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Regulation on Wholesale Energy Market Integrity and Transparency (REMIT)
An EU regulation, initially adopted in December 2011, covering trading in gas and power markets using inside information and prohibiting market manipulation and abuse. REMIT extends the concept of the Market Abuse Directive (MAD) to physical gas and power and requires market participants to disclose physical inside information, and to avoid attempted and actual market manipulation and abuse. The rules are co-ordinated by the Agency for the Cooperation of Energy Regulators (ACER) and implemented by each national regulatory authority. ACER will start to collect order and trade data as well as fundamental data from 2015 via registered reporting mechanisms (RRMs) and regulated information services (RISs). The requirement for publication of ‘inside information’ is already in force, as is the ban on trading on the back of inside information until it is published.
* see also Agency for the Cooperation of Energy Regulators (ACER); Market Abuse Directive (MAD); registered reporting mechanism (RRM); regulated information service (RIS)