Dispute Resolution Board
The Dispute Resolution Board
(“DRB”) is established pursuant to Section 2 of the Trading and Settlement Code (the “Code”), which may be viewed on www.sem-o.com/MarketDevelopment/Pages/MarketRules.aspx
The Trading and Settlement Code provides for the establishment by the Market Operator of a Dispute Resolution Panel from which a Dispute Resolution Board is established to deliberate on any Disputes which may arise from time to time. SEMO is the Market Operator appointed under the Trading and Settlement Code and as such is obliged to establish and maintain this Panel and publish the identity of the members of the Panel.
The Dispute Resolution Process is Participant driven. The role of the Market Operator in this process is to facilitate the flow of information, in accordance with the obligations set out in the Code, between Market Participants, the Regulatory Authorities and the Chairperson of the Dispute Resolution Panel.
The Market Operator must maintain the Dispute Resolution Panel and maintain a record of the status of the Panel Members. The Form of Dispute Resolution Agreement (Appendix A) is to be incorporated into an agreement between Disputing Parties and Panel Members directly - the Market Operator has no role in this agreement except where a Party to the Dispute.
According to paragraph 2.276 of the Code, a “Dispute” means any claim, dispute or difference of whatever nature between any of the Parties howsoever arising under, out of or in relation to the Code or the Framework Agreement (including the existence or validity of the same) in respect of which (i) one Party has served a Notice of Dispute, or (ii) a Notice of Dispute is deemed to have been served under paragraph 2.282. A Dispute includes any Settlement Dispute.
Paragraph 2.282 states: “In the event that the Market Operator does not resolve a Settlement Query within the timeframes set out in paragraph 6.102, or does not resolve a Data Query within the timeframes set out in paragraph 6.81, the Settlement Query or Data Query, as appropriate, shall automatically become a Settlement Dispute and the Notice of Dispute shall be deemed to have been issued on the date on which the Market Operator was required to issue its determination in respect of the Settlement Query or Data Query.”
Please contact the Dispute Resolution Board for further information: email@example.com