REMIT
Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency (REMIT) sets out rules prohibiting abusive practices likely to affect wholesale energy markets.
REMIT establishes a specific regulatory framework for monitoring wholesale energy markets in Europe, setting out prohibitions and obligations that include:
- Registration of market participants
- Prohibition of insider trading
- Transmission to the Agency for the Cooperation of Energy Regulators (ACER) of the record of transactions and fundamental market data
- Prohibition to engage in, or attempt to engage in, market manipulation
- Obligation to disclose inside information
- Obligation to notify exemptions from the obligation to disclose inside information and reasonable suspicions about the occurrence of market events that may constitute a breach of REMIT
Registration of participants
REMIT lays down that wholesale energy market participants entering into transactions that are required to be reported to the Agency for the Cooperation of Energy Regulators (ACER) must register with the regulatory authority of the Member State in which they are established or resident or, if they are not established or resident in the European Union, in a Member State in which they are active.
The registration of participants with ERSE is carried out through the following registration platform: Centralised European Registry for Energy Market Participants (CEREMP). For this purpose, the following support documents are available:
- Registration format of market participants as defined by ACER Decision No 1/2012
- Procedures for Registration of Market Participants which outlines the steps to be followed in the registration process
- CEREMP Registration User Manual for Market participants
For further clarifications, please use the following e-mail address: suporteremit@erse.pt
Data reporting
REMIT requires market participants to send to ACER, either directly or through a third party acting on their behalf, a record of transactions undertaken, including orders to trade, and to report fundamental market data.
Through implementing acts, the European Commission has established a detailed list of information to be reported to ACER and standard reporting rules. ACER, also, has drawn up documents supporting the submission of data provided for in implementing acts:
Publication of inside information
REMIT requires market participants to publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned (or its parent undertaking or related undertaking) owns or controls or for whose operational matters that market participant or undertaking is responsible.
Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of liquefied natural gas facilities, including planned or unplanned unavailability of these facilities.
ACER provides for platforms for the disclosure of inside information relating to wholesale energy markets, the listing of which is publicly available.
Reporting obligations
Market participants are required to report to ACER and the relevant national regulatory authority where the exemptions in article 3, paragraph 4 b) (coverage of immediate physical loss resulting from unplanned outages) and article 4, paragraph 2) (exceptionally delaying public disclosure of inside information in order not to prejudice their legitimate interests) apply.
Any person professionally arranging transactions in wholesale energy products who reasonably suspects that a transaction might breach article 3 or 5 shall notify the national regulatory authority without delay.
ACER makes available a notification platform for this purpose.