II.4.47.

I am a market participant with reporting obligations pursuant to Article 8(1) of REMIT. However, I failed to register with the NRA of the Member State in which I am established before 7 April 2016 when the reporting obligations started. What should my actions be?

Answer: In accordance with Article 9(1) of REMIT, market participants entering into transactions which are required to be reported to the Agency in accordance with Article 8(1) of REMIT are obliged to register with the NRA in the Member State in which they are established or resident or, if they are not established or resident in the EU, in a Member State in which they are active.

For market participants entering into transactions on an organised market place, the registration obligation takes effect, at the latest, prior to entering into such transaction which is required to be reported to the Agency as of 7 October 2015. For all other market participants, the registration obligation takes effect, at the latest, prior to entering into transactions which are required to be reported to the Agency as of 7 April 2016. This means market participants shall submit their registration form to the relevant NRA prior to the first day on which they enter into transactions which are required to be reported to the Agency.

Consequently, the Agency considers that any person who enters into a transaction which is required to be reported to the Agency as of 7 October 2015 or as of 7 April 2016, and without having submitted the registration form to the relevant NRA, is in breach of Article 9 of REMIT. Sanctions for the breach of REMIT provisions are defined and enforced at national level, pursuant to Article 18 of REMIT.