On January 15, Europe’s Agency for the Cooperation of Energy Regulators (ACER) announced its 11th Public Workshop (Workshop) on the implementation of the European Union’s Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).
As discussed in the Corporate & Financial Weekly Digest edition of December 9, 2011, REMIT came into effect on December 28, 2011 and is designed to strengthen European Union monitoring and prohibitions on market abuse and insider dealing in the wholesale energy market, in part through requiring that market participants transacting in wholesale energy products register with the relevant national energy regulator and submit transaction reports in respect of their wholesale energy trading. An implementing regulation, which came into effect on January 7, 2015, sets out a list of reportable contracts, reporting channels and the timing for reporting.
The Workshop will be held on February 16 and will review the rollout of the first phase of REMIT transaction reporting, which started on October 7, 2015 for most exchange-traded wholesale energy products. The Workshop also will attempt to hammer out any outstanding issues in advance of the second phase of REMIT transaction reporting, which applies to all remaining wholesale energy products from April 7, 2016. The Workshop also will include a special session on the role of registered reporting mechanisms in facilitating the submission of REMIT transaction reports in the second reporting phase.
REMIT can be found here and the implementing regulation can be found here. ACER also has released a REMIT Reporting User Package, which includes the Transaction Reporting User Manual and report data fields, which can be accessed here.