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Q&As on REMIT – Question III.7.1.

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RSS_Icon Last update: 22/10/2018  

Q&As on REMIT – Question III.7.2.

Taking into consideration that the reporting obligations referred to in Commission Implementing Regulation (EU) No 1348/2014 will enter into force only on 7 October 2015 or on 7 April 2016 respectively, as the case may be, please indicate when are the market participants/service providers expected to start providing the web feeds?


Answer:

In line with Article 10(1) of Commission Implementing Regulation (EU) No 1348/2014, (i) market participants disclosing inside information on their website or (ii) service providers disclosing such information on market participants’ behalf, shall provide web feeds to enable the Agency to collect these data efficiently. In principle, this obligation applies as of 7 January 2015 when Commission Implementing Regulation (EU) No 1348/2014 entered into force. However, the Agency will only start collecting such data as of 1 January 2017 from Inside Information Platforms listed on the REMIT Portal. On 30 September 2015 the Agency published guidelines for the technical implementation of web feeds updating the Manual of Procedures on data reporting following a public consultation.

Furthermore, in line with the same Article 10(1), a market participant shall identify itself, or shall be identified by the third party reporting on its behalf, using (i) the ACER registration code or (ii) the unique market participant code which the market participant provided while registering with the competent NRA under Article 9 of REMIT.

RSS_Icon Last update: 16/02/2016  

Q&As on REMIT – Question III.7.3.

By when shall a market participant inform the Agency on their web feeds where the market participant will be disclosing inside information (Art. 10 (1) of the Commission Implementing Regulation (EU) No 1348/2014)?


Answer:

In line with Article 10(1) of the Commission Implementing Regulation (EU) No 1348/2014, (i) market participants disclosing inside information on their website or, (ii) service providers disclosing such information on market participants’ behalf, shall provide web feeds to enable the Agency to collect these data efficiently. Market participants have to provide the website of the publication of inside information with their registration as market participant with the competent NRA according to Article 9(1) of REMIT and the Agency Decision No 1/2012 (see field 120 of the registration format in Annex I of the Agency Decision No 1/2012).

The information is mandatory and has to be provided within the deadline for the registration as market participant according to Article 9(4) of REMIT, i.e. prior to entering into a transaction which is required to be reported to the Agency in accordance with Article 8(1) of REMIT.

RSS_Icon Last update: 29/05/2015  

Q&As on REMIT – Question III.7.4.

We would like to raise your attention to the use of disclaimers on transparency platforms and company websites, which are used to disclose inside information in accordance with Article 4(1) of REMIT. Could transparency platforms/company websites disclaim their liability for any damage of third parties which is caused by incorrect or incomplete information published by the transparency platforms/company websites?


Answer:

Market participants are liable for the completeness and correctness of the content of the urgent market messages published on their own company website and/or on platforms for the disclosure of inside information.

Platforms for the disclosure of inside information are normally not liable for the completeness and correctness of the content of the urgent market message that they receive and disclose on behalf of the market participant.

However, platforms for the disclosure of inside information should accept responsibility for any data error that has taken place after the market participant submitted the urgent market message to the platforms.

RSS_Icon Last update: 31/08/2015  

Q&As on REMIT – Question III.7.5.

What is the timeframe envisaged for market participants in order to comply with Article 10(1) of Commission Implementing Regulation (EU) No 1348/2014: “Market participants disclosing inside information on their website or service providers disclosing such information on market participants’ behalf shall provide web feeds to enable the Agency to collect these data efficiently”?


Answer:

Please note that the timeframe for disclosure of inside information through web feeds is laid down in Section 7.3.1 of the Manual of Procedures on transaction data, fundamental data and inside information reporting:

“The obligation to provide web feeds to enable the Agency to collect inside information efficiently, as defined in Article 10(1) of the REMIT Implementing Regulation, applies from 7 January 2015 when the REMIT Implementing Regulation entered into force. The Agency will start systematically collecting inside information through web feeds on the basis of the standards and electronic formats described in this Manual as of 1 January 2017 and would expect market participants disclosing inside information and service providers disclosing such information on market participants’ behalf to report the information through web feeds in the standards and electronic formats described in the Manual of Procedures on data reporting by 1 January 2017.”

The initially indicated deadline 7 July 2016 was extended until 1 January 2017.

RSS_Icon Last update: 16/02/2016  

Q&As on REMIT – Question III.7.6.

If a third party is delegated, through a data reporting agreement, to disclose inside information on behalf of another market participant, who is responsible for breaches of this obligation to disclose inside information?


Answer:

Pursuant to Article 4(1) of REMIT, market participants are responsible for the disclosure of 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.

As per Article 11(2) of Commission Implementing Regulation (EU) No 1348/2014 a market participant shall not be responsible for failures in the effective and timely disclosure of inside information that are attributable to the third party service provider acting on behalf of the market participant if the market participant has taken reasonable steps to verify that the third party service provider is capable of disclosing inside information on the market participant’s behalf in an effective and timely manner.

