EU ACER issued open letter on revised Reg 2024/110 on wholesale energy market integrity and transparency (REMIT), and stakeholder questions on the changes.
Follows EU CNCL Mar. 2024, adopted law against market manipulation, see #205148.
Summary
REMIT is the EU-wide legal framework designed to prevent against, and protect consumers and business from market abuse in European electricity and gas markets.
The revised REMIT was adopted by EP on Feb. 29, and by EU CNCL on Mar. 18, 2024.
EU ACER's letter offers an overview of the main amendments in terms of data reporting and notification obligations in order to support compliance by stakeholders.
Is for stakeholders involved in REMIT data reporting or notification obligations, e.g. market participants, registered reporting mechanisms; inside information platforms; organized marketplaces; persons professionally arranging or executing transactions.
Changes cover: organized marketplace definition; reporting data relating to order books; third country market participant information on designated EU representatives.
Also addresses how market participants should notify algorithmic trading usage.
EU ACER expectations of reporting parties, once amended regulation enters into force.
Next Steps
EU ACER/EC to host a workshop on Jun. 11 on implementation and main implications.
By the end of 2024, EU ACER will update its guidance to national regulatory authorities (NRAs) and reporting parties on REMIT application to reflect new legal framework.
Also encourages stakeholder involvement in implementation/creation of its guidance.
Effectiveness
Revised REMIT regulation in force 20 days after publication in OJ, i.e., on May 7, 2024.
