Regulation (EU) No. 1227/2011 on Wholesale Energy Market Integrity and Transparency, or REMIT--Regulation on wholesale Energy Market Integrity and Transparency for short, combats insider trading and market manipulation in wholesale energy markets. It took effect on 28 December 2011.

REMIT--Regulation on wholesale Energy Market Integrity and Transparency prohibits insider trading and the abuse of market power. It also contains sweeping provisions on market surveillance and imposes wide-ranging data reporting obligations. The Federal Network Agency, being the national regulator, is responsible for enforcing these prohibitions and the obligation to disclose inside information under REMIT--Regulation on wholesale Energy Market Integrity and Transparency. The agency's responsibility is laid out in Section 56, sentence 1, No. 4 of the Energy Industry Act (EnWG). The EnWG regulates the Federal Network Agency's enforcement and supervisory authority and imposes criminal and administrative penalties for REMIT--Regulation on wholesale Energy Market Integrity and Transparency violations.

As a regulation, REMIT--Regulation on wholesale Energy Market Integrity and Transparency is immediately and directly applicable in all EU member states. In order to that all its provision take effect the European Commission had to adopt an implementing act. It entered into force on 7 January 2015 and covers the type, scope, formats and times of mandatory reporting on trade and fundamental energy wholesale data. Deadlines for implementation were introduced with the adoption of the act. Participants in the wholesale gas and electricity markets now have to register. The Federal Network Agency set up a registration portal for all market participants based in Germany. The mandatory reporting of data takes place from 7 October 2015 onwards. For further information please visit the Federal Network Agency website (in german).

REMIT--Regulation on wholesale Energy Market Integrity and Transparency's prohibition on insider trading, obligation to publish inside information and ban on market manipulation are already in effect; they do not require the implementing acts to be adopted. More information and exceptions to these rules are available here (only in German).

Additional information on REMIT--Regulation on wholesale Energy Market Integrity and Transparency is available from the European Agency for the Cooperation of Energy Regulators (ACER).

Market surveillance, as required by REMIT--Regulation on wholesale Energy Market Integrity and Transparency, will be performed by the market transparency unit being set up at the Federal Network Agency. Its establishment is set out in the Act to Establish a Market Transparency Unit for Electricity and Gas Wholesale Trading (Market Transparency Unit Act) that took effect on 12 December 2012. The Market Transparency Unit Act amends the Act against Restraints of Competition (GWB) by adding national regulations on the market observation duties of the Market Transparency Unit for Electricity and Gas Wholesale Trading.