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Key Changes Under REMIT 2.0

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Dear Market Participants,

We are writing to inform you of important updates to the Regulation of Wholesale Energy Market Integrity and Transparency (REMIT 2.0) that will impact your obligations.

Key Changes Under REMIT 2.0:

  1. New and Expanded Definitions: REMIT 2.0 introduces several new and expanded definitions that clarify various aspects of the regulation. It is important for you to familiarize yourself with these changes to ensure compliance.
  2. Disclosure of Inside Information: All market participants (MPs) are now required to disclose inside information through an Inside Information Platform (IIP). This is a crucial step in maintaining market transparency integrity.
  3. Algorithmic Trading: The regulation now includes specific provisions regarding algorithmic trading. If you are engaged in algorithmic trading, please review these new requirements to ensure your practices are compliant.
  4. Data collection: Enhanced data collection requirements are now in place. This includes more comprehensive reporting obligations to ensure regulatory oversight and market transparency.
  5. Registration of MPs resident or established in third countries: MPs who are resident or established in third countries are now required to designate a representative within the EU. Please note the deadline for this designation is November 8th, 2024.

We would suggest you to:

  • Review the new definitions and requirements: Ensure that you and your team understand the new and expanded definitions and other requirements under REMIT 2.0.
  • Designate an EU representative: If applicable, MPs that are resident or established in third countries shall ensure the designation of a representative within EU by the 8th of November 2024. Please note that NRA registration and designated representative shall be in the same EU country.
  • Update disclosure practices: Ensure that all inside information is disclosed through appropriate IIP.
  • Evaluate algorithmic trading practices: Review and, if necessary, adjust any algorithmic trading activities to comply with the new provisions.

We understand that these changes may require adjustments to your current practices. If you have any questions or need further clarification on any aspect of the revised regulation, please make sure to contact the Agency for the Cooperation of Energy Regulators (ACER) in a timely manner to ensure compliance under REMIT 2.0.

More information can be found in the ACER Open Letter

Best regards,

JAO Operations