Are you compliant with the disconnection rules?

Are you compliant with the disconnection rules?

AU Energy Compliance
The Australian Energy Regulator (AER) recently released summaries of compliance audits for 2017 in relating to customer disconnection and AER reporting processes.[1] In today’s article, we look at the audit outcomes and what retailers might do to ensure they are compliant with the disconnection rules. Photo by Malte Wingen on Unsplash By Dr Drew Donnelly, Regulatory Specialist, Compliance Quarter Background Under AER’s Compliance and Procedure Guideline (the Guideline), and the National Energy Retail Rules (NERR), retailers are required to report to AER on breaches of certain NERR obligations at prescribed intervals and in a prescribed manner. At the same time the Guideline sets out the rules for when the AER may require compliance audits to be carried out. The AER required that audits be carried out by five retailers in relation to the…
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Three innovation opportunities presented by the AEMC 2018 Retail Energy Competition Review

Three innovation opportunities presented by the AEMC 2018 Retail Energy Competition Review

AU Energy Compliance
In today’s article, our focus is not on any regulatory proposals, but three innovation opportunities for energy businesses that are suggested by AEMC’s observations in the Review. The Australian Energy Market Commission (AEMC) has just released its mammoth (351 page) review (the Review) of competition in retail energy markets for 2018.[1] In one sense, it is a depressing read. The overriding theme is increased consumer dissatisfaction and hardship as a result of retail price increases over the period. In response, AEMC has recommended various regulatory reforms to improve the efficient operation of the energy retail markets. Of course, there are already a plethora of initiatives underway at both the Commonwealth and State/Territory level with that stated goal. In our May Energy Update, we identified 17 (!) consultations initiated by government…
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What is the new Financial Benchmark Regime?

What is the new Financial Benchmark Regime?

Financial Services
On 12 June the Australian Securities & Investments Commission (ASIC) announced the final regulatory regime for Financial Benchmarks. This regime, introduced through a 2018 amendment to the Corporations Act 2001, empowers ASIC to determine that certain benchmarks are ‘significant’ and to impose a licensing regime on the ‘administrators’ of those benchmarks. In today’s article, we ask, what is the new Financial Benchmark Regime? Photo by Paul Gilmore on Unsplash By Dr Drew Donnelly, Regulatory Specialist, Compliance Quarter Background: What is a Financial Benchmark? A Financial Benchmark has been defined as: an index or indicator calculated from a representative set of underlying data or information, used as a reference price for a financial instrument or financial contract or to measure the performance of an investment fund.[1] Reliable Financial Benchmarks are crucial to the operation of…
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