REMIT Reporting Services and Solutions - July 2015 updated March 2016
2 What is REMIT?
The Regulation of the wholesale Energy Market Integrity and Transparency (REMIT) came into force in December
2011, twenty days after the “Level 1” text was passed by the European Parliament. The main purpose behind REMIT
is to outlaw market abuse in the wholesale gas and power market in Europe. REMIT is part of the “third package” of
rules that are intended to move the EU towards a single wholesale market.
REMIT applies to all physical and financial trades, and also includes LNG where the supply is intended for the EU
network.
Anyone who executes a trade for delivery inside the EU is subject to the rules, no matter where in the world they are
based. In this sense REMIT is distinct from many financial regulations. REMIT is enforced by National Regulatory
Authorities (NRAs), who are local energy regulators. For example, Ofgem enforce REMIT in the GB market using
specifically drafted UK regulation, which has extended their powers of enforcement (Northern Ireland is covered by
the “Utility Regulator”). The entire effort is coordinated on an EU-wide basis by ACER, the Agency for the
Cooperation of Energy Regulators.
REMIT can be considered to have four pillars:
1)
2)
3)
4)
Inside Information
Market Manipulation prohibition
Market Participant registration
Data reporting
When REMIT went into force in December 2011, the inside information rules came into effect straight away.
Enforcement powers for the market abuse parts of REMIT were to be implemented by each member state by June
2013. Most countries did not achieve this date, and even now there are a handful of countries that have yet to bring
the rules into law.
Market Participant registration and data reporting could only come into force with the adoption and coming into
force of an Implementing Act, which comes from the European Commission. The Act came into force on 7 th January
2015. The two reporting deadlines are/were 9 and 15 months after this date.
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