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Q&As on REMIT – Question II.5.1.

When did REMIT come into force and into application?


Answer:

REMIT was published in the Official Journal of the EU on 8 December 2011. On 28 December, the prohibitions of insider trading and market manipulation, the obligation for market participants to publish inside information and the obligation for persons professionally arranging transactions to establish and maintain effective arrangements to detect market abuse and to notify reasonable suspicious cases to national regulatory authorities came into force.

Within 6 months of the entry into force of REMIT, i.e. by 28 June 2012, the Agency determined a format for the registration of market participants, and within 18 months, i.e. by 28 June 2013, Member States should have assigned investigatory and enforcement powers to NRAs and put in place rules on penalties applicable to infringements of REMIT.

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Q&As on REMIT – Question II.5.2.

[** Merged with Q II.5.3. **]

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Q&As on REMIT – Question II.5.3.

[** Merged with Q II.5.2. **]

When did the data reporting start?


Answer:

The data reporting obligation of market participants is specified in more detail by the Commission Implementing Regulation (EU) No 1348/2014. Depending on the transactions that the market participant were entering into, the reporting was divided into two phases with two different timelines.

The first phase of data collection started nine months following the entry into force of the Commission Implementing Regulation (EU) No 1348/2014 i.e. on 7 October 2015 . The first phase concerned the reporting of reportable wholesale energy contracts admitted to trading at organised market places and of fundamental data from the ENTSOs central information transparency platforms.

The second phase of data collection started 15 months following the entry into force of Commission Implementing Regulation (EU) No 1348/2014 i.e. on 7 April 2016 . The second phase concerned the reporting of the remaining reportable wholesale energy contracts (OTC standard and non-standard supply contracts; transportation contracts) and of reportable fundamental data from TSOs, LSOs and SSOs.

 

Timeline of REMIT implementation under the REMIT regulation:

For more information about the implementation after of the adoption of the implementing acts, please see section III of this Q&A.


[1] For more details please see Article 12(2) of Commission Implementing Regulation (EU) No 1348/2014.

[2] For more details please see Article 12(2) of Commission Implementing Regulation (EU) No 1348/2014.

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Q&As on REMIT – Question II.5.5.

What happened in the interim phase between REMIT’s entry into force until the adoption of the REMIT implementing acts?


Answer:

Since the monitoring activities under REMIT are based on the collection of trade and fundamental data in accordance with Article 8 of REMIT and the relevant implementing acts, the Agency’s market monitoring activities in the interim phase – i.e. until the entry into application of the REMIT implementing acts – relied on notifications of suspected breaches of REMIT from NRAs and from persons professionally arranging transactions and on public sources.

NRAs were able to request wholesale energy data in ad-hoc cases on the basis of the record-keeping obligations for market participants. This was particularly the case if a potential infringement of the prohibitions of market abuse signalled by a person professionally arranging transactions according to Article 15 of REMIT or by a market participant. NRAs had to inform the Agency about any such cases signalled to them.

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Q&As on REMIT – Question II.5.4.

When and where do market participants have to register?


Answer:

No later than three months after the date on which the Commission adopts the implementing acts, NRAs shall establish national registers of market participants which they shall keep up to date, so that at the latest by then, the registration of market participants starts.

According to Article 9(4) of REMIT, market participants shall submit the registration form to the national regulatory authority prior to entering into a transaction which is required to be reported to the Agency in accordance with Article 8(1).

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Q&As on REMIT – Question II.5.6.

When will breaches of REMIT be sanctioned?


Answer:

Rules on penalties applicable to infringements of REMIT have to be stipulated by Member States in national law. Within 18 months following the entry into force of REMIT, i.e. by June 2013 at the latest, Member States should have empowered their NRAs with the necessary means and powers to investigate suspicious cases under REMIT.

However, already with the entry into force of REMIT, trading venues may have foreseen the sanctioning of market participants in breach of market abuse rules under REMIT and market participants may seek the protection of their interest through the courts in case of breaches of market abuse rules under REMIT by other market players.

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