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Q&As on REMIT – Question II.4.55.

In line with Article 6(1) of Commission Implementing Regulation (EU) No 1348/2014, market participants shall report details of wholesale energy products executed at an organised market place (the ‘OMP’) […] to the Agency through the OMP concerned. I am a market participant and have a data reporting agreement with the OMP concerned. The OMP concerned has delegated data reporting to a third-party RRM. Is the data reporting agreement with the OMP sufficient in terms of my REMIT transaction reporting obligations?


Answer:

Article 6(1) of Commission Implementing Regulation (EU) No 1348/2014 states that it is the concerned OMP that shall offer a data reporting agreement to the market participant requesting this to the OMP. There is no mention of additional obligations to market participants in this respect.

Regarding the obligation to take reasonable steps to verify the completeness, accuracy and timeliness of the data under Article 11(2) of Commission Implementing Regulation (EU) No 1348/2014, if the OMP concerned selects a third-party RRM and thereby outsources the service for market participants of data reporting according to Article 6(1) of Commission Implementing Regulation (EU) No 1348/2014, it is the OMP concerned that will have to take reasonable steps to verify the completeness, accuracy and timeliness of the data which they submit through third party RRMs. The market participant would be relieved from taking reasonable steps to verify the completeness, accuracy and timeliness of the data to the minimum necessary.

The Agency points out that rights and obligations of market participant and the OMP concerned related to data reporting should be defined in a data reporting agreement between them. In addition, it is the Agency’s understanding that the OMP concerned and its third party RRM have a separate data reporting agreement specifying their responsibilities for the completeness, accuracy and timely submission of data to the Agency.

Last update: 14/12/2016   RSS_Icon Subscribe to this Page’s RSS