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Q&As on REMIT – Question III.2.30.

The RRM Application Form requests the details of a person responsible for compliance of the RRM. What are the responsibilities of this person and is he/she personally liable e.g. for any RRM failures to comply with REMIT?


Answer:

With regard to the person responsible for the RRM compliance, such person shall be responsible for the process of RRM registration and reporting. A potential personal liability of this person is governed by the relevant national law applicable for the RRM.

RSS_Icon Last update: 30/10/2015  

Q&As on REMIT – Question III.2.31.

The RRM Requirements document indicates the concept of reporting delegated chain as follows: “in case of a reporting delegation chain (e.g. counterparty A delegates the reporting to counterparty B, which, in turn, delegates the reporting to C), only the entities submitting data directly to the Agency (C, in the example above) shall register as a RRM”. There is a supplier X holding bilateral contracts with diverse suppliers (e.g. Y and Z, and these 2 suppliers only trade with supplier X bilaterally). The supplier X signs a data reporting agreement with RRM1 to report all those bilateral contracts by means of that RRM1. Therefore, the supplier X selects RRM1 in Section 5 of the registration form. However, the suppliers Y and Z do not sign any data reporting agreements with any RRM, because they delegate the reporting obligation to the supplier X. Therefore, the data reporting will fulfil the requirements with the data reporting agreement between X and RRM1. Do suppliers Y and Z have to select the RRM1 in their respective Section 5 of the registration form, even though they did not sign any agreement with the RRM1?


Answer:

Yes, if suppliers Y and Z trade with X on a regular basis, they shall indicate the RRM1 in Section 5 of the registration form. Section 5 of the registration form should indicate the RRM that will ultimately report the market participant’s data to the Agency. If, however, suppliers Y and Z trade with X only occasionally and without any “permanent” arrangement then this could be seen as reporting on behalf of the counterparty under Article 6(7) of Commission Implementing Regulation (EU) No 1348/2014 and would not require suppliers Y and Z to declare the RRM1 in the registration form as a reporting entity for their trades. For more information, please see also Section 6.2.1 of the RRM Requirements.

RSS_Icon Last update: 30/11/2015  

Q&As on REMIT – Question III.2.32.

In cases where data reporting under Article 6, 8 and 9 of Commission Implementing Regulation (EU) No 1348/2014 is delegated to a third party, who is responsible for the completeness, accuracy or timely submission of data: the person required to report the data or the third party reporting on the person’s behalf?


Answer:

In accordance with Article 11(2) of Commission Implementing Regulation (EU) No 1348/2014, if a person required to report data, reports those data through a third party, the person shall not be responsible for failures in the completeness, accuracy or timely submission of the data that are attributable to the third party. If the failure in data reporting is attributable to a third party e.g. if the third party reports corrupted/incorrect data or data are reported with a delay, the third party will be responsible for that failure. If the failure is attributable to a person required to report the data e.g. the person provides incorrect data, or data with a delay to a third party, then the person required to report the data will be responsible for that failure. Responsibility for the failure in data reporting cannot be transferred by the data reporting agreement between persons required to report data and the third parties reporting data on their behalf.

From the Agency’s point of view, in cases where an organised market place (OMP) has outsourced reporting to another RRM, the notion of ‘person required to report data’ in Article 11(2) of Commission Implementing Regulation (EU) No 1348/2014 includes the OMP itself. Otherwise there would be a missing link in the reporting chain and it would not be possible to ensure data quality.

RSS_Icon Last update: 30/11/2015  

Q&As on REMIT – Question III.2.33.

What are the reasonable steps that the persons required to report data should take in order to verify the completeness, accuracy and timeliness of the data which they submit through third parties under Article 11(2) third subparagraph of Commission Implementing Regulation 1348/2014?


Answer:

The Agency understands that in order to define the reasonable steps to verify the completeness, accuracy and timeliness of the data, as laid down in Article 11(2) third subparagraph of Commission Implementing Regulation 1348/2014, a different level of control/verification should be performed by the big, medium and small size market participants. In order to allow market participants to verify the completeness, accuracy and timeliness of the data, the Agency understands that the RRMs should grant the market participant with access to the data in the format defined by the Agency.

Please note that the Agency already addressed the above issue in the RRM Requirements document (p.19): ‘’RRMs reporting data other than their own data must have a mechanism in place to ensure that the person on behalf of whom they report can be granted access to the data submitted to the Agency by the RRM as well as to Agency’s receipts detailing out what data was reported and on the outcome of the reporting’’.

The Agency considers that RRMs should grant access to the market participant’s data reported by the RRM in the format defined by the Agency to: (i) the market participant or (ii) the third party chosen by the market participant. This access should be granted with consideration to the principle of transparency, fairness, non-discrimination and in line with competition law.

