Q&As on REMIT – Question II.4.16.

Does a market participant with multiple sites in Europe have to register within CEREMP in every country it trades/is active?


Answer:

According to Article 9(1) of REMIT and as further explained in Chapter 4.5 of the 3rd edition of ACER Guidance on the application of REMIT, a market participant entering into transactions which are required to be reported to the Agency has the obligation to register only in one Member State.

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Q&As on REMIT – Question II.4.17.

Do different economic entities belonging to the same group/corporation (i.e. intra-group entities) have to register within CEREMP themselves? Even if they are not obliged to report?


Answer:

The obligation to register within CEREMP under Article 9(1) of REMIT applies to market participants (natural or legal persons) entering into transactions which are required to be reported. Within a group of companies, all legal entities who enter into transactions that are required to be reported must register in CEREMP.

Market participants that only enter into intragroup contracts are still required to register, although such contracts are only reportable upon reasoned request of the Agency and on an ad-hoc basis, in line with Article 4 of Commission Implementing Regulation (EU) No 1348/2014.

In addition, please note that the Agency adopted a ‘No-action letter’ to provide time-limited no-action relief from the requirement to report contracts and details of transactions in relation to those contracts listed in Article 4(1) of Commission Implementing Regulation (EU) No 1348/2014 upon reasoned request of the Agency. The No-action letter is available here: https://www.acer-remit.eu/portal/acer-staff-letters-doc.

However, this no-action relief is without prejudice to the obligation to register with the competent NRA as a market participant according to Article 9(1) of REMIT.

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Q&As on REMIT – Question II.4.18.

Does the ACER code need to be changed if a market participant decides to change its address from one Member State to another Member State (e.g. headquarter for legal entity)?


Answer:

Yes. In line with Article 9(5) of REMIT, the market participant has an obligation to communicate promptly to the NRA any changes which have taken place regarding the information provided in the registration form. In case the market participant changes its address from one Member State to another Member State (e.g. headquarter for legal entity), the ACER code changes. The old ACER code will be deleted and the market participant is required to submit a new registration with the new relevant NRA.

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Q&As on REMIT – Question II.4.19.

During the registration process within CEREMP, the market participant has to indicate a link to the website where it is publishing the inside information. Can the market participant indicate a link not belonging to its organisation (e.g. TSO website)?


Answer:

Yes, as long as the URL provided allows direct access to the inside information published by the market participant.

Provided that the place of publication of inside information is different than the home page of the market participant’s website (defined in Field 119 of the CEREMP registration form as per Agency Decision No 1/2012), the market participant is obliged to indicate an URL where it is publishing inside information (Field 120 thereof).

In general, if a market participant’s own home page is not used for publication of inside information, a market participant is obliged to indicate a:

(i) URL to a specific page on its own website, other than the homepage, where the inside information is published; or

(ii) URL to a third party website; as far as it is a link that allows direct access to the inside information published by the market participant.

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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.4.8.

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.

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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.

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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.

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