Why did DXT Commodities SA subscribe CorreggioNET at the time?
DXT Commodities is a client since October 2017, from the very beginning of the service. At the time, DXT became active in more than 20 countries in Europe. It was too bothersome for the Legal Departement to monitor any change in the reporting requirements. We spent a considerable amount of time just on collecting information from the local legal consultants. When CorreggioNET was launched, we realised this was the service we were looking for.
What value has the CorreggioNET service delivered to DXT Commodities SA?
We feel much more comfortable and safer with respect to reporting regulatory information. We don’t need to worry anymore about the continuous update of the information we have. The hotline service is very helpful because, in case of questions, we can just ask Correggio.
Why should other companies subscribe to the CorreggioNET service?
It is very burdensome for the company and for the legal department to prepare and update the whole list of the reporting obligations. Especially, when you are active in more than three or four countries. We found out that we are not wasting any more time on preparing paperwork and our internal cost of compliance was overall reduced.
Franck Vernier, General Counsel, MET, Zug
What were your expectations for CorreggioNET and to what extent were they met?
When considering the idea of using CorreggioNET tool, the intention was to streamline the management of the regulatory reporting obligations in the markets in which we are active and possibly identify in CorreggioNET a one-stop-shop for all reporting obligation issues. CorreggioNET has provided an easy to use way to monitor the relevant obligations and take the necessary actions to remain compliant with the applicable regulations.
What value is added to your company by using CorreggioNET?
The way the system is structured makes it really easy to incorporate compliance tasks in the day to day work of the several desks. CorreggioNET offers a proactive and accurate tool for participating in multiple EU energy markets.
Martin Hulena, Head of Contracts & Legal, Alpiq, Prague
Why did your company decide to subscribe to CorreggioNET?
Alpiq Group is active in energy trading business across Europe from UK to Ukraine and from Norway to Turkey. This of course implies exposure to expanding regulatory requirements in all these jurisdictions which has proven to be a struggle from regulatory compliance perspective. Same as other major market players we do not have physical presence in all those jurisdictions and had thus involve external law firms to provide updates on local regulatory developments which has proven costly and 100% efficient as we anyway missed some reporting deadline every now and then resulting into penalties being imposed on us. CorreggioNET enabled us to avoid these types of risks as we now get all the alerts and updates in a systematic and clear tool. The one-stop-shop solution provided by CorreggioNET allows us to save internal and external legal, translation and communication costs as we do not have to ask external legal counsels for help or order translations of reporting forms and our dedicated reporting specialists can work with the CorreggioNET tool directly without assistance from legal, compliance and other departments of our firm.
Do you believe that you can rely on CorreggioNET content?
Yes, as it is regularly updated by experienced energy and reporting specialists from all the covered jurisdictions so you have certainty that it is accurate and up-to-date. The content is easily understandable and simple to work with, thus also inexperienced reporting colleagues can work with it.
If your overhead costs for external (local) compliance consultants have been reduced?
Yes, I believe our external legal costs in the regulatory area went down by more than 25% since we deployed the CorreggioNET solution at the beginning of this year.