Regulation (EU) No 1227/2011 of the European Parliament and Council of 25 October 2011 on wholesale energy market integrity and transparency (REMIT) entered into force on 28 December 2011. REMIT introduced, for the first time, a consistent EU-wide framework:
- Defining market abuse in the form of market manipulation, attempted market manipulation and insider trading in wholesale energy markets;
- Introducing the explicit prohibition of market manipulation, attempted market manipulation and insider trading in wholesale energy markets;
- Establishing a new framework for the monitoring of wholesale energy markets to detect and deter market manipulation and insider trading, and;
- Providing the enforcement of the above prohibitions and the sanctioning of breaches of market abuse rules at national level.
According to ACER (Agency for the Cooperation of Energy Regulators), market participants have to report details of their orders and transactions in wholesale energy products (Article 2(4) of REMIT) such as:
- Contracts for the supply of electricity or natural gas where delivery is in the Union;
- Derivatives relating to electricity or natural gas produced, traded or delivered in the Union;
- Contracts relating to the transportation of electricity or natural gas in the Union, and;
- Derivatives relating to the transportation of electricity or natural gas in the Union.
Our Financial Services Advisory Team collaborates closely with MAP FinTech to offer our clients services, which, inter alia, include:
- Consulting as to which contracts need to be reported under REMIT;
- Advice as to the information that needs to be reported and the pertinent timelines of implementation, and;
- Connectivity to a number of ESMA-approved Registered Reporting Mechanisms (RRMs).
For more information, please feel free to contact us.
