Mifid and RCDE (Emissions Trading System)

From IBERCLEAR, as the Support Service to the National Administrator of the Spanish Section of the Union Registry, we inform you about the implementation, from the 3rd of January 2018, of the new regulatory framework relative to markets and financial instruments, summarized on the Directive 2014/65/UE of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, known as MIFID II; and on the Regulation (EU) nº 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending the Regulation (EU) nª. 648/2012, known as MIFIR.

One of the changes on this regulatory framework is the incorporation of the emission allowances to the scope of application of both Directive 2014/65 and Regulation nº 600/2014, classifying them as financial instruments. In order to facilitate the comprenhension that these new obligations involve the participants in the Emissions Trading Scheme, and in particular to thoses who have an account opened in the Spanish Section of the Union Registry, the Spanish Office for Climate Change has made an informative note about the necessity to have an Authoritation as Investment Service Company (ISC) and an Identification Code of Legal Entity Identifier (LEI), which can be consulted at the following link.