What is REMIT Regulation?
EU REMIT Regulation on Wholesale Energy Markets Integrity and Transparency No. 1227/2011 has been in force since 28 December 2011. On 18 December 2014 Implementing Regulation EU 1348/2014 was published in the Official Journal of European Union which specifies the application of Articles 8(2) and 8(6) of the REMIT Regulation (Implementing Acts).
REMIT Regulation creates a stable regulatory framework for wholesale energy markets at European Union level, with which:
- The use of confidential information in transactions and any manipulation or attempted manipulation of the market is strictly prohibited
- Effective and timely disclosure of confidential information by market participants is required
- Transaction companies are obliged to submit transaction details
- Procedures for investigating suspicious behavior are established
REMIT Regulation creates an important framework for detecting and punishing market manipulation cases across Europe. This contributes so that consumers, the industry and other stakeholders have confidence that wholesale energy prices are transparent, fair and competitive as required in a well-functioning market.
RAE, in cooperation with the Agency for the Cooperation of Energy Regulators (ACER) and other European National Regulatory Authorities (NRAs), implements procedures for the detection and investigation of exploitation of confidential information and market manipulation cases both domestically and at regional (cross-border) level.
Implementing Regulation EU 1348/2014 on data reporting implementing Articles 8(2) and 8(6) of REMIT Regulation appoints the following:
- The reporting obligation provided by Article 9(1) of the Rules of Procedure is effective from 7 October 2015.
- The reporting obligation provided by Article 6(1) of the Rules of Procedure, excluding information relating to the contracts referred to in Article 3(1)(b) of the Rules of Procedure, is effective from 7 October 2015.
- The reporting obligations provided by Article 8(1) of the Regulation apply from 7 October 2015, but not before the launch of the central information transparency platform under Article 3(3) of Regulation No. 543/2013.
- The reference obligations provided by Articles 6(2) and 6(3), Article 8(3) and Article 9(2), (3), (5), (7) and (9) of the Rules of Procedure shall apply from 7 April 2016.
- The reporting obligation provided by Article 6(1) of the Rules of Procedure applies to the contracts referred to in Article 3(1)(b) of the Rules of Procedure from 7 April 2016.
In order to submit data in accordance with the above timetable, all market participants (according to REMIT Regulation as “market participant” is defined any person, including transmission system operators, who enters into transactions, including the placing of orders to trade, in one or more wholesale energy markets) are required to be enlisted in a special registry and obtain a unique identifier issued by the Agency for the Cooperation of Energy Regulators (ACER).
ACER has created the CEREMP platform for market participants’ registration, which will be centrally operated by ACER itself. For the operation of the platform, RAE signed a relevant service agreement with ACER (Service Level Agreement – SLA) as well as a relevant memorandum (Memorandum of Understanding on the sharing of information under REMIT) for access to the data which participants submit to ACER through the platform. Registration shall be by choice of the relevant National Regulatory Authority (NRA) in the European Member State in which the participants are established or reside or, if they are not established or residing in the European Union, in a Member State in which they operate.
RAE is the National Regulatory Authority (NRA) for Greece.
More information and related documents are available on the relevant ACER website.
Registration on CEREMP Platform
Energy market participants in Greece should register, through RAE, using the following link: Registration
The system used for the registration of participants in the energy markets in Greece is called the Centralized European Registry for Energy Market Participants (CEREMP).
CEREMP is an online platform developed by ACER and the National Regulatory Authorities, available for energy market participants to meet their registration and reporting obligations under REMIT Regulation.
The Agency for the Cooperation of Energy Regulators in Europe (ACER) has already determined the necessary information to be submitted for the electronic registration of the participants. The type of data required during the registration process are defined in Annex 1 of ACER Decision 01/2012.
RAE, through the abovementioned procedure, will create a special register of participants for implementing REMIT Regulation purposes, which has the obligation to keep constantly updated.
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Report of alleged market manipulation or suspicious transactions under the jurisdiction of REMIT Regulation
Businesses which enter into transactions in wholesale energy products must maintain mechanisms and procedures for detecting potential breaches by those conducting the transactions.
Businesses should also ensure that their staff is responsible and capable of managing market risk and that it has access to adequate training to detect potentially suspicious transactions.
The National Regulatory Authority must be immediately notified by traders when there is a suspicion for a transaction which may violate the prohibitions on insider trading and/or on market manipulation.
Information on the types of conduct which may be considered as exploitation of confidential information or market manipulation is included in the latest version of the REMIT Implementation Guidelines issued by ACER.
To report a suspicious transaction, you can use the following online ACER Notification Platform application for reporting incidents.
By submitting a report to the ACER Notification Platform, RAE is informed immediately.