Registered Reporting Mechanism (RRM)
"Registered Reporting Mechanism" (RRM) within the REMIT compliance system is a person reporting the trade data (records of transactions and orders to trade), and/or fundamental data, on behalf of a market participant, directly to the Agency for the Cooperation of Energy Regulators (ACER or Agency), and fulfilling the ACER's registration and reporting requirements.
16 November 2021
Minutes from 2021 Joint roundtable meeting with AEMPs, OMPs and RRMs, ACER, Reference: RT-AEMP-OMP-RRM-2021
15 January 2021
ACER Requirements for the Registration of Registered Reporting Mechanisms updated
The update integrates the provisions regarding the European Commission’s Decision on an initial enrolment fee for entities applying to become a RRM and a yearly fee for registered RRMs.
The RRM concept is inherently involved with the proces for transactions' and orders' reporting under REMIT and REMIT registration. Practically, the RRM's function may fulfil organised market places, trade matching and trade reporting systems, including trade repositories, ENTSOs, energy exchanges, brokers, third parties reporting on behalf of a market participant or in some cases the market participant itself.
Market participants as well as the entities not being market participants may become a RRM if they fulfill the registration requirements defined by the ACER (all reporting entities must undergo a registration process). It is, therefore, evident, RRMs do not form a homogenous category as it is divided in the two groups featuring different characteristics, namely third-party RRMs and RRMs being wholesale energy market participants.
ACER communication of 24 July 2015 indicated, as of that date, there were 34 pre-registered RRM applicants listed and additional third-party RRMs and more than 400 market participant RRMs were being processed in earlier registration phases. The list of pre-registered third party RRMs for the first phase of reporting is constantly updated as new third-party RRM applicants reach the final stages of their application process.
On 24 July 2015 ACER approved the first five third-party Registered Reporting Mechanisms (RRMs) under REMIT:
- OMI-Polo Español S.A. (OMIE),
- OMIP - Pólo Português, S.G.M.R., S.A.,
- Nord Pool Spot AS,
- Romanian gas and electricity market operator, OPCOM S.A.,
- EFETnet B.V.,
which were followed on 5 August 2015 by ACER's RRM decisions regarding:
- OTE A.S.
- Solien s.r.o.
Any reporting entity that submits data to the ACER has to be registered as an RRM.
ACER Public Workshop RRM Registration Process of 8 September 2015 expected, as of September 2015, about 50 third-party RRMs. In addition, only about 450 market participants applied to become RRMs, which means that the remainder of 2,702 entities registered at mid-September 2015 as market participants in electricity and gas markets are third-party RRMs' potential clients. The approved third-party RRMs have successfully passed all three RRM registration stages of identification, attestation and testing as stipulated in the RRM requirements. As of 6 April 2016 RRMs' list evidenced 81 entries.
As regards the 2020 data, the REMIT Quarterly Q1/2021 reported:
- the number of RRMs was 118, with 111 RRMs registered for reporting supply and transportation records of transactions, and 95 RRMs effectively reporting data to ACER;
- in 2020, the median of reported data by RRMs slightly increased compared to 2019, the average number of submitted records increased significantly (from 10 to 26 million), which is a result of developments on the wholesale energy market (market coupling, automated trading),
- the contribution of the top five RRMs has been constantly increasing and in 2020 represented more than 89% of all records reported to ACER (+4 p.p. compared to 2019).
Compared to the previous year, the number of RRMs had slightly decreased in 2021, mainly due to the introduction of REMIT fees that caused the deregistration of inactive RRMs (Joint roundtable meeting with AEMPs, OMPs and RRMs, ACER, 16 November 2021, Reference: RT-AEMP-OMP-RRM-2021). This is also confirmed by the REMIT Quarterly, Issue No. 27 /Q4 2021, which notes that after the implementation of the REMIT fees, the number of registered RRMs decreased from 118 to 104 in 2021. According to the above document, in terms of RRMs registered for the reporting of supply and transportation records of transactions (Table 1–Table 4 data), the number decreased from 111 RRMs to 97 RRMs, while the number of RRMs reporting Table 1–Table 4 data to ACER decreased only by 3%, from 95 to 92 RRMs.
