REMIT - FAQs

FAQs

What is REMIT?

Following the financial crisis of 2008, the need to ensure increased market transparency have become of high importance and a tendency to reconsider the existing rules, regulations in a number of fields began to evolve. In addition to the capital market, new regulations were adopted to the energy market as well. The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT, Regulation (EU) No 1227/2011 of the European Parliament and of the Council) entered into force on 28th December 2011.

The main objectives of REMIT are:

to ensure market integrity through trade monitoring and access to fundamental data;
to hinder market abuse, insider trading and market manipulation.

The provisions of REMIT stipulate data reporting obligation for the market participants of wholesale energy market and appoints the Agency for the Cooperation of Energy Regulators (ACER) to cover the monitoring framework of the regulation. ACER takes on a central role on an EU level collecting and reviewing the trading data reported.

The regulation is available @:
https://www.acer-remit.eu/portal/public-documentation

Who is obliged to report trades under REMIT?

REMIT affects everyone who participates in, or whose conduct affects wholesale energy markets within the European Union. It makes no difference whether or not the person is resident within the EU. Any market participants are covered by REMIT if entering into transactions including orders to trade in one or more wholesale energy markets in the Union.

Precondition of reporting to the Agency for the Cooperation of Energy Regulators (ACER) is to get registered at the competent National Regulatory Authority (NRA) (Article 9. of REMIT). In case a participant is trading in more than one EU state, it is sufficient for it to get registered only once, at one of the member states’ NRA. These NRAs shall form the basis of the Centralized European Register for Market Participants (CEREMP), the centralized register operated by ACER. A unique ACER code shall be assigned to each registered market participant.

What effective dates apply to the reporting oblation?

The obligation of transmission of the standardized contracts and concluded on Organized Market Places, is effective from 7th October 2015. The obligation of transmission of the standardized and non-standardized contracts concluded outside the organized markets is effective from 7th April, 2016.

Similarly to EMIR, REMIT also requires backloading, data must be submitted on trades already concluded but still valid on the effective date of the reporting obligation till 7th January 2016.

Is KELER registered with ACER as an RRM?

Yes, KELER is officially approved by ACER as a third party RRM.

What interface does KELER provide for REMIT reporting to its clients?

KELER’s Trade Reporting (TR) system has been developed by KELER itself originally to manage all types of reports under EMIR. It is a web-based, easy to access and straightforward platform and it has been further upgraded to meet the needs of our clients with REMIT reporting obligation too.

Does KELER’s reporting service cover all markets?

Yes, as a third party RRM, KELER provides reporting services covering all markets (OTC deals as well).

Does your service offer include delegated reporting?

Yes. Our ‘General membership’ has been designed for those market participants who intend to report on their counterparties’ behalf too.

How does the data submission work?

The KELER TR offers three options for reporting:

Manual upload: The user shall fill in the file provided in a given format by KELER. Several files can be selected and uploaded at the same time.
Automatic upload: Automatic upload is also possible through our so called “web-service” solution. In this case KELER TR is directly linked to the client’s system which enables automatic report upload. This option is the most suitable to market participants with significant daily transaction volumes.
Upload directly on the interface: REMIT reporting can be completed by entering trade details directly into KELER TR instead of uploading a previously completed file. In this case the report samples built into the system must to be completed. Clients with lower transaction volumes shall find this option convenient as it requires no file-based upload and there is no need to create an interface between TR and their own system.

TR enables our clients to upload reports in XML format manually.

In case of uploaded reports, it is possible to set various filtering options, and to download results into Excel documents.

What are the file formats for data submission to TR? Is the format reporting file available for download?

The protocols to exchange data and the file formats of data submission are in line with the requirements specified by ACER in TRUM. They are available upon request, please contact our representatives.

How can I make sure the data reported by KELER is correct?

Once uploaded, our system checks the report both in terms of format and content. If data is erroneous or incomplete, KELER informs the reporting entity accordingly, thus only correct reports are forwarded to ACER. On any erroneous report the user receives an error message on the screen that describes the error. Clients can continuously monitor the status of the report from its submission until its receipt by ACER.

Similarly, correct reports are forwarded to ACER right away which is also confirmed by the system in a relevant message.

How can I track the progress of my reports?

The actual status of uploaded reports and confirmations received from ACER can be continuously tracked in KELER’s Trade Reporting system. KELER retains the reports it receives for 10 years.

Does your system support backloading of trades under REMIT?

Yes, just as in case of EMIR, our system enables backloading under REMIT too.

Can I test your reporting system? If so, how do I sign up for it?

All potential and existing clients are welcome to test the TR system environment free of charge.

You can sign up for a test by downloading and submitting a test application form.

Please find the application from @: https://english.remit.keler.hu/Documents/

What needs to be fulfilled in order to apply for your reporting service?

The participant need to be registered at the competent NRA which means it possesses an ACER code.
Both our existing and potetial clients need to conclude the CONTRACT ON FORWARDING DATA DETERMINED BY ARTICLE 8 OF REMIT TO AGENCY.
https://english.remit.keler.hu/Documents/
Those who are not in any type of contractual relationship with KELER yet, shall submit – in addition to the duly signed contract - an extract from the company registry (not older than 30 days) and the signature specimen of the signatories authorized to sign the contract (and other official documents) on behalf of the client. Both should be officially translated to English and duly legalized (apostilled or notarized based the rules applicable to your country).

Duly signed, original copies (2) of the the contract and the above listed supplementary documents need to be submitted to the following address of KELER Zrt. to our Central Client Services Department: KELER Zrt., H-1074 Budapest, Rákóczi út 70-72.

No contractual relationship is required to use our test enviroment, it’s available free of charge upon submission of the applicable form. Mobile number is necessary to be provided, log-in data is being forwarded in a text message. Paralell, certifications are sent via e-mail.

You are free to choose your reporting service provider and in case you are already in contractual relationship with an RRM you are also free to change your provider anytime. If a market participants decides to change its selected RRM, Section 5 of the ACER (CEREMP) registration form should be updated to reflect this change.

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