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Q&As on REMIT – Question II.4.4.

How should market participants notify the Agency in cases of delayed disclosure of inside information?


Answer:

In order to assist market participants who are subject to the obligation to report delayed publication of inside information, the Agency provides a standard notification template, based on the experiences in financial markets, and recommends its adoption by all NRAs.

The Agency foresees to collect the notification of such delayed publication of inside information mainly electronically, especially when there are data standards relating to this information (e.g. for information to be published in accordance with Regulations (EC) No 714/2009[1] and (EC) 715/2009[2]). The relevant electronic notification template is available on via the Agency’s Notification Platform:  https://www.acer-remit.eu/portal/notification-platform.


[1] Regulation (EC) No 714/2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the network for cross-border exchanges in electricity.

[2] Regulation (EC) No 715/2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the natural gas transmission networks and repealing Regulation (EC) No 1775/2005.

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Q&As on REMIT – Question II.4.5.

I am a person professionally arranging transactions. What obligations do I need to fulfil as of 28 December 2011 and how?


Answer:

As of 28 December 2011, with the entry into force of REMIT, persons professionally arranging transactions (e.g. energy exchanges and brokers) are obliged to (1) establish effective arrangements to identify breaches; (2) notify NRAs in case of reasonable suspicion of market abuse.

The Agency considers that it would assist those subject to the obligation to report suspicious transactions if there were a standard reporting format for doing so and therefore has developed an electronic template to report suspicious transactions to NRAs. The template is available via the Agency’s Notification Platform: https://www.acer-remit.eu/portal/notification-platform.

RSS_Icon Last update: 20/12/2011  

Q&As on REMIT – Question II.4.6.

What if I am a person from the general public who becomes aware of potential market abuse? How can I notify the NRA(s) or the Agency?


Answer:

If you are a member of the general public who became aware of potential market abuse, the Agency and NRAs would like to hear about it. A notification of such potential market abuse may be submitted via the Suspicious Transaction Report (STR) form available at the Agency’s Notification Platform: https://www.acer-remit.eu/np/str.

Alternatively, your national regulatory authority (NRA) may be notified about the suspected breach, via available channels provided by each NRA.

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Q&As on REMIT – Question II.4.7.

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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.

RSS_Icon Last update: 29/05/2015  

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.

RSS_Icon Last update: 29/05/2015  

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.

RSS_Icon Last update: 29/05/2015  

Q&As on REMIT – Question II.4.11.

Shall TSOs register as market participants, reporting parties or both?


Answer:

Any entity that identifies itself as a market participant, under Article 2(7) of REMIT, should register as such with the relevant NRA, in line with the provisions of Article 9(1) of REMIT. Article 2(7) of REMIT defines that ‘“market participant” may be any person, including transmission system operators, who enters into transactions, including the placing of orders to trade, in one or more wholesale energy markets.’

If the market participant intends to report directly its own data, in total or in part (self-reporting), it should indicate this via CEREMP (Section 5 of the registration form) and register as a registered reporting mechanisms reporting only its own data with the Agency.

If the market participant decides to use one or more RRM(s) to report the market participant’s data on its behalf, it has to indicate which RRM service(s) it intends to use (CEREMP – Section 5).

RSS_Icon Last update: 29/05/2015  

Q&As on REMIT – Question II.4.12.

Does a market participant that only reports contracts in accordance with EMIR[1]/MIFIR[2] need to register?


Answer:

Yes, any market participant according to Article 2(7) of REMIT has an obligation to register with the relevant NRA in line with Article 9(1) of REMIT.


[1] Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR).

[2] Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (MIFIR).

RSS_Icon Last update: 29/05/2015  

Q&As on REMIT – Question II.4.13.

In the RRM Requirements document (Chapter 6.2.1) it is stated that ‘those market participants that do not wish to become RRMs, shall indicate in Section 5 of the registration form to whom they permanently delegate the reporting of data’. Could you please clarify if the decision on which RRM to use is “permanent”?


Answer:

Market participants are not required to permanently delegate reporting of data to a particular RRM. If a market participant decides to change its RRM that market participant is required to update Section 5 of the registration form accordingly, in line with Article 9(5) of REMIT.

The term “permanently” only aims to distinguish between the delegation to third party RRMs and to the situations where one counterparty reports the details of a contract also on behalf of the other counterparty according to Article 6(7) of Commission Implementing Regulation (EU) No 1348/2014. In the latter case, the other market counterparty does not have to be identified as an RRM in Section 5 of the registration form.

RSS_Icon Last update: 29/05/2015  

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