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Q&As on REMIT – Question III.3.27.

Could you explain what country’s calendar i.e. “working day” shall be used for the reporting purposes under Article 7 of Commission Implementing Regulation (EU) No 1348/2014?


Answer:

According to Article 6(1) of Commission Implementing Regulation (EU) No 1348/2014, the market participant has an obligation to report its data. The timing for reporting under Article 7(1) in Commission Implementing Regulation (EU) No 1348/2014 refers to the ‘working day following the conclusion of the contract or placement of the order’. Therefore, it is not the calendar in use in the country of the RRM that should be used but the calendar of the relevant market participant’s country. Please note that the public holidays of the EU Member States are published in the Official Journal of the European Union.

A list of public holidays for 2016 is available here: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.C_.2016.019.01.0009.01.ENG&toc=OJ:C:2016:019:TOC.

In addition, the Agency points out that the market participant’s data reporting agreement should contain a provision governing the obligation to report the contract on the ‘working day following the conclusion of the contract or placement of the order’. The Agency would also welcome the reporting of data by the market participant before the actual date of fulfilling this obligation.

The Agency will not consider as public holidays the ones at federal state/regional level that are not listed to the above mentioned list.

Last update: 29/04/2016   RSS_Icon Subscribe to this Page’s RSS