the regulation on wholesale energy market integrity and transparency (remit)
TRANSCRIPT
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The Regulation on wholesale Energy Market Integrity and
Transparency (REMIT)
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Overview of REMIT
• Regulation 1227/2011• Tailor-made regime for wholesale energy markets• Prohibits insider trading
• Requires publication of inside information• Prohibits market manipulation
• Detailed reporting of energy transactions• Registration of energy market participants
• ACER to have monitoring and coordination roles
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REMIT Implementation Timeline
REMIT enters into forceProhibitions and Obligations apply
“Registration Format” published by ACER
Adoption of the Implementing Acts
NRAs have to set up the register
Data reporting and monitoring by ACER
December 2011
June 2012 ?June
2013
within 3 months
6 months
after 6 months
18 months NRA competences implemented into national law
REMIT dependent Implementing Acts dependent
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REMIT Implementation Timeline
Adoption of the Implementing Acts
NRAs have to set up the register
Data reporting and monitoring by ACER
t(?)
after 6 months
Implementing Acts dependent
t+3 months
t+6 months
within 3 months
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REMIT Structure
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Next Steps?
• ACER Roundtable on REMIT September 23rd
• – discussion of pilot project and questions on Registered Reporting Mechanisms
• Awaiting Implementing Acts• Obligation on SOs and Market Participants to report to
ACER• Do Market Participants want to report themselves or
through a central platform?
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