RSS_Icon Last update: 16/02/2016  

Q&As on REMIT – Question III.7.7.

Pursuant to Article 4(4) of REMIT, the publication of inside information on the ENTSO-E transparency platform may be fully in line with REMIT (if the timeliness of the publication is respected). However, Article 10(2) of Commission Implementing Regulation (EU) No 1348/2014 stipulates that the ACER code of the market participant is mandatory. As for now, the ENTSO-E transparency platform does not have a visible field related to the identity of the market participant. Is publication of inside information on the ENTSO-E transparency platform in line with the requirements of REMIT and Commission Implementing Regulation (EU) No 1348/2014?


Answer:

The application of Article 4(1) of Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (“REMIT”) is specified in more detail in Commission Implementing Regulation (EU) No 1348/2014 and in the ACER Guidance on the application of REMIT (‘’ACER Guidance’’) (please see:
http://www.acer.europa.eu/remit/About/Guidance/Pages/ACER_guidance.aspx).

Concerning the publication of inside information, Chapter 7.2.2 of the ACER Guidance defines a minimum set of information required for publication, regardless of whether the information is published on a transparency platform or on the market participant’s website.

Under Article 10(1) of Commission Implementing Regulation (EU) No 1348/2014, market participants disclosing inside information on their websites, or service providers disclosing such information on market participants’ behalf, shall provide web feeds to enable the Agency to collect these data efficiently.

Moreover, in line with Article 10(2) of Commission Implementing Regulation (EU) No 1348/2014, when reporting 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 that the market participant provided while registering in accordance with Article 9 of REMIT.

Finally, please note that the Agency organised a public consultation procedure on the ‘Common Schema for the Disclosure of Inside Information’. The consultation procedure is now closed and the results have been published on the ACER website: http://www.acer.europa.eu/Official_documents/Public_consultations/Pages/PC_2015_R_03.aspx.The Guidance on the implementation of web feeds for Inside Information Platforms is available on the REMIT Portal.

The Agency will start systematically collecting inside information through web feeds on the basis of the standards and electronic formats described in this Manual as of 1 January 2017 and would expect market participants disclosing inside information and service providers disclosing such information on market participants’ behalf to report the information through web feeds in the standards and electronic formats described in the Manual of Procedures on data reporting by 1 January 2017.

RSS_Icon Last update: 16/02/2016  

Q&As on REMIT – Question III.7.8.

Certain transparency platforms which are used to disclose inside information pursuant to Article 4(1) of REMIT use disclaimers which exclude any liability of the transparency platform for incorrect or incomplete information. Is the use of such disclaimers in line with obligations deriving from REMIT?


Answer:

Market participants are liable for the completeness and correctness of the content of the urgent market messages published on their own company website and/or on platforms for the disclosure of inside information. Platforms for the disclosure of inside information are normally not liable for the completeness and correctness of the content of the urgent market message that they receive and disclose on behalf of the market participant.

However, platforms for the disclosure of inside information should accept responsibility for any data error that has taken place after the market participant submitted the urgent market message to the platform. Market participants should nevertheless take reasonable steps to verify the completeness, accuracy and timeliness of the disclosure of inside information on platforms on their behalf.

RSS_Icon Last update: 16/02/2016  

Q&As on REMIT – Question III.7.9.

I am a REMIT market participant with information relevant to emission allowances which [I believe] qualifies as inside information only under REMIT. How should I fulfil my disclosure obligations under REMIT?


Answer:

The Agency notes that Article 4(1) of REMIT obliges market participants to disclose inside information in a timely and effective manner. In the Agency’s Guidance on the Application of REMIT, Section 7.2.1 details the disclosure mechanisms the Agency views as meeting these requirements. The Agency actively encourages market participants to use the inside information platforms which are identified on the REMIT Portal and meet the minimum quality requirements outlined in Section 7.2.2. Where adequate platforms do not exist, for an interim period market participants may publish such information on their own website which is required to meet the same minimum requirements outlined in Section 7.2.2 in order for the disclosure to be considered effective.

RSS_Icon Last update: 14/12/2016  

Q&As on REMIT – Question III.7.10.

There has been an outage of a gas-fired power plant. What is the market participant’s obligation?


Answer:

According to Article 4 of REMIT it is the market participant‘s obligation to publish inside information. The market participant should make an assessment on price sensitivity for either market (electricity and gas). If the outage of the gas-fired power plant is considered inside information relevant for the electricity market and the gas market, the information should be published in both markets, i.e. as an outage of an electricity production unit and as an outage of a gas consumption unit. ACER’s Guidance (Chapter 7.2.2) and MoP on data reporting (ANNEX VII) include data fields for inside information reporting which may help the market participants decide which information should be published as part of an Urgent Market Message.

RSS_Icon Last update: 16/06/2017  

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