What is it about?
In July 2014 the Commission presented a draft of the implementing acts (the ‘draft Implementing Acts’) to be adopted pursuant to Article 8 of Regulation (EU) No 1227/2011 on wholesale Energy Market Integrity and Transparency (‘REMIT‘).
The draft Implementing Acts provide that the Agency for the Cooperation of Energy Regulators (the ‘Agency’) shall explain the details of the reportable information referred to in Article 4 of the draft Implementing Acts in a user manual. On this basis, the Agency is currently preparing a Transaction Reporting User Manual (TRUM), in which the details of the reportable information will be explained. According to the draft Implementing Acts, the reporting obligation under Article 8 of REMIT will start applying six months after the entry into force of the Implementing Acts only as regards transactions, including orders to trade, in relation to standard contracts and to derivatives related to those contracts. Therefore, the first release of the TRUM will focus primarily on explaining the details of the reportable information related to these transactions and orders to trade. Records of transactions in transportation contracts and non-standard supply contracts are also covered in the first release of the TRUM, but at a higher level. The TRUM will be expanded to give a clear and detailed explanation also on these types of transaction reporting in due time before reporting obligations apply to these contracts.
The draft Implementing Acts also provide that, in order to ensure efficient, effective and safe exchange and handling of information, the Agency, after consulting reporting parties, shall develop technical and organisational requirements for submitting data. The requirements shall foresee mechanisms:
For this purpose, the Agency is developing Requirements for registered reporting mechanism, RRMs. The Agency shall assess whether reporting parties comply with the RRM Requirements. Reporting parties who comply with the requirements shall be registered as RRMs by the Agency.This public consultation paper is intended to collect views from all parties interested in the implementation of REMIT (market participants, organised markets and other persons professionally arranging transactions, financial regulatory authorities, etc.) in particularly related to the TRUM and the RRM Requirements.
The Agency invites all interested parties to provide comments to the consultation papers on the draft TRUM and the draft RRM Requirements, and especially answers to the consultation issues listed in the consultation papers, by
2 September 2014 12.00 noon, Central European Time, to
Remit.PublicConsultations@acer.europa.eu. All comments received will subsequently be published on the Agency’s website.
In order to ensure transparency and full involvement of stakeholders, the Agency organised a public workshop in Ljubljana on 16 July 2014, from 12.00 to 16.30, to collect stakeholders’ views on the upcoming public consultation. A follow up workshop will be organised in October 2014. Please consult the Agency’s website to get the latest updates.
Therefore, the Agency presents for public consultation two key documents:
TRUM Public Consultation Paper including the draft TRUM
RRM Requirements Public Consultation paper including the draft RRM Requirements
Evaluation of responses and responses