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Key accomplishment:Proposing that all European VAT laws be harmonised such that application is at the source of supply. As a result of this proposal, the Commission introduced in record time a new European VAT law for electricity and gas trading–in close co- operation with the TF VAT–that was adopted by the Council of Ministers and European Parliament. All EU member states were required to implement the new law by 1 January 2005.

3.6.4.8 Task Force Financial Regulation

This TF was established at the end of 2002 to elaborate EFET’s position on financial regulation of transactions in commodity deriva- tives, and, in particular, to advocate the adequate treatment of ener- gy trading in revisions to the Investment Services Directive.

Energy derivatives were not previously covered by European legisla- tion concerning financial services. National legislation treated the activity of trading in energy derivatives in different ways. Issues as important as how to define an energy derivative, whether energy traders should be authorised by the financial regulator, or comply with capital requirements, were open to discussion and interpretation in different countries. Trying to clarify this, European institutions during 2002 and 2003 produced a new version of the Investment Services Directive that was eventually approved in March 2004, under the new name of Markets in Financial Instruments Directive (MiFID).

This new piece of legislation included energy derivatives in its scope, and sought to provide a clarification on the definition of an energy derivative and what types of companies could be excluded from the obligation of obtaining financial authorisation. The task force is cur- rently co-ordinating EFET views on the regulatory development of the Directive and other related issues, such as capital requirements for traders. It seems clear that financial regulation will have an increas- ing impact on energy trading activities and has the potential to frus- trate the development of a healthy European energy market.

Key accomplishments: Successfully advocated a definition of energy derivatives consistent with industry practice; obtained pro- visional exemptions from inappropriate capital adequacy tests for many energy traders while preserving the potential for Europe-wide homogeneous regulatory treatment for energy derivatives.

3.7 The EFET Board, members’ General Meeting and the

Secretariat

3.7.1 EFET Board

Board members are elected as persons, not as company representa- tives. They are highly respected industry employees who have shown their willingness to actively live up to the principles of an open ener- gy market. The EFET Board presently consists of 14 individuals elect- ed by the members.

The Board is a balanced group comprised of the chairmen from the main committees -Electricity, Gas, Legal, and Business Process stan- dardisation- and representatives from the trading divisions of genera- tors, suppliers, large consumers and financial institutions. The Board strives to maintain a geographical balance and to have members that contribute a wide range of relevant experiences. (The names of cur- rent and historical Board members are listed in appendix 3.)

Einar Westre was a founding member of the EFET Board, prime mover in establis- ment of Electricity Committee, one of the first representatives of the Florence Forum and unflinching proponent of open markets. When Einar left MVV to return to Norway he chose to resign from EFET Board, but has recently been granted the first honorary membership.

32 The first six years of EFET Key responsibilities of Board members are to govern the association

and to vote on position papers and standards, in addition to ensuring that EFET takes a clear and strong, yet balanced, position in line with its principles.

3.7.2 General Meeting (GM)

The frequency and functionality of EFET General Meetings (GM) has changed over the first six-year period due to the further specialisation and development of many specialist groups. In its first 12 months of existence, a GM was held every two or three months due to a ‘need to meet’ to exchange views about this new phenomenon known as “ener- gy trading”.

After four years, the scheduling was switched so that GMs are now held twice a year. There is one GM held in early summer while the sec- ond GM—the official annual meeting–is scheduled in the autumn. During GMs overviews are presented about the main activities of dif- ferent EFET groups. The annual budget or annual accounts are pre- sented and main plans and activities are presented and discussed. Every two years Board members are elected. Members can meet with the chairmen and representatives of groups and can also volunteer to participate in the work of the various working groups, task forces or committees.

3.7.3 Secretariat

The EFET Secretariat comprises a small decentralised team of profes- sionals and administrators. Currently the Secretary General, Jan van Aken, and his assistant, Marienella Madrid, are based in the Netherlands (Amsterdam/Maarsenbroek). Peter Styles operates from London and acts as Executive Advisor within the EFET Board and as Chairman of the Electricity Committee, in addition to assisting some other groups. Jan D. Haizmann joined more recently and assists the Legal Committee. Jan Haizmann is presently based in London. Two further colleagues are based in Berlin, Klaus Kraemer and Sandra Milardovic. Klaus is the Manager of EFET-Deutschland, while Sandra provides assistance to both EFET-Deutschland and some EFET/ European groups (Gas Committee and TF CEE).

“Often people ask me where the head office of EFET is located. I then point to my laptop and explain we are a virtual network, well connected with many dedi- cated and skilled persons, working togeth- er from several different locations all over Europe.”

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