REMIT Transaction Reporting
“REMIT affects everyone who participates in, or whose conduct affects, wholesale energy markets within the Union. It makes no difference whether or not the person resides within the EU or whether or not they are professional investors. Moreover, non-EU and non-EEA market participants are covered by REMIT when entering into transactions, including the placing of orders to trade, in one or more wholesale energy markets in the Union.
Accordingly, the obligations to register under REMIT with the competent NRA and to report data to the Agency according to Article 8(1) and (5) of REMIT also applies to such non-EU and non-EEA market participants. The same holds for the prohibitions of market abuse pursuant to Articles 3 and 5 of REMIT.”
> Questions & Answers on REMIT 21st Edition (June 2017), published by ACER
Pursuant to Article 8 of the Regulation (EU) No 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT) in connection with Article 6 of the REMIT Implementing Regulation (EU) No 1348/2014, Market Participants shall report the following to the Agency for the Cooperation of Energy Regulators (ACER):
- A record of wholesale energy market transactions including order to trade
- Details of wholesale energy products executed at Organised Market Places (OMPs) including matched and unmatched orders
While overall responsibility rests with the Market Participants, their reporting obligation shall be considered as being fulfilled once the required information is received by ACER from the OMP concerned.
“Market participants, or a person or authority […] on their behalf, shall provide the Agency with a record of wholesale energy market transactions, including orders to trade. The information reported shall include the precise identification of the wholesale energy products bought and sold, the price and quantity agreed, the dates and times of execution, the parties to the transaction and the beneficiaries of the transaction and any other relevant information. While overall responsibility lies with market participants, once the required information is received from a person or authority […], the reporting obligation on the market participant in question shall be considered to be fulfilled.”
“Market participants shall report details of wholesale energy products executed at organised market places including matched and unmatched orders to the Agency through the organised market place concerned, or through trade matching or trade reporting systems.
The organised market place where the wholesale energy product was executed or the order was placed shall at the request of the market participant offer a data reporting agreement.”
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