II.5.5.

What happened in the interim phase between REMIT’s entry into force until the adoption of the REMIT implementing acts?

Answer: Since the monitoring activities under REMIT are based on the collection of trade and fundamental data in accordance with Article 8 of REMIT and the Commission Implementing Regulation (EU) No 1348/2014, the Agency’s market monitoring activities in the interim phase – i.e. until the entry into application of the Commission Implementing Regulation (EU) No 1348/2014 – relied on notifications of suspected breaches of REMIT from NRAs and from persons professionally arranging transactions and on public sources.

NRAs were able to request wholesale energy data in ad-hoc cases on the basis of the record-keeping obligations for market participants. This was particularly the case if a potential infringement of the prohibitions of market abuse signalled by a person professionally arranging transactions according to Article 15 of REMIT or by a market participant. NRAs had to inform the Agency about any such cases signalled to them.

Regulation (EU) 2024/1106 (Regulation amending REMIT) entered into force on 7 May 2024 and introduced several new or revised provisions which expanded the scope of who should report and what should be reported to the Agency under REMIT. The data reporting will however continue based on the Commission Implementing Regulation (EU) No 1348/2014, until the Implementing Regulation has been revised.