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Q&As on REMIT – Question II.4.1.

I am a market participant. What obligations do I need to fulfil as of 28 December 2011?


Answer:

As of 28 December 2011, with the entry into force of REMIT, market participants are subject to the obligation to (1) publish inside information in an effective and timely manner; (2) notify ACER and competent NRAs in case of delayed publication of inside information. The prohibition of market manipulation, attempted market manipulation and the prohibition of insider trading also came into effect as of 28 December 2011.

RSS_Icon Last update: 20/12/2011  

Q&As on REMIT – Question II.4.2.

I am a market participant. What obligations do I need to fulfil after Commission Implementing Regulation (EU) No 1348/2014 entered into force on 7 January 2015?


Answer:

After 7 January 2015, when Commission Implementing Regulation (EU) No 1348/2014 entered into force, market participants and third parties reporting on their behalf have to:

a) within nine months, i.e. by 7 October 2015, report transactions in wholesale energy contracts admitted to trading at organised market places and fundamental data from the ENTSOs central information transparency platforms; and,

b) within fifteen months, i.e. by 7 April 2016, report transactions in the remaining wholesale energy contracts (OTC standard and non-standard supply contracts; transportation contracts) and reportable fundamental data from TSOs, LSOs and SSOs.

Also, please note that market participants entering into transaction which are required to be reported to the Agency in accordance with Article 8(1) of REMIT and Commission Implementing Regulation (EU) No 1348/2014 are first obliged to register with the NRA in the Member State in which they are established or resident or, if they are not established or resident in the EU, in a Member State in which they are active. A market participant shall register only with one NRA. A list of all NRAs can be found here: https://www.acer-remit.eu/portal/ceremp.

RSS_Icon Last update: 18/08/2016  

Q&As on REMIT – Question II.4.3.

What is the obligation to disclose inside information?


Answer:

According to the general obligation under Article 4(1) of REMIT, market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part.

Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities. In its guidance to NRAs, the Agency provides its understanding of the notions of effective and timely public disclosure of inside information.

RSS_Icon Last update: 17/12/2014  

Q&As on REMIT – Question II.4.4.

How should market participants notify the Agency in cases of delayed disclosure of inside information?


Answer:

In order to assist market participants who are subject to the obligation to report delayed publication of inside information, the Agency provides a standard notification template, based on the experiences in financial markets, and recommends its adoption by all NRAs.

The Agency foresees to collect the notification of such delayed publication of inside information mainly electronically, especially when there are data standards relating to this information (e.g. for information to be published in accordance with Regulations (EC) No 714/2009[1] and (EC) 715/2009[2]). The relevant electronic notification template is available on via the Agency’s Notification Platform:  https://www.acer-remit.eu/portal/notification-platform.


[1] Regulation (EC) No 714/2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the network for cross-border exchanges in electricity.

[2] Regulation (EC) No 715/2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the natural gas transmission networks and repealing Regulation (EC) No 1775/2005.

RSS_Icon Last update: 17/12/2014  

Q&As on REMIT – Question II.4.5.

I am a person professionally arranging transactions. What obligations do I need to fulfil as of 28 December 2011 and how?


Answer:

As of 28 December 2011, with the entry into force of REMIT, persons professionally arranging transactions (e.g. energy exchanges and brokers) are obliged to (1) establish effective arrangements to identify breaches; (2) notify NRAs in case of reasonable suspicion of market abuse.

The Agency considers that it would assist those subject to the obligation to report suspicious transactions if there were a standard reporting format for doing so and therefore has developed an electronic template to report suspicious transactions to NRAs. The template is available via the Agency’s Notification Platform: https://www.acer-remit.eu/portal/notification-platform.

RSS_Icon Last update: 20/12/2011  

Q&As on REMIT – Question II.4.6.

What if I am a person from the general public who becomes aware of potential market abuse? How can I notify the NRA(s) or the Agency?


Answer:

If you are a member of the general public who became aware of potential market abuse, the Agency and NRAs would like to hear about it. A notification of such potential market abuse may be submitted via the Suspicious Transaction Report (STR) form available at the Agency’s Notification Platform: https://www.acer-remit.eu/np/str.

Alternatively, your national regulatory authority (NRA) may be notified about the suspected breach, via available channels provided by each NRA.

RSS_Icon Last update: 22/10/2018  

Q&As on REMIT – Question II.4.7.

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RSS_Icon Last update: 22/10/2018  

Q&As on REMIT – Question II.4.8.

In the CEREMP system, the EIC code is not mandatory information. If the company has an EIC code but does not fill it in, would the registration be returned to the market participant to complete the missing information? What about the BIC, LEI and GS1 codes?


Answer:

According to Article 10(2) of Commission Implementing Regulation (EU) No 1348/2014, when reporting information referred to in Articles 6, 8 and 9 of the same Implementing Regulation, including inside information, the market participant shall identify itself, or shall be identified by the third party reporting on its behalf, using the ACER registration code which the market participant received or the unique market participant code which the market participant provided while registering in accordance with Article 9 of REMIT.

This means that any EIC, BIC, GS1 or LEI code used for reporting purposes must be provided with the registration as market participant.

According to the Agency Decision No 01/2012 on the registration format, the EIC code is mandatory only if it is available. The content of the field cannot be technically verified as there is no database of the issued EIC codes available that could be used for the validation against the data provided in CEREMP. Thus the field has to stay optional for technical reasons.

It is a market participant’s responsibility to provide the correct data and update them if necessary.

RSS_Icon Last update: 29/05/2015  

Q&As on REMIT – Question II.4.9.

If a company has more than one EIC code, which one must be used? Does it depend on the market participant?


Answer:

A market participant can use any of the EIC codes that it possesses, but it should be the one used for reporting purposes. According to Article 10(2) of Commission Implementing Regulation (EU) No 1348/2014, when reporting information referred to in Articles 6, 8 and 9 of the same Implementing Regulation, including inside information, the market participant shall identify itself or shall be identified by the third party reporting on its behalf using the ACER registration code which the market participant received or the unique market participant code which the market participant provided while registering in accordance with Article 9 of REMIT.

RSS_Icon Last update: 29/05/2015  

Q&As on REMIT – Question II.4.10.

When a market participant registers with CEREMP they have to indicate related undertakings in Section 4 of the registration form (“Data related to corporate structure of the market participant”). Does this only refer to those related undertakings that are market participants themselves?


Answer:

Yes. This is in line with Section 4 of the Agency Decision No 01/2012 which states: ‘The following information is requested for each market participant and for each related undertaking under the Seventh Council Directive 83/349/EEC[1] of 13 June 1983 that is a registered market participant.’


[1] Seventh Council Directive 83/349/EEC of 13 June 1983 based on Article 54(3)(g) of the Treaty on consolidated accounts.

RSS_Icon Last update: 29/05/2015  

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