II.5.1.

When did REMIT come into force and into application?

Answer: REMIT was published in the Official Journal of the EU on 8 December 2011. On 28 December 2011, the prohibitions of insider trading and market manipulation, the obligation for market participants to publish inside information and the obligation for persons professionally arranging transactions to establish and maintain effective arrangements to detect market abuse and to notify reasonable suspicious cases to national regulatory authorities entered into force.

Within 6 months of the entry into force of REMIT, i.e. by 28 June 2012, the Agency determined a format for the registration of market participants, and within 18 months, i.e. by 28 June 2013, Member States should have assigned investigatory and enforcement powers to NRAs and put in place rules on penalties applicable to infringements of REMIT.

On 17 April 2024, Regulation (EU) 2024/1106 of the European Parliament and of the Council of 11 April 2024 amending Regulations (EU) No 1227/2011 and (EU) 2019/942 as regards improving the Union’s protection against market manipulation on the wholesale energy market (Regulation amending REMIT) was published in the Official Journal of the EU. The Regulation amending REMIT entered into force on 7 May 2024.

The amended provisions in Article 9(1) and 15(2) started applying as of 8 November 2024.

Articles 7a to 7e started applying as of 1 January 2025.

According to the Regulation amending REMIT, within 12 months of the entry into force of the Regulation, i.e. by 8 May 2025, the Commission should also adopt delegated acts further detailing the authorisation and supervision of inside information platforms and registered reporting mechanisms as per Articles 4a and 9a of REMIT.

By 8 May 2025 the Commission should also adopt implementing acts specifying the further details regarding the operation of Article 8(1a) of REMIT.