The large drop in the number of all RRMs compared to the small drop in the number of active RRMs in the ACER’s opinion clearly indicates that mostly inactive RRMs deregistered after the REMIT fee implementation. In 2021, ACER also resumed its RRM registration process; one new RRM was registered, while five RRMs previously operating in the UK were deregistered and reregistered.
The issue of fees connected with the RRM registration process was the subject of the ACER's clarification in the Questions and Answers on REMIT updated on 16 December 2022 (III.2.11). The ACER’s explanation reads:
“According to Article 4(3) of the REMIT Fee Decision, in case an entity applies to become RRM, ACER shall send the entity an invoice amounting to 50 % of the flat enrolment fee component pursuant to point (a) of Article 5(1) of the REMIT Fee Decision, and only accept the application once the invoice is paid. Where ACER rejects the application because the entity does not comply with the requirements pursuant to Article 11 of Commission Implementing Regulation (EU) No 1348/2014, the entity is not entitled to a reimbursement of the paid fee.
After registration of an entity as RRM, ACER shall send the entity an invoice over the remaining fee consisting of 50 % of the flat enrolment fee component pursuant to point (a) of Article 5(1) of the REMIT Fee Decision and, unless the RRM declares that it will solely report fundamental data, the transaction records-based component pursuant to Article 6(4). For more information, we invite you to consult the Q&As on REMIT fees”
The technical and organisational requirements to be fulfilled by market participants or third parties reporting on their behalf in order to register with the ACER and, thus, report data, are defined in the ACER Requirements for Registered Reporting Mechanisms, including the ACER Technical Specifications for Registered Reporting Mechanisms (RRM).
The issuance by the ACER of the RRM Requirements was preceded by the procedure comprised of the following main steps:
- first public consultation on this topic was held in the context of the ACER's public consultation on the technical requirements for data reporting under REMIT from 22 March to 13 May 2013;
- the second public consultation on the RRM Requirements was based on the draft REMIT Implementing Acts published by the European Commission in July 2014, and was launched on 22 July 2014 and lasted until 2 September 2014,
- moreover, a public workshop was held on 16 July 2014 to discuss with stakeholders the public consultation document.
The effect of aforementioned efforts - ACER REMIT RRM Registration Requirements - are available here, while access to technical specifications for RRM's interfaces can be granted by ACER after signing with ACER the Non-Disclosure Agreement (NDA).
RRM Requirements form an integral part of the REMIT Reporting User Package adopted by ACER.
Commission Implementing Regulation (EU) No 1348/2014:
In order to ensure continuous and safe transfer of complete sets of data, the reporting parties should comply with basic requirements in relation to their ability to authenticate data sources, check data for correctness and completeness and to ensure business continuity. The Agency should assess reporting parties' compliance with those requirements. The assessment should ensure a proportionate treatment of professional third parties handling market participants' data and market participants reporting their own data.
Technical and organisational requirements and responsibility for reporting data
1. In order to ensure efficient, effective and safe exchange and handling of information, the Agency shall after consulting relevant parties develop technical and organisational requirements for submitting data. The Agency shall consult relevant parties on material updates of these requirements.
The requirements shall:
(a) ensure the security, confidentiality and completeness of information,
(b) enable the identification and correction of errors in data reports,
(c) enable the authentication of the source of information,
(d) ensure business continuity.
The Agency shall assess whether reporting parties comply with the requirements.
Reporting parties who comply with the requirements shall be registered by the Agency.
For entities listed under Article 6(4) the requirements listed in the second subparagraph shall be considered as fulfilled.
2. Persons required to report data referred in Articles 6, 8 and 9 shall have responsibility for the completeness, accuracy and timely submission of data to the Agency and, where required so, to national regulatory authorities.
