A market monitoring framework like REMIT is unprecedented. Not only in the energy sector and in Europe for its geographical scope, but also for its multijurisdictional coverage and complexity, as it requires the pan-European reporting of individual transactions and of market monitoring. Therefore REMIT implementation poses a formidable challenge.
Since mid-2011, the Agency has been working in developing the monitoring methodologies and procedures, and deploying the necessary IT infrastructure to support the new monitoring framework. This work has involved National Regulatory Authorities (NRAs) – which will be responsible for investigations and enforcement and may also monitor energy markets at national levels – and a large number of energy market participants and other stakeholders.
Once REMIT is fully implemented, ACER will be responsible for collecting and analysing wholesale markets and other relevant data to identify possible instances of market abuse (
market surveillance) and will notify the concerned NRAs after an initial assessment and when there is ground to believe that abusive behaviour has actually occurred.
During the ongoing implementation phase, the Agency has contributed actively to the implementation of REMIT and applies a pro-active approach going beyond the strict legal obligations in its implementation of REMIT. This includes the Agency's REMIT implementation pilot project for
data collection, the close
cooperation with partner authorities (in particular NRAs and the European Securities and Markets Authority - ESMA) and the engagement with market participants and other stakeholders, inter alia through
expert groups,
roundtables and events.
But already today, the Agency is called to act on instances of delayed or improper disclosure of inside information or market abuse, including the coordination of cross-border cases.
The Agency informs on an annual basis on its activities under the regulation in its
REMIT annual report to the European Commission and makes this report publicly available. The report includes:
• A presentation of the activities of ACER with regards to the REMIT implementation.
• ACER’s monitoring activities in wholesale energy products.
• An assessment of the operation and transparency of market places.
• Conclusions and recommendations.
Thus, the Agency recognises the importance of informing the public of its REMIT activities, in particular as not all REMIT activities of the Agency result in public actions.
