The requirement to report records of wholesale energy market
transactions, including orders to trade, is part of the new monitoring
framework established by REMIT to detect and deter market abuse in wholesale
energy markets. This framework anticipates a shared responsibility between the
Agency and National Regulatory Authorities (NRAs). The Agency will collect
trade and fundamental data and will perform monitoring and an initial analysis
and assessment of these data. Any detected suspicious instance will be notified
to National Regulatory Authorities for investigation and, if necessary,
enforcement.
ACER Director, Alberto Pototschnig, said: “This is a very important
milestone in the implementation of REMIT. It has been a formidable challenge
for the Agency, as the monitoring framework we are putting in place is
unprecedented in its scope and detail. In this respect, I would like to thank
all stakeholders who have worked with us over the past years to make this
possible, as well as my colleagues in the Agency who were able to overcome the
serious lack of resources to deliver this landmark result. With the data that
we are collecting from today, the Agency and national regulatory authorities,
with whom these data will be shared, will have for the first time a full
picture of trading in European wholesale energy markets, which can be used to
detect, and thus deter, market manipulation and insider trading. In this way, market
participants can be reassured that they all trade on the basis of the same
information and consumers that the energy prices they pay reflect market
fundamentals and are not distorted by market abusive behaviour”.
Two phases for data reporting
For the time being, only transactions in wholesale energy
contracts admitted to trading at Organised Market Places and fundamental data
from the ENTSOs’ central information transparency platforms need to be
reported. The remaining wholesale energy contracts (Over the Counter (OTC)
standard and non-standard supply contracts; transportation contracts) and
reportable fundamental data from Transmission System Operators (TSOs),
Liquefied Natural Gas (LNG) System Operators (LSOs) and Storage System
Operators (SSOs) will have to be reported from 7 April 2016.
As of today, 31 third party reporting parties are registered and 8
additional third party RRMs are pre-registered in the system. NRAs from the 28
Member States and the Agency will observe the progress on reporting to ensure
that all entities with reporting obligations take adequate steps to fulfil
their obligations.
Background
ACER has been working steadily, with National Regulatory
Authorities and energy stakeholders, on the implementation of REMIT, since
before it entered into force in December 2011.
In June 2014, the Agency opened the platform to support the
Centralised European Register of Market Participants (CEREMP) to National
Regulatory Authorities for the national registration of market participants.
On 8 January 2015, the Agency’s new REMIT Portal went live and
became a central point of entry to ARIS allowing the registration of Reporting
Mechanisms (RRMs – Registered Reporting Mechanisms). The Portal also provide
access to the “Notification Platform” through which anyone who has reasons to
believe that market manipulation, including attempted market manipulation, or
insider trading has occurred can bring it to the attention of the Agency.
Also on 8 January 2015 the Agency provided a REMIT Reporting User
Package to help reporting parties understand the REMIT transaction reporting
regime and to provide them with sufficient guidance to make informed decisions
about their transaction reporting obligations. Specific information about the
data reporting requirements can be found on the REMIT Portal. These publications have been ever
since accompanied by REMIT Q&A and FAQ papers on REMIT transaction
reporting which are updated on a regular basis.
Access the REMIT Portal here.
Find here the latest REMIT
Q&A