Where a person referred in the first subparagraph reports those data through a third party the person shall not be responsible for failures in the completeness, accuracy or timely submission of the data which are attributable to the third party.
In those cases the third party shall be responsible for those failures, without prejudice to Articles 4 and 18 of Regulation 543/2013 on submission of data in electricity markets.
Persons referred in the first subparagraph shall nevertheless take reasonable steps to verify the completeness, accuracy and timeliness of the data which they submit through third parties.
It is mandatory for market participants to initiate the RRM registration process as part of market participant registration under Article 9 of REMIT. The RRM Requirements state as regards the identification of market participants that pursuant to Article 9 of REMIT, all market participant must register with their respective NRAs. The latter must, in turn, provide the registration data to the Agency in order for it to establish a European register of market participants. Information on whether a market participant has the intention to register also as a RRM will be provided as part of the registration of market participants. Those market participants that do not wish to become RRMs, must indicate in Section 5 of the registration form to whom they permanently delegate the reporting of data. As a general rule, a market participant should have a contractual agreement in place with an RRM for delegation of data reporting before it selects this RRM in Section 5 of the registration form (public list of RRMs).
Moreover, market participant should be aware that selecting an RRM in Section 5 of the registration form does not confer any legal obligation on that RRM to report on its behalf.
Indication of the RRM in Section 5 of the registration form is not required when the delegated party is:
- The counterparty to the transaction, if the delegation applies only to reporting of that particular transaction;
- A TSO in charge of reporting transportation data pursuant to Article 6(2) of the REMIT Implementing Regulation No 1348/2014;
- The organised market place on which the wholesale energy product was concluded;
- ENTSO-E as regards the data referred to in paragraphs (1) and (2) of Article 8 of the REMIT Implementing Regulation No 1348/2014;
- ENTSOG as regards the data referred to in Article 9(1) of the REMIT Implementing Regulation No 1348/2014;
- A TSO in charge of reporting data referred to in Article 8(3) and 9(2) of the REMIT Implementing Regulation No 1348/2014;
- A LNG system operator as regards the data referred to in Article 9(5) of the REMIT Implementing Regulation No 1348/2014;
- A storage system operator as regards the data referred to in Article 9(9) of the REMIT Implementing Regulation No 1348/2014."
If at the time of registration a market participant has not yet decided on the delegated party for reporting on behalf of the market participant (concrete RRM), Section 5 of the registration form may be omitted at the first time of registration and filled (updated) only at a later stage. ACER has confirmed in its Q&As that it is not necessary to provide information in Section 5 of the registration form if it is not available yet. The above approach is consistently upheld in Q&As that the ACER is periodically publishing.
For example, responding to the question:
ACER's website enumerating all listed RRMs
RRM designation when first registering under REMIT- complicated case
Requirements for the Registration of Registered Reporting Mechanisms
"A registered market participant would like to report its non-standard contracts. Does this entity need to register as an RRM and fulfill all criteria concerned in order to be able to report its contracts:
(a) for itself and
(b) eventually on behalf of its counterparties?"
"If a market participant intends to report directly its non-standard contracts (for self-reporting purposes and/or to offer reporting services to others), it should indicate this in the electronic registration form when registering as a market participant with the competent NRA (Section 5 of the registration form 'Intention to become a Reporting Entity'). The RRM registration process will then begin directly from there. The market participant is required to fulfil all criteria for the RRM as specified in the RRM Requirements document."
In the update of 16 December 2022 ACER reminded, moreover, that by becoming an RRM the market participant becomes also subject to the application of REMIT fees in accordance with the Commission Decision (EU) 2020/2152.
The ACER strongly recommends market participants to report their data through already registered RRMs.- see Q&As on REMIT III.2.39. [last update 16 December 2022] below:
“With regard to the reporting of data as of 7 April 2016, would the Agency recommend market participants to start the RRM registration process in order to report their own data or to use reporting services of already registered RRMs?
