ACER updates its REMIT Guidance to align it with the revised REMIT Regulation

ACER publishes today an updated edition of its Guidance on REMIT application, reflecting the changes introduced by the revised REMIT Regulation.

ACER regularly produces and updates a non-binding Guidance for National Regulatory Authorities (NRAs), market participants and other relevant stakeholders, to ensure effective coordination and consistency in the application of REMIT. This guidance ensures that REMIT requirements are well explained and uniformly applied, providing clarity and direction to NRAs, market participants and other relevant stakeholders.                          

What are the main updates?

The revised Guidance:

• Updates definitions to align them with the revised REMIT Regulation, including the concepts of market manipulation, wholesale energy products and persons professionally arranging or executing transactions (PPAETs).
• Reflects the expanded scope of REMIT’s application on data reporting: covering new products, electricity balancing markets, coupled markets and algorithmic trading. It also clarifies the extension of REMIT’s market abuse provisions to wholesale energy products that also qualify as financial instruments.
• Clarifies the concept and obligations of the PPAETs under Article 15.
• Corrects wording and references to ensure consistency with the revised REMIT Regulation.

This update was delivered after extensive consultation with NRAs, REMIT experts, and members of the Market Surveillance Forum. The European Securities and Markets Authority (ESMA) was also consulted in the process to ensure accuracy.

What are the next steps?

ACER invites NRAs and relevant stakeholders to follow the ACER Guidance while implementing the revised REMIT Regulation. Further revisions are not anticipated until all implementing and delegated acts are in place.