ACER yesterday published an open letter on two aspects of REMIT II (see here), the requirement for non-EU market participants to have an EU representative, and also the increased requirement to monitor for breaches and report them to regulators. The letter can be found here and follows previous open letters (see here).

On the representative requirement side, more clarity is given as to who can be a representative, the contractual arrangements and also the country in which the representative can be. On the monitoring side, various topics are discussed, including the definitions of who is covered, a focus on submitting Suspicious Transaction or Order reports (STORs) and some aspects of monitoring.

ETR Advisory is involved in the REMITREP venture that will provide representative services in 8 countries (see here). Clients of ETR’s Regulatory Support Service (see here) will receive a full analysis of the letter.