Please note that all entities reporting data to the Agency should be registered as RRMs. In order to decide whether to become an RRM and report its own data or use an already registered RRMs the market participant should take into account the complex and detailed process of RRM registration and consider the application of REMIT fees according to the REMIT Fee Decision. Please note that the registration as an RM is not a unique exercise, but being an RRM will require the market participant to comply with the Agency's RRM requirements on an ongoing basis and to adapt to future upgrades of the Agency's REMIT Information System and changes of the transaction reporting regime. Therefore, the Agency strongly recommends market participants to report their data through already registered RRMs. The list of already registered RRMs is accessible at https://www.acer-remit.eu/portal/list-of-rrm”.
The registration of market participants under Article 9 of REMIT is controlled by the EU National Regulatory Authorities (NRAs) and therefore approval of registration by relevant NRA may be necessary before RRM registration can commence. Registration as a RRM becomes effective only when the Agency adds the name of the person who has been registered as a RRM to the Agency's list of RRMs on its website (see here for the list of RRMs). From the date of listing of the RRM on the ACER website, the RRM will be recognised as such.
According to Article 8(1) of REMIT, the transaction reporting obligation on the market participant shall be considered to be fulfilled once the required information is received from a person or authority listed in points (b) to (f) of Article 8(4) of REMIT. Market participants may choose either to become an RRM themselves or to use one or more third party RRMs to submit transaction reports to the ACER. Moreover, market participants may delegate the reporting to multiple RRMs, e.g. for different data types. It is important to note that in case of a reporting delegation chain (e.g. counterparty A delegates the reporting to counterparty B, which, in turn, delegates the reporting to C), only the entities submitting data directly to the Agency (C, in the example) must register as a RRM.
With respect to more complex reporting delegation chains ACER underlines the role of "permanency" of trading and the "regular basis" thereof for the indication of the RRM in Section 5 of the registration form (Section 5 of the registration form should indicate the RRM that will ultimately report the market participant's data to the Agency). If, however, the counterparties trade only occasionally and without any "permanent" arrangement then this could be seen as reporting on behalf of the counterparty under Article 6(7) of the REMIT Implementing Regulation No 1348/2014 and would not require suppliers placed at the end of the delegation chain to declare the RRM in the registration form as a reporting entity for their trades (see example from ACER REMIT Q&As in the box at the end of this article). It is likely, most transactions will be reported to the Agency through an organised market place, which will provide reports for all market participants active on the market place.
It was therefore underlined that participants should not report any activity they perform on that market place unless they believe that the activity being reported on their behalf is incorrect.
Market participants or third parties on their behalf report details of supply contracts (whether standard or non-standard), derivatives contracts, and transportation contracts concluded outside an organised market place only. In this way contracts concluded outside an organised market place (within the REMIT meaning) represent the only instance where trade data are to be reported by market participants themselves. This is without prejudice to the rule that the reporting may also be delegated to third parties.
Any activity that a market participant is involved in outside of an organised market place, for example OTC or non-standard contracts, should be reported by the participant through an RRM. The market participant should ensure that the report is submitted only once to the Agency. Overreporting (which may occur when non-reportable contracts are not separated) should also be avoided - such over-reported transactions will typically be rejected by the ACER.
ACER expects the market participant's compliance to include, among other things:
- a clear allocation of responsibility for transaction reporting within an organisation;
- appropriate training for staff in transaction reporting;
- appropriate information produced on a regular basis to enable proper oversight of the transaction reporting process;
- testing wherever alternative reporting mechanisms are used;
- appropriate oversight of transaction reporting by compliance, including reviews, as part of the compliance monitoring programme;
- making sure the nature and scale of the reviews and testing is tailored to the activities of the organisation and its transaction reporting arrangements;
- where reliance is placed on reporting by a third party RRM, that periodic checks are carried out to ensure that the transactions are being correctly reported; and
- that testing is comprehensive so that the full reporting process is tested and not just part of it.
This means that testing should include making sure that the reports are properly submitted to the Agency.
