Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (REMIT)
Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (REMIT) establishes the rules for market participants active in the wholesale markets.
REMIT prohibits insider trading and market manipulation. In order to detect such practices, the Agency for the Cooperation of Energy Regulators (ACER) established the EU-wide market monitoring system, supplemented by the investigation powers of the Member States. Pursuant to Article 13 of REMIT, each member state needed to ensure by 29 June 2013 that its national regulatory authority has the investigatory and enforcement powers necessary for the exercise of prohibition of insider trading and market manipulation. URSO exercises those powers in line with the Regulation Act either directly or in collaboration with other authorities.
On 3 October 2014 at the third REMIT Comitology Committee meeting, the Member States discussed and adopted the Implementing Acts of the European Commission (pursuant to Art. 8.2 of REMIT), which draws up a list of the contracts and derivatives which are to be reported, uniform rules on the reporting of information and lays down the timing and form in which the information is to be reported. The Implementing Acts were officially adopted by the European Commission on 17 December 2014 and published in the Official Journal of the European Union on the following day, i.e. on 18 December 2014. They entered into force on 7 January 2015, i.e. on the 20th day following their publication.
In relation to the implementing acts, the following responsibilities lie with the participants in the wholesale energy market:
- Obligation to register in the national register administered by URSO, prior to conducting transactions which are to be reported to ACER, pursuant to Article 9 of REMIT
- Obligation to report data on transactions within nine months, i.e. by 7 October 2015, transactions in wholesale energy contracts admitted to trading at Organised Market Places and fundamental data from the ENTSOs central information transparency platforms
- Obligation to report data on transactions within fifteen months, i.e. by 7 April 2016, transactions in the remaining wholesale energy contracts (OTC non-standard supply contracts; transportation contracts) and reportable fundamental data from TSOs, LSOs and SSOs
According to Article 9.2 of REMIT, national regulatory authorities will open the registration of market participants no later than 3 months after the adoption of the Implementing Acts by the European Commission (i.e. 17 March 2015 at the latest). Registration of market participants will take place by means of a registration form into the national register of market participants. Information in the national registers will subsequently be transmitted to ACER, which will establish the European register of market participants.
It is important to note that registration in the national register does not constitute a permit or license to conduct trading transactions on the wholesale market, but is a pre-condition for conducting trading transactions.
Timeline for the registration of market participants: