LEBA,  together with Equias published first set of FAQs on REMIT II implementation

Together with Equias, we created this FAQ page to prepare you for REMIT II. These FAQ are intended to provide a common guidance for the implementation of the revised REMIT II in respect of standard contracts traded through brokers, either as OMPs or as arrangers of exchange blocks.

Recalling that the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), Regulation (EU) No 1227/2011, came into force in 2011 to support open and fair competition in the European wholesale energy markets, and this spring the revised REMIT introduces a closer alignment to EU rules on the transparency of financial markets.

REMIT II covers new trading practices, such as algorithmic trading, and strengthens provisions on reporting and monitoring to protect consumers from market abuses. The new regulation also reinforces the supervisory role of ACER, allowing it to oversee inspections, requests for information and authorisations of Inside Information Platforms (IIPs) and Registered Reporting Mechanisms (RRMs). ACER is also empowered to impose periodic penalty payments in order to ensure compliance with on-site inspection decisions and requests for information.

The timescales and deadlines for revised REMIT implementation are as below:

1. 11th April 2024: Signing of the Regulation (EU) No 2024/1106 amending REMIT
2. 17th April 2024: Publication of revised REMIT and ACER’s Open letter
3. 7th May 2024: Entry into force of the revised REMIT. Immediate implications on the data reporting obligations upon the entry into force:
1. New definitions
2. Obligations as per Article 8(1a) on ‘order book reporting’
3. Notification on the use of algo trading and/or Direct Electronic Access (DEA)
4. Summer 2024 (28th June – 6th September 2024): ACER’s Public Consultation on the Annex of the current REMIT Implementing Regulation.
5. 8th November 2024: Entry into force of some obligations, including, for example, EU representation for MPs established outside of the EU.
6. By 1st January 2025: Articles 7a to 7e referring to the LNG price assessment and benchmark enters into force
7. By 8th May 2025: The Commission adopts the related implementing and delegated acts.
8. In similar timescales: publication of revised TRUM “edition 7.0” (n.b. v6.0 goes live in Q3/24).
9. After May 2025: Staged compliance dates for the related implementing measures.

Details concerning the official revised REMIT II and related rules and documents are available: here

1. REMIT:
1. The original text is published: here
2. The REMIT Implementing Regulation: here
3. The REMIT Fee Decision: here
2. REMIT II:
1. Amendments to the original level 1 text is published here on 17th April 2024, and
2. ACER’s Open Letter on the implications of those amendments, is published here

Equias and LEBA Revised REMIT (REMIT II) Frequently Asked Questions (FAQ).