The technical and organisational requirements for the submission of data cover:
(a) to ensure the security, confidentiality and completeness of information,
(b) to identify and correct errors in data reports,
(c) to authenticate the source of information,
(d) to ensure business continuity,
(e) to ensure compliance with the standards and electronic formats defined by the Agency.
The rules for the identification of market participants require that all market participants register with their respective Member State National Energy Regulatory Authorities (NRAs). The registration data provided by NRAs to the Agency serve as an input for establishing the European register of market participants. Information on whether a market participant has the intention to register also as a RRM is intended to be provided as part of the registration of market participants.
CEREMP registration manual requires market participant either to select RRM or, as an alternative option, to self-report by registering as a reporting entity. When it comes to applicants other than market participants must identify themselves using the Reporting Entity Registration Tool.
They are asked to provide the following information:
- Name of the RRM,
- Address of the RRM,
- VAT Number of the RRM,
- Website address,
- EIC, BIC, LEI, GS1 codes if the RRM has any assigned to it,
- Contact persons.
ACER REMIT RRM Requirements envision ACER contacts with trade repositories and ARMs that only report data reportable under MiFIR or EMIR, to establish appropriate channels for the provisions of those data. Trade repositories and ARMs actively reporting to the Agency MiFIR and EMIR data and / or data other than those reportable under MiFIR or EMIR, must register with the Agency. The process for the registration of trade repositories and ARMs will, however, be limited to the identification phase and to the assessment of their ability to follow the procedures, meet the standards and submit the data in accordance with the electronic formats established by the Agency. When submitting REMIT trade reports through the means of Registered Reporting Mechanism the proper way for populating the required format fields should be ensured. Generally, market participants need to check whether their RRM(s) use the ACER-specified formats when sending their transaction reports. The issue is not negligible since, as ACER observes, field names and classifications differ across RRMs.
The fundamental point is that the market participant or counterparty on behalf of whom the record of transaction is reported is identified by a unique code. Hence, the reporting field Field No 1 of the trade report standard (i.e. ID of the market participant or counterparty) should in principle contain the LEI, BIC, EIC, GS1/GLN or ACER registration code of the market participant on whose behalf the transaction report is being made. It requires particular attention to ensure for the the use of the type of code exactly the same as the code that has been registered with ACER during the participant registration process.
The issue may raise doubts where a third-party reporting agent is used to submit the transaction report on behalf of the market participants, but according to ACER TRUM field No 1 identifies the market participant and not the reporting agent.
The problematic issue appears when it comes to the reporting responsibility. It was observed already market participants may become misled by discrepancies between EMIR and REMIT arrangements for their respective reporting mechanisms (trade repositories under EMIR, RRMs under REMIT). Particularly, questionable for lawyers may be whether the market participants can be considered to have fulfilled their obligations once they have reported the information to an RRM. Comparisons with market perception of the EMIR reporting to trade repositories may tend market participants to hold that once a trade is reported to a RRM the reporting obligation is fulfilled by the market participant. However, even though RRMs will be subject to a stringent ACERs regulatory regime, there are no clear and express legal basis to support the above view. ACER's clarification on the issue would be thus helpful.
RRM's compliance control
It is estimated the RRM registration process to take about three months. It is therefore essential for entities intending to apply to start the registration process at the latest three months before the date on which they wish to start reporting data. The reservation is made in the ACER REMIT RRM Requirements "that it is not possible for the Agency to state in advance of the registration process which policies / mechanisms are considered in compliance with the requirements. The assessment may vary depending on the type of data reported, on the type of reporting entity (professional third parties handling market participants' data / market participants reporting their own data), on the size of data reported, on the number and variety of data sources and on other relevant factors."
Persons responsible for compliance of the RRM
The RRM Application Form requests the details of a person responsible for compliance of the RRM. The question may appear what are the responsibilities of this person and whether he/she is personally liable e.g. for any RRM failures to comply with REMIT. The regulator's stance in that regard is that such person is responsible for the process of RRM registration and reporting, and, moreover, that potential personal liability of this person is governed by the relevant national law applicable for the RRM.
