BREXIT: Q&A on REMIT registration with the ACM
Updated on 5 April 2019
On February 9, 2019, we published a press release on Brexit’s implications for the registration of market participants and for data collection under REMIT if the UK leaves the EU without a ratified Withdrawal Agreement.
Since then, we have received a number of questions from market participants.
To provide market participants with the same information, we have included these questions and answers below. We will do our best to keep this up-to-date.
If you have any further questions, please contact email@example.com.
I am currently registered in the UK, should I change my registration?
Only if you wish to enter into transactions or place orders to trade in the EU’s wholesale energy markets after the UK’s withdrawal from the EU.
When can I start this process?
We recommend you start this process as soon as possible.
With which NRA should I register?
You will need to be registered with the NRA of an EU Member State where you are predominantly active.
If I am predominantly active in the Netherlands, how should I re-register with ACM?
You need to use the ‘change member state’ functionality in CEREMP. You can ask to change the member state of a market participant by clicking the menu item “MP” à “Change Member State”. To complete the request, you will have to:
- Choose the new NRA (namely the new Member state)
- Provide an explanation (e.g. ‘withdrawal UK from EU’)
- Upload an attachment, if any.
This is the only correct way to change member states.
Please also note that there is a field ‘previous UK ACER code’ that will need to be filled in.
What happens after using the ‘change member state’ functionality?
Ofgem or NIAUR will first need to accept your request. Once they do so, and if you want to be registered in the Netherlands, ACM will need to approve your registration.
How long will the process to register with ACM take?
Once Ofgem or NIAUR accepts your request, ACM will need (at the most) a few days to process your request.
In the event that it is confirmed that the UK will exit the EU without a Withdrawal Agreement being implemented, at the latest, Ofgem will approve your request by the withdrawal date. If a Withdrawal Agreement is implemented, the UK’s EU exit implementation period will run until 31 December 2020, unless otherwise agreed by the UK Government and the EU. During this time our working assumption is that re-registration will not be required, and Ofgem will not approve the termination requests at this time.
So it is possible that I will not have a new code from 1st of April onwards?
That is possible. However, ACM will consider that the initiation of the “Change Member State” request for re-registration fulfils the market participant’s obligation to submit the registration form to a national regulatory authority prior to entering into a wholesale energy market transaction which needs to be reported pursuant to Article 9(4) of REMIT.
Does ACM have any additional requirements that we would need to meet?
No, ACM does not have any additional requirements.
When will I receive my new code?
After ACM accepts your registration.
Will the new code be similar to the old code, in a sense that only the country suffix will change?
No, you will receive an entirely new code.
Can the new code be known in advance, for example to adjust the reporting processes?
No, the new code will only be known after ACM has accepted your registration.
Is our UK code automatically deleted when we request the new NL code in CEREMP?
Reporting parties will be able to use the old UK codes until they are re-registered with an EU27 NRA in order to avoid any reporting gap.
Is it possible to have two ACER codes?
Not for transactions or orders to trade in the EU’s wholesale energy markets. According to REMIT Article 9, a market participant shall register only with one NRA, hence it is not possible to use two ACER codes.
Do I need to resubmit to ACER with a record of wholesale energy market transactions, including orders to trade from before the withdrawal date?
No, you will not need to re-submit your old data with your new code.
How can I update data that I had previously submitted with my UK code after I have re-registered?
Please consult with your RRM on how to report via the parallel channel. We understand that ACER, as expressed in its January Open Letter, is engaging on a continuous basis with Registered Reporting Mechanisms (RRMs) to ensure a smooth ongoing REMIT reporting following EU exit.
How do I report data when my UK ACER code is terminated and my new ACER code is not yet available?
ACER is engaging with Registered Reporting Mechanisms (RRMs) on how to report. Please consult your RRM for the latest information on this matter.