On December 8, the text of the Regulation on Energy Market Integrity and Transparency (Regulation 1227/2011) (REMIT) was published in the Official Journal of the European Union.
REMIT establishes a framework for monitoring wholesale energy markets intended to ensure the integrity and transparency of those markets by detecting and deterring market abuse and manipulation.
REMIT enters into force on the 20th day following its publication in the Official Journal. However, certain provisions in Article 8 (Data collection) will apply with effect from 6 months after the date on which the Commission adopts the relevant implementing acts referred to in that Article.
For more information, click here.
In a related development, on December 2, the Council of European Energy Regulators (CEER) published its final advice to the European Commission on the regulatory oversight of energy exchanges. The CEER’s advice sets out recommendations to harmonize the supervision and governance of energy spot exchanges. It also makes recommendations about transparency, market surveillance, monitoring and co-operation in order to promote market integrity and effective and efficient supervision of such energy exchanges under REMIT.
To review CEER’s final advice, click here.