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The Iberian Energy Clearing House

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Legal Framework

 

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The legal framework for the organisation of MIBEL and the derivatives market is based on the "Agreement between the Portuguese Republic and the Kingdom of Spain relative to the constitution of an Iberian Electrical Energy Market" ("MIBEL Agreement"), signed by the respective governments, on October 1st. 2004.

This Agreement, revised in 2009, establishes the general principles for the organization and management of MIBEL and, in particular, the framework for the organization of the power spot market and the power derivatives market.

Under the terms of the "MIBEL Agreement", despite its cross-border activity, the MIBEL derivatives market is a market directly subject to Portuguese law and jurisdiction, being, due to its financial nature, subject to the legislation applicable to this type of markets, predominantly:

  • The Portuguese Securities Code;
  • The Portuguese Securities Market Commission (CMVM - Comissão do Mercado de Valores Mobiliários) Regulations;
  • CMVM Instructions.
  • Decree-Law No 40/2014

Specifically, Ministerial Order No 945/2004, of July 28th, that authorizes OMIP to manage the derivatives market, and The Ministerial Order No 927/2004, of July 27th, that authorizes OMIClear to act as a Clearing House and Central Counterparty, also have to be taken into consideration.

Accordingly, the law governing the provision of services by OMIClear in the market is the Portuguese law.

The legal framework and documentation regarding the membership of participants in OMIClear services is described in the OMIClear Rules and OMIClear Forms .

Download the available OMIClear Rules and OMIClear Forms on the Downloads section.

In this framework, OMIClear and the derivatives market are under the direct supervision and regulation of CMVM. However, taking into account the underlying assets of the traded products in the Market, CMVM powers are carried out in coordination with ERSE - Entidade Reguladora dos Serviços de Energia, the entity responsible for the regulation of the energy services (electricity and natural gas) in Portugal.

Notwithstanding the powers granted to the Portuguese authorities, under the terms of the "MIBEL Agreement", the regulation and supervision of the derivatives market is also carried out in coordination, under the umbrella of MIBEL Regulators Committee, with the equivalent Spanish authorities:

  • CNMC - Comisión Nacional de los Mercados y la Competencia, the national markets and competition commission;
  • CNMV - Comisión Nacional del Mercado de Valores, the national securities market commission.

For further information:

  • Go to MIBEL Regulators Committee website - www.mibelcr.com
  • Go to CMVM website - financial legal framework - www.cmvm.pt
  • Go to ERSE website - electricity legal framework - www.erse.pt