In the RRM Requirements document (Chapter 6.2.1) it is stated that ‘those market participants that do not wish to become RRMs, shall indicate in Section 5 of the registration form to whom they permanently delegate the reporting of data’. Could you please clarify if the decision on which RRM to use is “permanent”?
Answer: Market participants are not required to permanently delegate reporting of data to a particular RRM. If a market participant decides to change its RRM that market participant is required to update Section 5 of the registration form accordingly, in line with Article 9(5) of REMIT. The term “permanently” only aims to distinguish between the delegation to third party RRMs and to the situations where one counterparty reports the details of a contract also on behalf of the other counterparty according to Article 6(7) of Commission Implementing Regulation (EU) No 1348/2014. In the latter case, the other market counterparty does not have to be identified as an RRM in Section 5 of the registration form.