Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Global | Publication | December 2016
The Polish energy regulator published its auction by-laws – under Poland’s renewable energy support scheme – in November 2016, and confirmed timings for the first auction sessions (to be held on 30 December).
The law
The Renewable Energy Sources Act, 2015 (Journal of Laws 2015, 478)
The regulator
The Energy Regulatory Office
The auction by-laws mirror provisions of the Renewable Energy Sources Act and include extensive detail on participants’ access to the auction platform.
Auctions should be held at least once a year. Each session will last at least 8 hours. An auction should be held if at least three valid bids have been submitted.
No deadlines are given for verification of a declaration of participation. It has to go to the online platform sufficiently in advance to “objectively allow for the verification”. If it is submitted too late to allow for verification before the auction closes, the installation will not be able to participate. The associated risk is borne by the investor.
An application for certificate of admission has to go to the online platform sufficiently in advance to “objectively allow for the verification”. The Energy Regulatory Office will issue (or refuse to issue) the certificate of admission within 30 days from filing the application (Renewable Energy Sources Act, 2015).
The bank guarantee should be valid for (as from December 31 of the year in which the auction is held):
An investor may act personally (through its Management Board) or through its lawyer-in-fact (pełnomocnik) or authorised agent (prokurent) but a bid has to be signed by the investor (not by its lawyer-in-fact or authorised agent).
30 December 2016
Publication
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Publication
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