The Regulation on wholesale energy market integrity and transparency (REMIT) sets out the EU legal framework to address abusive practices affecting wholesale energy markets. It provides for the monitoring of wholesale energy markets by the Agency for the Co-operation of Energy Regulators (ACER) in close cooperation with national regulatory authorities, the European Securities and Markets Authority, financial authorities and other relevant authorities.
Market participants are required under article 4(1) of REMIT to publish inside information in an effective and timely manner. This obligation is further clarified by the ACER Guidance on the application of REMIT (3rd edition), which also provides further clarity on the requirements for effective and timely disclosures. Commission Implementing Regulation on data reporting implementing articles 8(2) and 8(6) of REMIT (the Implementing Regulation) entered into force on 7 January 2015 and included reporting procedures for market participants disclosing inside information.
ACER has now published a consultation paper which outlines its proposals to further enhance current practices for the disclosure of inside information by providing a proposal for a common set of data fields that are expected to be populated when disclosing such information. The consultation paper also sets out recommendations regarding the implementation of web-feeds for the dissemination of inside information as defined in the Implementing Regulation.
The deadline for comments on the consultation paper is 26 June 2015.