REMIT Reporting Services and Solutions - July 2015 updated March 2016
It is worth noting that while the data collection will form a key input into monitoring, there are also other feeds,
which in particular include notifications of suspicious activity that can be given by market participants, or “PPAT”s,
Professional Persons Arranging Transactions who are obligated to report such suspicions under REMIT article 15. The
topic of surveillance will be the subject of another report.
In addition to using the data themselves, ACER sends a copy of each market’s data to each NRA who perform their
own surveillance on the data, often using a different software package. Different NRAs have adopted different levels
of monitoring so far. In at least one case, an NRA (Austria) has kicked off collection early so that monitoring can start
as soon as possible.
It is important to remember the purpose of collection and to bear this in mind when considering different data
issues. By considering how the data will be utilised, it is often possible to deduce which data to send.
3.1 Acts and Timelines
The key REMIT rules arise out of the original Act, which was entered into the European Union journal on 8th
December 2011 and went into force 20 days later. The act contains all of the rules around inside information, market
manipulation and other aspects of the rules. The Act is considered to be at “level 1” in terms of EU regulation.
The act specified several dates and also relative milestones for REMIT to take effect:
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The rules around inside information were to take effect immediately.
Member states were to pass enforcing legislation by the end of June 2013 for all of REMIT, and in particular for
Articles 3 and 5, Inside Information and Market Manipulation. Most member states did not meet this deadline,
although at the time of writing most had passed the legislation, with a few exceptions.
Registration was to commence 3 months after the adoption of an Implementing Act. The Implementing Act was
to be defined by the Directorate General of Energy (“DG Energy”), which is part of the European Commission,
using a procedure known as “Commitology”.
Data reporting was to commence 6 months after the Implementing Act came into force. This was to be for on
venue trades. Off venue trades were to be reported from 12 months after the Implementing Act went into
force.
The deadline originally set for the Implementing Act to go into force was also the middle of June 2013. However, the
Implementing Act was not adopted until 17th December 2014, going into force 20 days later on 7th January 2015. In
addition, the gap between going into force and the two reporting deadlines were each extended by 3 months, with
on venue reporting starting after 9 months and off venue after 15. The reporting start dates were therefore set for
the 7th October 2015 and 7th April 2016.
The timeline as a whole can therefore be summarised as follows:
Copyright 2016 – ETR Advisory Ltd and Commodity Technology Advisory LLC
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