Fsr Energy & Climate

Regulation (EU) No. 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency (REMIT), which entered into force in December 2011, aims at promoting transparency in wholesale energy markets and detecting and deterring market abusive behaviour on these markets. It introduces the explicit prohibition of market manipulation, attempted market manipulation and insider trading, as well as transparency and reporting obligations for market participants and other stakeholders. It also envisages the establishment of an unprecedented market monitoring framework, in which data on wholesale energy market transactions, together with fundamental data, are reported to the Agency for the Cooperation of Energy Regulators (ACER), which is responsible for their screening and initial analysis and assessment. Suspicious events are then notified to national competent authorities (NCAs), typically National Regulatory Authorities for energy (NRAs), for investigation and enforcement.