The Regulation on wholesale Energy Market Integrity and Transparency (REMIT)

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Presentation transcript:

The Regulation on wholesale Energy Market Integrity and Transparency (REMIT)

Overview of REMIT Regulation 1227/2011 Tailor-made regime for wholesale energy markets Prohibits insider trading Requires publication of inside information Prohibits market manipulation Detailed reporting of energy transactions Registration of energy market participants ACER to have monitoring and coordination roles

REMIT Implementation Timeline REMIT enters into force Prohibitions and Obligations apply “Registration Format” published by ACER Adoption of the Implementing Acts NRAs have to set up the register Data reporting and monitoring by ACER December 2011 June 2012 ? June 2013 within 3 months 6 months after 6 months 18 months NRA competences implemented into national law REMIT dependentImplementing Acts dependent

REMIT Implementation Timeline Adoption of the Implementing Acts NRAs have to set up the register Data reporting and monitoring by ACER t (?) after 6 months Implementing Acts dependent t+3 months t+6 months within 3 months

REMIT Structure

Next Steps? ACER Roundtable on REMIT September 23 rd – discussion of pilot project and questions on Registered Reporting Mechanisms Awaiting Implementing Acts Obligation on SOs and Market Participants to report to ACER Do Market Participants want to report themselves or through a central platform?