REMIT

• Regulatory and Other Decisions
  • • The Regulatory Decisions issued by the Cyprus Energy Regulatory Authority (CERA) on REMIT can be found in the Legislation / Internal Energy Market section.
      
      The decisions issued by CERA on REMIT can be found in the Decisions section.
      
       
• Sign up for the CEREMP Platform
  • • Participants in the energy markets in Cyprus should register via CERA using the link below:
      
      Sign up
      
      The system used to register participants in the energy markets in Cyprus is called the Central European Register of Participants in the Energy Markets CEREMP.
      
      CEREMP is an online platform developed by ACER and National Regulatory Authorities for use by energy market participants to meet registration and reporting obligations under the REMIT Regulation.
      
      The Agency for the Cooperation of Energy Regulators in Europe (ACER) has already defined the information that should be submitted for the participants' online registration. The type and type of data required during the registration process are set out in Annex 1 to the ACER Decision 01/2012.
      
      Through the above procedure, CERA has set up a special register of participants for the purpose of implementing the REMIT Regulation, which has the obligation to keep it up to date.
      
      For the purpose of assisting and supporting market participants, the CEREMP Subscription Manual is available.
      
      For further support, please send your questions to regulator.cy@cera.org.cy under the title REMIT-CEREMP-CERA- (Name of Market Participant) -Question.
• Reporting Obligation
  • • The Implementing Regulation EU 1348/2014 on the reporting of data for the application of Article 8 (2) and (6) of the REMIT Regulation sets out the following:

       

      • The reporting obligation provided for in Article 9 (1) of the Regulation shall apply from 7 October 2015.
      • The reporting obligation provided for in Article 6 (1) of the Regulation, with the exception of the information concerning the conventions referred to in Article 3 (1) (b) of the Rules of Procedure, shall apply from 7 October 2015.
      • The reporting obligations provided for in Article 8 (1) of the Regulation are in force from 7 October 2015, but not before the central platform on transparency of information under Article 3 (3) of Regulation (EU) No 543/2013 becomes operational.
      • The reporting obligations provided for in Article 6 (2) and (3), Article 8 (3) and Article 9 (2), 3, 5, 7 and 9 of the Regulation shall apply from 7 April 2016.
      • The reporting obligation provided for in Article 6 (1) of the Regulation applies to the contracts referred to in Article 3 (1) (b) of the Rule from 7 April 2016.

      
      In order to submit data in accordance with the above timetable, all market participants (according to the REMIT Regulation as 'market participant') who are defined as any person, including transmission system operators, conducting transactions, including the order to negotiate in one or More wholesale energy markets) are required to be registered and acquire a unique identifier issued by the Agency for the Cooperation of Energy Regulators (ACER).
      
      ACER has created the CEREMP platform for registration of participants, which will work centrally by the organization itself. For the operation of the platform, CERA signed a service agreement with ACER (Service Level Agreement - SLA) as well as a relevant memorandum on access to data submitted by the participants through the platform to ACER (Memorandum of Understanding on the sharing of Information under REMIT). Registration is made by the choice of the relevant national regulatory authority (NRA) in the European Member State in which the participants are established or reside or, if they are not established or resident in the European Union, in a Member State where they are active.
      
      CERA is the National Regulatory Authority (NRA) for Cyprus.
      
      More information and related documents are available on the ACER website (https://www.acer-remit.eu/portal/home).
• Manipulation Report
  • • Business which are handling dealings in wholesale energy products are required to maintain mechanisms and procedures for identifying possible breaches by the persons who carry out the transactions.
      
      Businesses should also ensure that their staff are responsible and able to manage the risk of market manipulation and that they have access to adequate training to identify potentially suspicious transactions.
      
      Immediate notification of the national regulator by the persons carrying out transactions when they suspect that a transaction may violate the prohibitions of insider trading exploitation and / or market manipulation.
      
      Information on the types of behavior that can be considered as insider trading exploitation or market manipulation is included in the latest version of the REMIT Implementation Guidelines issued by ACER.
      
      To report a suspicious transaction, you can use the following online application of ACER Notification Platform.
      
      By reporting to the ACER Disclosure Platform, CERA is immediately updated.
• REMIT News
  • • • On 20 November 2019 ACER announced that he decided to suspend processing of pending applications for registration of REMIT reporting parties (link)
      • One year of successful data collection under REMIT - 07/10/2016 (link)
• FAQs
  • • FAQ

      Show More...

      Show Less
• Announcements
  • • Market participants’ data reporting obligations to the Agency for the Cooperation of Energy Regulators established by Regulation (“the Agency”)
       

      The Cyprus Energy Regulatory Authority (CERA), exercising its powers under the Laws Regulating the Electricity Market 2003 to 2018 and the Laws Regulating the Gas Market 2004 to 2018 to ensure the implementation of the provisions of the Regulation (EU) No. 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency, wishes to bring to the attention of market participants the following data reporting obligations.
       

      Effective oversight of wholesale energy markets requires the regular monitoring of details of contracts including orders to trade as well as data on capacity and use of facilities for production, storage, consumption or transmission of electricity and natural gas. 
       

      As per article 8 (Data Collection) of the Regulation (EU) No. 1227/2011, market participants, or a person or authority listed below on their behalf, 

      1. a third party acting on behalf of the market participant; 
      2. a trade reporting system; 
      3. an organised market, a trade-matching system or other person professionally arranging transactions; 
      4. a trade repository registered or recognised under applicable Union legislation on derivative transactions, central counterparties and trade repositories; or 
      5. a competent authority which has received that information in accordance with Article 25(3) of Directive 2004/39/EC or the European Securities and Markets Authority (ESMA) when it has received that information in accordance with applicable Union legislation on derivative transactions, central counterparties and trade repositories. 

      shall provide the Agency with a record of wholesale energy market transactions, including orders to trade. 

      
      The information reported shall include:

      1. the precise identification of the wholesale energy products bought and sold, 
      2. the price and quantity agreed, 
      3. the dates and times of execution, 
      4. the parties to the transaction and the beneficiaries of the transaction; and 
      5. any other relevant information. 

       

      While overall responsibility lies with market participants, once the required information is received from a person or authority listed above, the reporting obligation on the market participant in question shall be considered to be fulfilled. 
       

      Market participants should report to the Agency on a regular basis details of wholesale energy contracts both in relation to the supply of electricity and natural gas and for the transportation of those commodities. Contracts for balancing services, contracts between different members of the same group of companies and contracts for the sale of the output of small energy production facilities should be reported to the Agency only at its reasoned request on ad-hoc basis. 
       

      Implementing Regulation (EU) No. 1348/2014 of the European Parliament lays down rules for the provision of data to the Agency implementing Article 8(2) and (6) of Regulation (EU) No 1227/2011. It defines the details of reportable wholesale energy products and fundamental data. It also establishes appropriate channels for data reporting including defining timing and regularity of data reports. 
       

      The detailed list of reportable contracts could be found in article 3 of the Implementing Regulation (EU) No. 1348/2014 as well as the list of contracts reportable at request of the Agency in Article 4 on the same implementing Regulation.
       

      In order to facilitate reporting, the Agency draws up and maintains a public list of standard contracts and updates that list in a timely manner. The list of standard contracts could be found in the following link: 

      https://www.acer-remit.eu/portal/standardised-contract

       

      In order to facilitate reporting, the Agency draws up and publishes a list of organised market places and updates that list in a timely manner. The list of organised market places could be found in the following link:

      https://www.acer-remit.eu/portal/organised-marketplaces