Inside Information Disclosure and Collection
Market participants are obliged to disclose inside information and should always inform ACER via web feeds.
REMIT defines “inside information" according to four criteria:
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It is of a precise nature
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It is not public yet
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It relates, directly or indirectly, to one or more wholesale energy products
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If it was made public, it would likely significantly affect the prices of those wholesale energy products.
Inside information should be disclosed in a manner that enables dissemination to a public as wide as possible. This is why the disclosure of inside information effectively happens through central platforms aggregating urgent messages from market participants (i.e. Inside Information Platforms – IIPs). In 2020, ACER started to register IIPs as Regulated Information Services (RISs).
The IIPs' web feeds have to meet the criteria set out in ACER's REMIT Guidance and the Manual of Procedures on data reporting.
The main purpose of RIS registration is to provide a public list of IIPs complying with ACER's REMIT Guidance criteria, which can be used by market participants for the effective disclosure of inside information.
ACER Guidance on REMIT application
ACER Guidance on REMIT application
REMIT Guidance
ACER regularly produces and updates a non-binding Guidance for National Regulatory Authorities to ensure effective coordination and consistency in their monitoring activities under REMIT (particularly Article 2).
The Guidance concerns the application of REMIT, ensuring that the application of the definition reflects the evolving market conditions, the latest experience gained in the REMIT application, as well as the feedback received from market participants and other stakeholders.
ACER also publishes Guidance Notes, providing in-depth information on specific types of market abusive practices.
Documents
Market surveillance
ACER is in the unique position to carry out the market surveillance of the European wholesale energy markets. It is committed to notifying all potential instances of market abuse to the National Regulatory Authorities (NRAs) for their investigation and enforcement.
Through its market surveillance activities, ACER contributes to trustworthy market outcomes that are in the interest of European energy consumers.
How to submit questions related to REMIT?
How to submit questions related to REMIT?
REMIT Questions
Stakeholders can submit any REMIT-related questions that are not addressed in the existing documentation via the online REMIT Query Form.
How to register as a registered reporting mechanism?
How to register as a registered reporting mechanism?
RRM Registration
Registered Reporting Mechanisms (RRMs) report trade and/or fundamental data directly to ACER under REMIT.
RRMs must comply with the technical and organisational requirements for the reporting of data defined in the RRM Requirements document, and are registered by ACER to provide the service of reporting.
The process on how to register an RRM is described in the RRM Requirements.
Before initiating the registration process, please carefully read all the information to understand the requirements the RRMs have to fulfil.
How to notify use of REMIT obligation exemptions?
How to notify use of REMIT obligation exemptions?
Exemption Notification
Market Participants are obliged to notify the Agency and the relevant National Regulatory Authority (NRA) when applying certain exemptions of REMIT, and should use the Notification platform application to fulfil their notification obligations on the delayed disclosure of inside information or the coverage of an immediate physical loss resulting from unplanned outages.
To report the exemptions, the following links can be used:
How to report suspicious behaviour?
How to report suspicious behaviour?
What if I suspect a REMIT breach?
Persons professionally arranging transactions in wholesale energy products, (like organised market places and trade-matching systems) have the legal obligation to monitor their operating platforms to identify market abuse behaviours. In case of any reasonable suspicion, the national regulatory authority should be informed with no delay.
REMIT for you
Ensuring market transparency and integrity under REMIT works best if all parties involved can offer their contribution.
For this purpose, the 'REMIT for you' section provides direct access to the platform for notifying potential REMIT breaches, notifying the use of REMIT exemptions, for submitting questions on REMIT, or on registering as Registered Reporting Mechanism (RRM) or Inside Information Platform (IIP).
REMIT Fees
The recast of the ACER Regulation included in the Clean Energy Package introduces REMIT fees in order to support ACER in undertaking its REMIT activities and the provision of its services to market participants.
The size of the REMIT fees, and the way in which they are to be paid, were determined by the European Commission (EC). The EC launched the relevant public consultation on 8 June 2020.
The European Commission’s decision was adopted on 17 December 2020 and applies as of 1 January 2021. The collection of REMIT fees started in 2021.
For further information please visit the REMIT fees section on the REMIT Documents page.
REMIT periodic reports
ACER is committed to sharing knowledge and first-hand experience with relevant stakeholders and interested parties.
ACER communicates the relevant information via dedicated REMIT publications:
First published in March 2015, the REMIT Quarterly is ACER's main channel of communication with stakeholders on REMIT-related matters. It primarily provides updates on ACER's activities, as well as guidance on the application of the REMIT framework and data reporting.
The REMIT Quarterly also reports any assessments of the operation and transparency of different categories of organised market places and ways of trading, in accordance with Article 7(3) of REMIT.
The REMIT Quarterly is published each quarter on ACER's REMIT Documents page.
In accordance with Article 7(3) of REMIT, ACER shall assess on an annual basis the operation and transparency of different categories of organised market places (OMPs) and ways of trading.
The REMIT Annual Report was discontinued in 2017. Ever since, ACER reports its transparency assessments through the REMIT Quarterly instead.
