Q&As on REMIT – Question II.4.21.

Section 2 of CEREMP requires the identification of related persons responsible for trading decisions. If a market participant has several employees working at the trading division, shall it include all traders in Section 2 of CEREMP?


Answer:

No. Only the person responsible for trading decisions of the particular division for trading should be mentioned in Section 2 of CEREMP.

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Q&As on REMIT – Question II.4.22.

Can a market participant have more than one ultimate controller?


Answer:

Yes. In line with Section 3 of the Agency Decision No 01/2012, market participants can have one or more ultimate controllers.

The Agency regards a legal or natural person as an ultimate controller of a market participant if:

– it holds 10 % or more of the shares in the market participant or its parent OR
– it is able to exercise significant influence over the management of the market participant through a controlling interest in the market participant or its parent OR
– it is entitled to control or exercise control of 10 % or more of the voting power in the market participant or its parent OR
– it is able to exercise significant influence over the management of the market participant through their voting power in the market participant or its parent.

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Q&As on REMIT – Question II.4.23.

Why do we need to register a contact person in CEREMP instead of solely the company? What are responsibilities of such contact person? Is this contact person potentially subject to questioning/interrogation? What should we do if the contact person decides to leave the company?


Answer:

Under Article 9(2) of REMIT and Section 2 of the Agency Decision No 1/2012, the market participant has an obligation to indicate data related to natural persons linked to the market participant (Fields No 202 to 214).

The potential responsibility of the natural person related to a market participant has to be considered in line with the applicable national law.

It is the market participant’s obligation to update this information in the national register of market participants (please see Article 9(5) of REMIT).

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Q&As on REMIT – Question II.4.24.

If a supplier does not purchase electricity/gas directly in wholesale energy markets (for example at an organised market place) but its energy needs are purchased from a larger supplier through a bilateral contract, shall the smaller supplier be considered as market participant and be obliged to register with an NRA under Article 9(1) of REMIT?


Answer:

In line with Article 2(4)(a) of REMIT, contracts for supply of electricity/gas, where delivery is in the EU, are considered as wholesale energy products. Furthermore, in line with Recital (5) of REMIT, wholesale energy markets encompass, among others, bilateral contracts. Therefore, the smaller supplier trading contracts under Article 2(4)(a) of REMIT will be considered as a market participant under REMIT.

In line with Article 9(1) of REMIT, market participants entering into transactions, which are required to be reported to the Agency, shall register with the relevant NRA. If the bilateral contract is reportable to the Agency then the supplier will be obliged to register with the relevant NRA.

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Q&As on REMIT – Question II.4.25.

Shall a final customer party to a contract as referred to in Article 3(1)(a)(vii) of Commission Implementing Regulation No 1348/2014 (i.e. supply to single consumption unit ≥ 600 GWh) be obliged to register?


Answer:

If a supply contract fulfils the criteria under Article 3(1)(a)(vii) of Commission Implementing Regulation No 1348/2014, such contract should be reported to the Agency. Consequently, a final customer being counterparty will be obliged to register as a market participant in line with Article 9(1) of REMIT.

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Q&As on REMIT – Question II.4.26.

What should the market participant insert in the market participant registration form field of the ultimate controller’s VAT (No 316 of Agency Decision No 1/2012) if its ultimate controller has no VAT number or is a state/public authority?


Answer:

In case of a market participant whose ultimate controller does not obtain a VAT number, “XXXXXXXXXX” (10 times X) should be put in the aforementioned field of the market participant registration form where the VAT number is required.

The state, municipality or other public entity should be registered as an ultimate controller by providing the name and the VAT number of the state or municipality or other public entity.

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Q&As on REMIT – Question II.4.27.

Concerning Section 5 of the market participant registration form, should market participants select themselves as potential RRMs in case they intend to report directly only part of the trade data (OTC contracts) and through third party RRMs the remaining data (standard contracts on organised market places)?


Answer:

Yes, the market participants who intend to report part of the trade data themselves should indicate in Section 5 of the market participant registration form that they intend to report their own data.

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Q&As on REMIT – Question II.4.28.

Concerning Section 5 of the market participant registration form, at what stage should the agreement between a market participant and an RRM be sent to ACER?


Answer:

There is no requirement to send the contracts between a market participant and an RRM to the Agency. However, the Agency may, at any stage of the registration process and during the lifetime of the RRM’s registration with the Agency, request from applicants and existing RRMs any information it deems necessary to assess compliance with the requirements as per Chapter 7 of the Requirements for the registration of Registered Reporting Mechanisms (RRMs) document. This information may include, in particular, the internal documentation, such as an agreement between a market participant and an RRM.

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Q&As on REMIT – Question II.4.29.

How to identify market participants that play several roles (e.g. a TSO that has also a capacity trading platform)? Does the Agency allow one organisation to have several ACER codes?


Answer:

The ACER code does not distinguish by roles, but aims at uniquely identifying market participants. A market participant with several roles will therefore still be identified by one unique ACER code.

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Q&As on REMIT – Question II.4.30.

Should the BIC code be entered in the market participant registration form only if it belongs to the market participant i.e. the market participant is a Bank? Hence, it is not the BIC code where the market participant has a bank account?


Answer:

According to Agency Decision No 01/2012, the definition of field 114 foresees that the BIC code should contain the Bank Identifier Code of the Market Participant (only if available). Please note that the BIC code can be attributed to financial and non-financial institutions. The list of BIC codes can be accessed via http://www.swift.com/bsl/. The BIC code of the bank where the market participant has its bank account is not a unique code issued for a market participant as it belongs to the bank (not to the market participant) and thus it should not be provided.

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