III.2.44.

Reasonable steps that a market participant has to undertake are stipulated in Article 11(2), third subparagraph, of Commission Implementing Regulation (EU) No 1348/2014 in order to verify the completeness, accuracy and timeliness of data which they submit through third parties to the Agency. Do these reasonable steps differ depending on the reporting channel that the market participant selects - i.e. OMP, RRM, etc.?

Answer: It is the Agency’s understanding that transactions executed at organised marketplaces, including matched and unmatched orders, should be reported by the organised marketplaces concerned, via RRM, in accordance with Article 8(1) and (1a) of REMIT. It is up the OMP to decide which RRM to use for the reporting or if to become an RRM itself.

For the reporting of transactions taking place outside an organised marketplace it is the market participant who should report such transactions to the Agency, via an RRM. It is up to the market participant to decide which RRM to use for the reporting or if to become an RRM itself.

The RRM used by the OMP and the RRM used by the market participant can be different RRMs.

Against this background, the reasonable steps a market participant shall take to verify the completeness, accuracy and timeliness of the data, which they submit through third parties, have to be distinguished depending on the reporting channel selected:

 a) Reporting of wholesale energy products by the organised marketplace where the transactions were executed or the orders to trade were placed (‘organised marketplace concerned’) acting as RRM:
The organised marketplace concerned, as an RRM, will have responsibility for the completeness, accuracy and timely submission of the data to the Agency according to Article 11(2) of Commission Implementing Regulation (EU) No 1348/2014 itself. Since the organised marketplace concerned is the existing source, it is difficult to imagine any additional steps market participants could take to verify the completeness, accuracy and timeliness of the data which they submit through the organised marketplace concerned.

 b) Reporting of wholesale energy products through a third-party RRM selected by the organised marketplace concerned:
The same as above applies if the organised marketplace concerned selects a third party RRM and thereby outsources the data reporting in accordance with Article 8(1a) of REMIT. Since the organised marketplace concerned is the existing source, it is the organised marketplace concerned that will have to take reasonable steps to verify the completeness, accuracy and timeliness of the data which they submit through third party RRMs.

 c) Reporting of wholesale energy products through a third-party RRM selected by the market participant:

When a market participant reports its transactions executed outside an organised market place through a third-party RRM selected by the market participant, the market participant will have to ensure the following in order to comply with its obligation to take reasonable steps in order to verify the completeness, accuracy and timeliness of the data which it submits through the third-party RRM to the Agency:

The market participant will be responsible for accuracy, completeness and timeliness of the data concerning (1) the transfer of the data from the market participant to the third-party RRM, (2) the handling of the data by the third-party RRM and (3) the transfer of the data from the third-party RRM to the Agency. Both transfers entail a significant risk to undermine the completeness, accuracy and/or timely submission of data to the Agency. Regarding the transfer of the data from the third-party RRM to the Agency, the market participant will not be responsible for failures in the completeness, accuracy or timely submission of the data in cases where these failures are clearly attributable to the respective third party RRM. Nevertheless, the market participants will have to prove to National Regulatory Authorities, on their request, that they have undertaken reasonable steps to verify the completeness, accuracy and timeliness of the data submitted to the Agency.

Please note that, by 8 May 2025, the Commission shall revise the REMIT IR and adopt a delegated act on the authorisation and supervision of registered reporting mechanisms which may affect the answer to this question.