The Agency suggests as guidance regarding the reasonable steps that market participants should undertake verification of data samples in the predefined time period at least on a quarterly basis. Depending on the market participant’s size and/or volume of transactions in the relevant period a higher frequency of verification may be considered reasonable.

RSS_Icon Last update: 30/11/2015  

Q&As on REMIT – Question III.2.34.

As an approved RRM, are we obliged to offer reporting services for the submission of “Non-Standard” Contracts pursuant to Article 6(1) of Commission Implementing Regulation (EU) No 1348/2014?


Answer:

According to the Agency’s understanding, the obligation for organised market places to offer a data reporting agreement to the market participants pursuant to Article 6(1) of Commission Implementing Regulation (EU) No 1348/2014 does not relate to the reporting of non-standard contracts/contracts executed outside the organised market place. Since there is no obligation to report non-standard contracts/contracts executed outside the organised market place, the obligation for organised market places to offer a data reporting agreement on the request of the market participants does not apply in this case. However, organised market places may nevertheless be willing to assist the market participants with reporting of non-standard contracts/contracts executed outside the organised market place.

RSS_Icon Last update: 08/01/2016  

Q&As on REMIT – Question III.2.35.

I am an already registered RRM and I would like to extend the scope of reporting in order to be able to report data for the second phase of reporting as of 7 April 2016. Would it be possible to do so, and if yes, what shall I do?


Answer:

Yes, it is possible for an approved RRM to extend the scope of reporting. The detailed process is explained in Annex X to the document ‘Technical Specifications for RRMs’. Please note that the document ‘Technical Specifications for RRMs’ becomes available to all RRM applicants after the online signature of the Non-Disclosure Declaration. If you encounter any issues during the process, please contact the Central Service Desk: servicedesk@support.acer-remit.eu.

RSS_Icon Last update: 08/01/2016  

Q&As on REMIT – Question III.2.36.

What information is the RRM exactly required to keep; only the records transmitted to the ARIS system or also acknowledgement receipts or other communication received from the ARIS system?


Answer:

Please note that the requirements regarding record keeping apply to the data submitted to the Agency. In order to assure the RRM compliance with other RRM requirements (e.g. information security, operational reliability.), the Agency strongly recommends that all receipts and other communications with the Agency are also kept by the RRM.

RSS_Icon Last update: 08/01/2016  

Q&As on REMIT – Question III.2.37.

A registered market participant would like to report its non-standard contracts. Does this entity need to register as an RRM and fulfill all criteria concerned in order to be able to report its contracts: (a) for itself and (b) on behalf of its counterparties?


Answer:

If a market participant intends to report directly its non-standard contracts (for self-reporting purposes and/or to offer reporting services to others), it should indicate this in the electronic registration form when registering as a market participant with the competent NRA (Section 5 of the registration form ‘Intention to become a Reporting Entity’). The RRM registration process will then begin directly from there. The market participant is required to fulfil all criteria for the RRM as specified in the RRM Requirements document.

RSS_Icon Last update: 16/02/2016  

Q&As on REMIT – Question III.2.38.

I am a market participant currently in the process of registering as an RRM in order to be able to report data in the second phase of reporting as of 7 April 2016. Which reporting interface do I have to choose for testing?


Answer:

With regard to the reporting of data as of 7 April 2016, the Agency requests self-reporting market participants that are already in the RRM registration process to limit themselves to the ARIS WEBGUI interface for their registration. This will significantly simplify their testing phase during the RRM registration and therefore accelerate their approval as an RRM in due time before 7 April 2016. Once approved as an RRM and if they decide later, the RRM may choose more interfaces for reporting (Web Services or and SFTP) through the change request functionality in ARIS.

RSS_Icon Last update: 16/02/2016  

Q&As on REMIT – Question III.2.39.

With regard to the reporting of data as of 7 April 2016, would the Agency recommend market participants to start the RRM registration process in order to report their own data or to use reporting services of already registered RRMs?


Answer:

Please note that all entities reporting data to the Agency should be registered as RRMs. In order to decide whether to become an RRM and report its own data or use an already registered RRMs the market participant should take into account the complex and detailed process of RRM registration. Please note that the registration as an RRM is not a unique exercise, but being an RRM will require the market participant to comply with the Agency’s RRM requirements on an ongoing basis and to adapt to future upgrades of the Agency’s REMIT Information System and changes of the transaction reporting regime. Therefore, the Agency strongly recommends market participants to report their data through already registered RRMs. The list of already registered RRMs is accessible at https://www.acer-remit.eu/portal/list-of-rrm.

RSS_Icon Last update: 16/02/2016  

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