REMIT II has today been published in the Official Journal of the European Union and can be found here. This follows adoption by the Council (see here). The regulation is dated 11 April and goes into effect 20 days after publication. Several of the items within it have implementation dates, some of which can be found in the regulation and some of which will only come into effect after the publication of Delegated and Implementing Acts.

REMIT II is a Level 1 change to the original REMIT and covers many topics. These include the following:

• New definitions to several terms including Wholesale Energy Products, Inside Information and Market Manipulation.
• Requirements for monitoring and reporting of suspicious transactions.
• Requirements around algorithmic trading.
• New reporting requirements and arrangements.
• The requirement for non EU entities to have a “representative” in the EU.

There are also new requirements for Organised Market Places, Registered Reporting Mechanisms and others. The Gas Council Regulation (see here) which requires LNG Market Participants to report has been merged into REMIT II.

Those who subscribe to ETR Advisory’s Regulatory Support Service will receive further detailed commentary (see here).