Certified compliance report
The Agency may also request a RRM to provide the compliance report. In addition, the Agency may require that such report is to be certified by an independent information systems auditor on the basis of an audit plan produced by the Agency. The Agency intends to request such certified reports to a sample of RRMs every year using a risk based approach.
Furthermore, should the quality of data reported by a RRM significantly decrease after the registration or should the compliance report not reflect full compliance with the RRM requirements, the Agency will give a warning to the RRM concerned.
ARIS access discontinuation
If adequate data quality standards and/or compliance with RRM requirements are still not met within the time-frame indicated in the warning, the Agency may, after a certain period of time, which shall not be shorter than six months, discontinue access to the ARIS system for the RRM concerned. The RRM for which the RRM registration was revoked cannot re-initiate the RRM registration process for a period of 12 months.
In case of third-party RRMs, the Agency will inform the market participant associated to the RRM before discontinuing access. This information will be provided at least six months in advance, in order to allow market participants to make reporting arrangements with another RRM.
ARIS access suspension
In exceptional circumstances when the Agency would establish that a RRM is in serious breach of its obligations described in the RRM Requirements that could result in the significant risks to overall security, availability or operational reliability of ARIS, the Agency reserves the right to temporary suspend access to ARIS until the breach is resolved and compliance with the RRM requirements is ensured.
RRM registration process
The RRM registration process envisions the Written Application Form signed by legal representative of the RRM and including at least the information about identity of the RRM, data types to be reported, the estimated number of potential Market Participants on whose behalf the RRM will report, the planned start date of reporting, special arrangements related to the scope of services RRM will be able to offer (e.g. geographical, legal, etc.) and any other information that may be relevant for the assessment of the RRM registration request.
Frequent problems while processing RRM applications
- The person indicated in the application form should be the same as the person empowered in the Power of Attorney (PoA). In case of inconsistency the ACER will ask for clarification and, if necessary, correction.
- The applicants are recommended to use the templates available on the REMIT Portal. However, if this is not possible, the same information as requested in the templates, is to be provided.
- The application form needs to be signed either by the legal representative of the company or by the appointed RRM Administrator. In cases of inconsistency, the ACER will ask for correction.
- In case of a joint venture applying for RRM registration, it must be clear from both companies' PoAs and application forms who is acting on behalf of whom.
REMIT Quarterly No. 2 / Q2 2015
Considering that the Written Application Form must be signed by legal representative of the RRM, if the power of attorney submitted to the Agency during the RRM registration process is revoked at a later stage, RRM applicants or registered RRMs will be obliged to inform the Agency on any revocation of their power of attorneys and to submit the valid power of attorneys together with the updated application forms without any delay. All reporting entities wishing to become RRMs must submit documentation on their security policy during the registration process. During the registration phase, all reporting entities wishing to become RRMs must submit documentation describing the procedures aimed at ensuring the timely transmission of data and their business continuity plan.
RRMs must have adequate systems and controls in place to ensure that:
a. there is certainty about the source of the information created or collected by the RRM. In case of RRMs reporting other information than their own data, this means that the RRM shall be able to guarantee (i) the identity of the market participant(s) or (ii) the identity of any other person submitting information on behalf of the market participant;
b. persons submitting information on behalf of a market participant are properly authorised to do so;
c. transaction reports are complete and accurate. While persons required to report data shall take reasonable steps to verify the completeness, accuracy and timeliness of the data which they submit through third parties, the latter are expected to identify omissions (missing mandatory fields) and obvious errors and to request and / or initiate the re-transmission of erroneous or missing reports;
d. there is no significant risk of data corruption in the input process.
During the registration process, reporting entities wishing to become RRM must submit documentation describing the procedures aimed at ensuring input validation. Such documentation needs to include a description of the technical solution to be implemented by the RRM applicant. RRMs reporting data other than their own data must have a mechanism in place to ensure that the person on behalf of whom they report can be granted access to the data submitted to the Agency by the RRM as well as to Agency's receipts detailing out what data was reported and on the outcome of the reporting.
