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Equias is the industry’s largest RRM (Regulatory Reporting Mechanism). With us, you’re up to date on monitoring and compliance.
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ACERs 3rd Open Letter on revised REMIT clarifies two key changes affecting Users of Equias’ eRR Service for regulatory reporting under REMIT. Firstly, it clarifies the obligations around EU Representation for Market Participants outside the EU. In particular, it provides more details concerning the registration process and recognises and confirms the use of representation agents such as REMITREP (www.remitrep.eu). Secondly, concerning the obligation of PPAETs to perform surveillance under Article 15 of the new regulation, the letter introduces an important distinction between PPETs who execute Wholesale Energy Products (WEPs), which are Financial Instruments (FIs) and those who only execute WEPs, which are not FIs. While the former category of PPET is subject to Article 15 obligations and must implement systems and processes for trade monitoring, the latter category is not. In simple terms, if a PPET trades contracts, such as EU energy futures or swaps, that are financially settled, then they are subject to Article 15 trade monitoring obligations, but if they only trade OTC over an OTF and/or bilateral (and/or spot) EU energy contracts, then they are not subject to the obligation.
The revisions to REMIT regulation (REMIT II) introduce several obligations on Organised Trading Facilities (OTFs) and Market Participants (MPs) who are Equias clients and users of eRR for REMIT reporting compliance. Equias, as your RRM, continues to monitor REMIT II developments, seeking to mitigate the impact on its users and to keep you informed and up to date about the changes, and where necessary, to provide solutions that enable you to remain compliant at minimum cost and complexity. REMITREP is one such solution, providing EU Representation services (Article 9) to MPs not resident in the EU.
On 2 October 2024, the European Commission launched a public consultation on fees collected to fund ACER tasks on REMIT, which will update the Commission Decision (EU) 2020/2152 following the revision of REMIT in 2024. The consultation can be accessed on the dedicated “Have your say” section of the Commission website here.
The consultation runs from 2 October 2024 until 27 November 2024 (midnight Brussels time).