EC publishes draft acts revising REMIT IR and introducing new rules for IIPs and RRMS

The European Commission (EC) has published two draft regulations which aim to modernise and reinforce the transparency and integrity of the EU's wholesale energy markets under Regulation (EU) No 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT). The proposals follow the recent revision of REMIT by Regulation (EU) 2024/1106, which entered into force in May 2024, to address growing volatility in energy markets, geopolitical disruptions, and the emergence of new trading technologies. REMIT IR (Implementing Regulation (EU) No 1348/2014) sets out the principles and technical details for reporting transactional and fundamental data to the European Union Agency for the Cooperation of Energy Regulators (ACER). To align with the revised REMIT, its revision is now required.

The draft implementing Regulation seeks to repeal and replace the existing REMIT IR to simplify and clarify the reporting framework in light of extensive amendments. The revision proposes changes to the reporting of transactional data and the disclosure of inside information. It also includes minor updates to fundamental data reporting and aims to enhance data quality and resolve longstanding ambiguities identified through ACER's decade-long monitoring experience. Notably, the draft regulation does not introduce thresholds for the reporting of inside information under Article 4 of REMIT, as this will be addressed in a separate legislative act following an impact assessment. The amendments to the Annex, accompanying the draft regulation, ensure consistency with the revised main text of REMIT.

The draft delegated Regulation seeks to establish a framework for the authorisation, supervision, and potential withdrawal of Inside Information Platforms (IIPs) and Registered Reporting Mechanisms (RRMs) by ACER. It aims to ensure these entities operate effectively under the revised REMIT, while minimising reporting burdens. The regulation aims to address issues identified in the current framework, such as inconsistent data quality and formatting, by requiring IIPs and RRMs to comply with data validation standards, ensuring reported information is accurate and ready to be processed by the Agency in its monitoring role. It also introduces a fast-track authorisation process for already registered EU-established IIPs and RRMs and streamlines annual reporting requirements, so the information submitted is the minimum necessary.

The deadline for comments on both proposals is 15 September.

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