Conformance testng of RRMs:
1. Connectivity: perform connectivity and resiliency checks for the subscribed interfaces.
2. Data Upload: perform upload of data based on a prescribed data set through the subscribed interfaces.
3. Data Download: perform download of data-receipts based on a prescribed data set through the subscribed interfaces.
4. Valid Data Upload: upload a set of data produced from own data source through the subscribed interfaces.
5. Valid Data Receipt: download a produced set of data-receipts based on the data uploads through the subscribed interfaces.
6. Continual Delivery: provide a continuous set of data for a period of not less than 5 days, up to maximum of 10 days, through the subscribed interfaces.
REMIT Quarterly No. 2 / Q2 2015
Furthermore, these RRMs must have proper communication channels established with the market participants to ensure they are informed about which data was identified as invalid by the Agency and how they should correct it and re-send it to the RRM for re-submission to ARIS. RRMs must have proper governance agreements in place to ensure that they have internal control mechanisms, transparent and consistent lines of responsibility and sound administrative procedures. In addition, RRMs must implement a robust compliance process with sufficient controls over regulatory requirements and conflict of interest.
ACER intends to offer market participants the possibility to request a sample of the data submitted on their behalf by a RRM. In order to ensure secure transmission of the data, access will be granted using devices such as DVDs or USB sticks. The Agency reserves the right to limit the size of the requested file and the number of requests that can be filed every year by each market participant. RRMs must keep a record of the information transmitted to the Agency for a period of at least 12 months from the date of transmission.
It is possible to start the registration only as RRM for standard contracts and later extend the registration for non-standard contracts.
Permanent character of the RRM's designation
Questions & Answers on REMIT made an important clarification on RRM Requirements document, which states that 'those market participants that do not wish to become RRMs, shall indicate in Section 5 of the registration form to whom they permanently delegate the reporting of data'. The ambiguity submitted related to issue when the decision on which RRM to use is "permanent".
The ACER's answer was:
"Market participants are not required to permanently delegate reporting of data to a particular RRM. If a market participant decides to change its RRM that market participant is required to update Section 5 of the registration form accordingly, in line with Article 9(5) of REMIT. The term "permanently" only aims to distinguish between the delegation to third party RRMs and to the situations where one counterparty reports the details of a contract also on behalf of the other counterparty according to Article 6(7) of Commission Implementing Regulation (EU) No 1348/2014. In the latter case, the other market participant does not have to be identified as an RRM in Section 5 of the registration form." The above-mentioned Article 6(7) of Commission Implementing Regulation (EU) No 1348/2014 reads: "[w]here a third party reports on behalf of one or both counterparties, or where one counterparty reports the details of a contract also on behalf of the other counterparty, the report shall contain the relevant counterparty data in relation to each of the counterparties and the full set of details that would have been reported had the contracts been reported by each counterparty separately."
Another vital question is whether market participants are able change the RRMs they have selected in Section 5 of the registration form if they decide to use a different RRM to report. The ACER answer in that regard is positive, hence market participants are free to change the RRMs through which they report. However, if a market participant decides to change its selected RRM, Section 5 of the registration form should be updated to reflect this change. ACER also underlined market participants must select all RRMs they are using for data reporting in CEREMP Section 5 (in case there is more than one), with exception to RRMs listed in Section 6.2.1 of the RRM Requirements.
Intra-group RRMs report data only on behalf of a market participants in the same group (definition of group to be found in the Directive 2013/34/EU). The significant feature of the current set up is that intra-group RRMs appear all the same for selection to all market participants in Section 5 of the registration form (public list of RRMs). Public list of RRMs does not differentiate between third-party RRMs and intra-group market participant RRMs.
See below some of the RRM offerings with respect to trade data reporting.
The above list contains the links to external products and services relative to the REMIT reporting. The list is provided for informational purposes and the administrator of Emissions-EUETS.com assumes no responsibility for its usage.