REMIT includes obligations and prohibitions for market participants. The regulation defines Market participants as persons, including transmission system operators, who enter into transactions, including the placing of orders to trade, in one or more wholesale energy markets (Article 2(7) of REMIT).
Since the entry into force on 28 December 2011 of
REMIT, market participants are prohibited from trading based on inside information and market manipulation and required to respect the following prohibitions and obligations:
- Prohibitions of Market abuse , (Articles 3 and 5)
- Obligation to publish inside information (Article 4.1)
- Obligations to notify the Agency and the relevant national regulatory authority when applying certain exemptions (Article 3.4.b and 4.2)
The adoption of the European Commission’s
implementing acts triggers additional obligations for market participants, namely
- Obligation to register with the relevant national regulatory authority prior to entering into transactions which are required to be reported to the Agency (Article 8(1) and Article 9), and
- Obligation to report records of transactions, including orders to trade, and fundamental data according to the timelines stipulated in the European Commission Implementing Acts. (Article 8)
The ACER
Guidance on the application of REMIT provides more detail on the definition of market participant and the aforementioned obligations and prohibitions.
