanley); Judith de
Boeye
(ESSENT);
Peter Styles
(EFET); Michael Parsons (Shell International Trading); Jeremy Hall
(UKPX); Robert Quick (EDF Trading); Tames
Rietdijk (New
Values)
Moderator: Stefan Judisch (RWE Trading)
11:00
Coffee break
VI.
Implementation of MiFID and CAD III; Supervision
and Practice in France, Spain and Portugal
11:15
Position of the Portuguese Authority
Elsa Ferreira (CMVM)*
11:45
Statements by Exchanges and Panel Discussion with
Market Players
Philippe Redaelli (Powernext); Maria Luisa
Huidobro (OMEL);
Dr. Juan José Alba Rios (Endesa); Henrique Lobo Fereira (Electricidad de
Portugal)*; Domenico de Luca (EGL); Arnaud Cruiziat (Gaselys)
Moderator: N.N.
12:30
Coffee
break
VII.
NEW:
Supervision
and
Practice in Poland and the Czech Republic
13:00
Regulatory
Background and Status of Energy Wholesale
in the Czech Republic
Zdenek Husták (Komise pro cenné
papíry, Czech Securities Commission)
13:30
Statements by Exchanges and
Panel Discussion with Market Players
Grzegorz Onichimoswki /Jacek Brandt (Towarowa Giełdy Energii
S.A, Polish Power Exchange); Maciej Olejniczak (PSE-Electra S.A.)*; Alfred
Hoffmann
(Vattenfall Trading Services); Andrei Kuxenko (OstElektra)*; N.N. (MVV Polska Sp. z.o.o.)*
Moderator: Dr. Günther Rabensteiner (APT)
VIII.
Necessities
for
Implementation and related Questions
14:00
Concluding Panel Discussion
Dr. Torsten Amelung (Statkraft); Dr.
Juan José Alba Rios (Endesa); Philippe Redaelli (Powernext); Stefan
Judisch (RWE Trading); Fiona Smith (Morgan Stanley); Dr.
Jörg Spicker
(ATEL); Roger Kohlmann / Dr. Bernhard Walter (VDEW); Michael
Wübbels (VKU)
Moderator: N.N.
14:45
End
of Conference
* invited
Venue:
Französischer Dom (Französische Friedrichstadtkirche) („French
Cathedral“)
Gendarmenmarkt 5 ∙ 10117
Berlin; Underground
station „Französische Straße“ (U6),
„Stadtmitte“ (U2), S-Bahn station „Friedrichstraße“
Conference
languages: English / German
(German
/ English simultaneous translation of all sessions)
Conference
Fees:
Conference fee for
21 and 22 April 2005:
465, -€
(You will receive a
free copy of the first specialized book on this issue: Zenke/ Schäfer (ed.), Energiehandel in
Europa - Öl, Gas, Strom, Derivate & Zertifikate, (Energy Trade in
Europe - Oil, Gas, Power, Derivatives & Allowances), C.H.
Beck-Verlag,
Munich 2005)
Dinner
on 21 April 2005:
89,-
€
Reduced conference
fee for members of GEE:
395,- €
Cancellation:
Refunding in
case of
cancellation until 11 March 2005; no refunding thereafter;
transfer of registration to third party possible at any time
Registration:
online: http://www.gee.de/news/anm_21_04_05_berlin.htm
or per
email/fax: Becker
Büttner Held, Christiane Meyer,
Köpenicker Str. 9, 10997 Berlin, Tel: +49 (0)30 / 611 284 080,
Fax: +49 (0)30 / 611 284 099, Email: cm@bbh-berlin.de
Hotels (special rates
available, key word „GEE-Conference“):
art’otel Berlin
Mitte,
SR: 97,- € excl. breakfast until 30.03.05, www.artotels.com
Radisson SAS (near
Berliner Dom), SR/DR:
140,- € incl. breakfast until 20.03.05, www.berlin.radissonsas.com
The Regent (directly at
Gendarmenmarkt), SR/DR: 240,- € excl. breakfast until 30.03.05, www.regenthotels.com
Kindly sponsored by
