Regulatory framework – REMIT
BETP ensures strict compliance with Regulation (EU) No 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency (REMIT). REMIT prohibits insider trading and market manipulation and covers all wholesale energy products – natural gas, electricity, LNG and transmission/storage capacity. As an organised market place, BETP applies the corresponding monitoring and reporting measures.
REMIT II update – Regulation (EU) 2024/1106
On 7 May 2024 Regulation (EU) 2024/1106 (“REMIT II”) entered into force, materially amending REMIT and introducing:
- a broader scope and new definitions, including algorithmic trading, direct electronic access and LNG products;
- an obligation on persons professionally arranging or executing transactions (PPAETs) – such as BETP – to monitor for and report to ACER suspicious orders and transactions;
- an obligation to register algorithmic trading with the national regulatory authority and ACER;
- strengthened ACER investigative powers and harmonised administrative penalties across Member States.
BETP members that rely on algorithmic strategies or direct electronic access to the platform should assess whether they fall within the new notification requirements.
Reporting obligation under Article 8 REMIT
Transactions concluded and orders submitted on the BETP market are subject to reporting to the European Union Agency for the Cooperation of Energy Regulators (ACER). The obligation flows from Article 8(1) of REMIT and is detailed in Article 6(1) of Commission Implementing Regulation (EU) No 1348/2014 (REMIT IR). The exact formats, fields and deadlines are described in the current version of the ACER Transaction Reporting User Manual (TRUM) and accompanying Q&A documents, which ACER maintains and updates periodically.
BETP’s reporting service for members
BETP offers its members the possibility for BETP to report on their behalf the transactions concluded and orders submitted on the BETP electronic platform. For that purpose, the member and BETP enter into a REMIT Data Reporting Agreement (see the document at the bottom of this page). The service is invoiced in accordance with the BETP Tariff of Fees.
CEREMP registration
In accordance with Article 9(4) of REMIT, every market participant must be registered with the national regulatory authority (EWRC/DKER) and, through it, in the Centralised European Register of Market Participants (ACER CEREMP) before commencing trading in products falling within the scope of REMIT.
Further resources
- ACER REMIT documents portal – TRUM, Q&A, guidance and notices
- ACER REMIT Portal
- EWRC – REMIT section
- Regulation (EU) 2024/1106 (REMIT II)
- REMIT Data Reporting Agreement