The European Commission’s Implementing Regulation (EU) No 1348/2014, referred to in Article 8(2) and (5) of REMIT (implementing acts), was adopted by the European Commission on 17 December 2014, published on 18 December 2014 and entered into force 20 days following its publication in the Official Journal of the European Union, i.e. 7 January 2015.
At the entry into application, market participants and third parties acting on behalf of market participants, shall provide the Agency with a record of their wholesale energy market transactions, including orders to trade.
The scope of the market participants’ reporting obligation was defined in the implementing acts. The Agency made recommendations to the European Commission as regards records of transactions, including orders to trade, which it considers necessary in order to effectively and efficiently monitor wholesale energy markets.
For reasons of operational reliability, the Agency registers market participants, and third parties reporting on their behalf, as Registered Reporting Mechanisms (RRMs) for the reporting of trading data, and for the reporting of fundamental data. This, in order to ensure efficient, effective and safe exchange and handling of information.
