REMIT
EU Regulation on Energy Market Integrity and Transparency (REMIT) (No 1227/2011) requires market participants to report wholesale energy market contracts (i.e. contracts for gas and electricity, supply and transportation – including derivatives.) within the EU to ACER. REMIT provides a consistent EU-wide framework specific to wholesale energy markets and it mainly consists of the following three main pillars:
- The prohibition of market abuse/manipulation and trading on inside information and the obligation to publish inside information
- The implementation of a transaction and data reporting framework to allow for EU wide market monitoring by the Agency for the Cooperation of Energy Regulators (ACER).
- Provision to ensure that where market monitoring indicates potential market abuse, the incidents are investigated and action is taken.
The latest ACER Q&A documents on REMIT provided by ACER, including in relation to the registration process, is available by clicking here.
Registering as a market participant
Market participants under REMIT are required to register with the national regulatory authority in the European member state where they are established or resident or, if they are not established or resident in the European Union, in a member state where they are active. Registration must take place before entering into transactions.
The system for registration is called the Centralised European Registry for Energy Market Participants (CEREMP). CEREMP is a web-based platform developed by ACER and NRAs for use by market participants to fulfil their REMIT registration obligations.
To register kindly press on the following link: market participant via CEREMP
Reporting of suspicious transactions
Under REMIT, firms or persons arranging transactions are required to report ‘suspicious transactions’, that is where there are ‘reasonable grounds’ to suspect that the transaction might constitute ‘market abuse’, such as insider dealing or market manipulation.
Further information on the types of behaviour that may constitute insider trading or market manipulation may be found in the latest version of the REMIT implementation issued by ACER.
To report a suspicious transaction you can use the ACER online Notification Platform: ACER Notification Platform. Once submitted REWS will be informed where relevant .
