- Basic information
- REMIT and participants in the market
- REMIT and the individuals who manage operations as professionals
- Relevant documents and links of interest
Regulation (EU) No. 1227/2011 of the European Parliament and of the Council, of 25 October 2011, on wholesale energy market integrity and transparency (known as the REMIT REGULATIONS), establishes standards that prohibit abusive practices that affect the wholesale energy markets, with these markets understood to include the set of spot and term contract electricity and natural gas markets, with either physical or financial settlement, in each of the EU member states.
Specifically, these REMIT regulations establish prohibitions with respect to carrying out transactions using privileged information (article 3) and on manipulation or attempts at manipulation of the market (article 5), as well as the obligation to publish privileged information (article 4).
REMIT also establishes a specific regulatory framework for oversight of the wholesale energy market, promoting coordination between the Agency for Cooperation Among Energy Regulators (ACER in Spanish) and the national regulatory authorities responsible for carrying out this oversight function.
The image below shows a time line for implementation of REMIT.
REMIT and participants in the market
REMIT establishes a series of obligations and prohibitions for participants in the market. The regulations define these participants as: "any person, including transmission system operators, who enters into transactions, including the placing of orders to trade, in one or more wholesale energy markets" (article 2, section 7).
Since entry of the REMIT regulations into force (on 28 December 2011), all participants in the market must comply with the following prohibitions and obligations:
- Prohibition of insider trading (article 3)
- Prohibition of manipulation or attempts at manipulation of the market (article 5)
- Obligation to publish inside information (article 4.1)
- Obligation to notify ACER and the competent national regulatory authority when the exemptions found in article 3.4.b and article 4.2 are applied
Additionally, once the acts of execution for REMIT have been adopted by the European Commission, participants in the market will have to comply with the following obligations:
- Registration of market participants (article 9): Not later than 3 months after the date on which the European Commission adopts the implementing acts (in other words, until 17 March 2015), national regulatory authorities shall establish national registers of market participants which they shall keep up to date. Before performing any transaction subject to the obligation to notify the Agency in conformity with article 8, section 1, participants in the market shall submit the registration form to the national regulatory authority from the EU member state in which they are established or in which they reside, or if they are not established in and do not reside within the European Union, with a member state where they do business.
- Reporting of data on operations (orders and transactions) performed on the wholesale energy market, as well as basic data on the market (article 8): beginning nine months after adoption of the European Commission's acts of execution (that is, beginning on 7 October 2015), participants in the market, or the person/authority authorised to do so on their behalf, must provide to the Agency a list of their operations that have taken place on the wholesale energy market, including all orders to carry out transactions, as well as basic data on the market.
Publication of inside information
Market participants shall 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, either in whole or in part. 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 LNG facilities, including planned or unplanned unavailability of these facilities (article 4.1).
Notification of exemptions related to publication of privileged information
Participants in the market have the obligation to notify ACER and the competent national regulatory authority whenever the exemptions described in article 3.4.b are being applied (coverage of immediate financial losses derived from unplanned shut-downs) and in article 4.2 (exceptional delay in publication of privileged information in order to avoid damages to legitimate interests).
In order to facilitate compliance with the participants' obligation to provide such notification, ACER has developed a specific online application that can be accessed using the following links:
- I want to provide notification of an exemption as described in article 3.4.b
- I want to provide notification of an exemption as described in article 4.2
Spanish register of shareholders in the market
Article 9 of REMIT establishes the obligation of all shareholders in the wholesale energy market that carry out operations that must be reported to ACER (article 8.1), to register with the national regulatory authority from the EU 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. On 26 June 2012, ACER adopted its decision no. 01/2012, which defines the format that must be used for registration of shareholders in the market:
In the Spanish market, shareholders in the market must register with the National Commission for Markets and Competition, as established in the Resolution for which the Spanish register of shareholders in the wholesale energy market has been created in compliance with article 9 of Regulations (EU) no. 1227/2011 of the European Parliament and Commission on integrity and transparency of the wholesale energy market.
Access to the register is done from the following application:
In order to carry out the registration procedure, the following user manual can be queried:
The verifications of power of attorney, in order to act on behalf of market shareholders, can be carried out through the following form:
Operation data report (orders and transactions) carried out in the wholesale energy market, as well as fundamental data
REMIT article 8 establishes the obligation of shareholders in the wholesale energy market, whether directly or through a person or entity authorised to act on its behalf, to report to ACER the list of operations carried out in the wholesale energy market, including orders to carry out operations and fundamental market data.
This data reporting obligation will enter into force when nine months have passed since the adoption of implementing acts of the European Commission (in other words, beginning on 7 October 2015).
Through these implementing acts, adopted through the Commission Implementing Regulation (EU) No. 1348/2014 of the Commission, of 17 December 2014, the European Commission determines the list of contracts and derivatives (including orders) and fundamental market data that must be reported to ACER with details of information to be reported and the communication procedure.
In order to comply with the obligation to report data on operations in the wholesale energy market, as well as its fundamental data, ACER, through its REMIT portal, provides a series of help documents that can be accessed via the following link:
REMIT and the individuals who manage operations on a professional basis
REMIT article 15 establishes that people who management wholesale operations on a professional basis shall notify the national regulatory authority as quickly as possible if they reasonably suspect that an operation can constitute an infraction of Regulation articles 3 and 5. This article is applicable from the REMIT’s entrance in force on 28 December 2011.
In order to facilitate the obligation of notification of people that manage operations professionally, ACER has developed a specific online application that can be accessed using the following link:
Relevant documents and links of interest
REMIT can be accessed through this section in addition to the main documents published by ACER from the entrance into force of this Regulation as well as other documentation of interest:
- Regulation (EU) No 1227/2011 of the European Parliament and Council
- European Commission implementing acts (español)
- European Commission implementing acts (inglés)
- Adoption of European Commission implementing acts on 17 December 2014
- Entry in force of implementing acts of the European Commission and launch the ACER REMIT portal
- REMIT section of the ACER website
- ACER REMIT portal
- ACER notification platform
- Guides on the REMIT application
- ACER decision on the register format of all shareholders in the market
- ACER recommendations to the European Commission on transaction registers
- ACER Questions and Answers on REMIT (21th Edition)
- REMIT Quarterly: guide on the applications of REMIT and other transaction reporting issues
- ACER recommendations to the European Commission on transaction registers
- Public consultation on transaction reporting under REMIT
- Public Consultation on the provisional REMIT list of Organised Market Places
- Public consultation on Common Schema for the Disclosure of Inside Information
CNMC information session on the register of shareholders in the market (27 May 2015):
CNMC information session to end consumers on the register of shareholders in the market (14 July 2015):