Revised REMIT: ACER clarifies new obligations for non-EU market participants and persons professionally arranging or executing transactions
Revised REMIT: ACER clarifies new obligations for non-EU market participants and persons professionally arranging or executing transactions
What is it about?
The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) aims to prevent and protect consumers and businesses against market abuse in the European electricity and gas markets. The rules were amended in May 2024 to ensure they keep pace with evolving market dynamics.
In April and in July 2024, ACER published two open letters and addressed questions from stakeholders to help them comply with the new obligations under the revised REMIT. This open letter aims to offer further clarification on:
- how EU representatives for third-country market participants (e.g. not based in the EU) should be designated;
- the new obligations for PPAETs.
Why is the open letter relevant?
This open letter outlines what is expected from non-EU market participants (Annex I) and PPAETs (Annex II) to ensure compliance with the revised REMIT (Articles 9 and 15) and meet the new obligations.
Non-EU market participants:
- By 8 November 2024, non-EU market participants must notify their representative's contact details (name, email, postal address, phone number, and a written mandate of the designated representative) to ACER and the relevant NRA (e.g. the NRA of the Member State where the designated representative is established).
- Market participants can notify obligations via CEREMP. In Italy, Romania, and Slovenia, notifications must be made directly to the NRA, which will also serve as notification to ACER.
PPAETs:
- PPAETs are responsible for identifying and notifying ACER and the relevant NRAs about any potential breaches of insider trading (Articles 3), publication of insider information (Article 4), or market manipulation (Article 5) of REMIT. They must maintain effective arrangements, systems and procedures to detect these breaches, while ensuring compliance with the revised REMIT’s requirements.
- The obligations for persons professionally arranging transactions under Article 15(1) became applicable on 7 May 2024. However, obligations for persons professionally executing transactions under Article 15(2) will apply from 8 November 2024 onwards.
ACER invites market participants to read this letter alongside previous ones for a complete understanding.
What are the next steps?
By the end of 2024, ACER plans to revise the existing ACER Guidance on the application of REMIT to reflect the changes introduced by the revised REMIT.
For additional questions, ACER encourages market participants and PPAETs to use the REMIT query form.