On Sept. 24, FIA issued a notice summarizing the registration and reporting requirements of the EU Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT). FIA drafted the notice to help clearing firms inform customers who may have to comply with the new reporting obligation, which enters into force on Oct. 7 for certain exchange-traded wholesale energy products and on April 7 for certain over-the-counter energy products. Those products include futures, options and swaps based on electricity or natural gas for delivery in the European Union as well as contracts relating to the transportation of electricity or natural gas in the EU.
A central feature of REMIT is the requirement for participants in the European wholesale energy markets to register with the national energy regulator in a given EU Member State, even if their reporting obligations are met through their use of regulated exchanges and clearinghouses. Registration applies to both European and non-European market participants, including persons located in the U.S., that enter into power and gas trades that are required to be reported under REMIT.
