REMIT compliance guide

REMIT prohibits insider trading (Article 3) and market manipulation (Article 5), requires inside information to be published (Article 4), requires transactions to be reported to ACER (Article 8) and market participants to register (Article 9), and requires persons professionally arranging transactions to report suspicious orders and transactions (Article 15). Enforcement is national; since REMIT II, ACER can also investigate cross-border cases itself.

Article 3

Do not trade on inside information. Since REMIT II this covers cancelling or amending an order placed before you held the information.

Article 4

Publish the inside information you hold about your own facilities, effectively and in time, through an inside information platform.

Article 5

Do not manipulate the market, and do not attempt to.

Article 5a

If you trade algorithmically, hold the systems, thresholds, testing and continuity arrangements that stop a disorderly market. New in REMIT II.

Article 8

Report your transactions and orders in wholesale energy products to ACER.

Article 9

Register with the national regulator of the member state you are established in, before entering a reportable transaction.

Article 15

If you professionally arrange transactions, report suspicious orders and transactions within four weeks, and hold the systems that find them.

Article 18

The fines a national regulator must be able to reach, and the other measures it must be able to order.

The guides below take each obligation in turn. The market abuse guides cover the conduct Articles 3 and 5 prohibit, practice by practice.

Two populations carry different duties. A market participant is anyone entering transactions in wholesale energy products, including placing orders, and carries Articles 3, 4, 5, 8 and 9. A person professionally arranging transactions, typically an exchange, broker or other organised market place, carries Article 15 instead: the duty to spot a suspicious order and report it.

REMIT II widened the perimeter. Participants established outside the EU that enter reportable transactions had to designate a representative in a member state where they are active, and register with that state’s regulator, by 8 November 2024. The amended definitions also bring LNG facilities and LNG supply contracts explicitly into scope.

The regulation covers electricity and natural gas alike. TradingSurv’s market data and screens cover European power; the guides and the enforcement register cover both commodities.

Article 4(1) requires a participant to publicly disclose, effectively and in a timely manner, the inside information it holds about facilities it owns, controls or operates. Planned and unplanned unavailability is the core of it. Since REMIT II that disclosure goes through an authorised inside information platform rather than a channel of the participant’s own choosing.

Late disclosure is a breach in its own right, separate from any trading. Disclosure may be delayed only exceptionally, to protect a legitimate interest, and only where the omission would not mislead the public, the information stays confidential and the participant does not trade on it; ACER and the national regulator must then be told without delay. Regulators have read the timeliness requirement strictly: RME fined Statnett for taking six hours over an interconnector outage.

The full guide covers the definition, the delay conditions and what the decisions say about time.

Article 15 applies to persons professionally arranging transactions. Where such a person reasonably suspects that an order or transaction, including a cancellation or modification, on or off an organised market place, could breach Article 3, 4 or 5, it must notify ACER and the relevant national regulator without further delay and no later than four weeks from becoming aware of it.

The article also requires the arrangements behind the report: systems able to identify potential breaches, and surveillance staff who are independent and free of conflicts of interest. This is the obligation most often behind a published case. OMIE, OPCOM and Powernext each reported conduct that became an enforcement decision.

The full guide covers the deadline, the required arrangements and the reports that became cases.

Regulation (EU) 2024/1106 of 11 April 2024 amended REMIT. Five changes matter most to a compliance function: inside information must be published through an authorised platform; algorithmic trading carries explicit systems and control requirements under a new Article 5a; insider trading now expressly covers cancelling or amending an order; participants outside the EU must appoint a representative and register; and ACER gained the power to investigate cross-border cases itself, including on-site inspections, under Articles 13a to 13c.

Enforcement stays national. ACER’s investigation report goes to the regulators concerned, which must say within three months what measures they will take.

The full guide takes each change in turn.

Article 18 as amended sets how high national maximum fines must at least reach. For a company, the ceiling must reach at least 15% of total annual turnover for Articles 3 and 5, at least 2% for Articles 4 and 15, and at least 1% for Articles 8 and 9, and no more than 20%. For an individual, at least EUR 5,000,000 for Articles 3 and 5, EUR 1,000,000 for Articles 4 and 15 and EUR 500,000 for Articles 8 and 9.

These are floors for the maximum, not minimum fines. A member state’s law must allow a fine at least that high; the regulator still sets the amount case by case, weighing gravity, duration, responsibility, financial strength, profit gained, cooperation and prior breaches. Regulators must also be able to order a breach to end, order disgorgement and issue public warnings.

Most published decisions concern conduct that predates these ceilings. ACER’s register stated a total of EUR 240,682,566 on 14 October 2026. Many decisions are under appeal and some have been annulled.

The full guide covers the ceilings, the other measures and the record.

• REMIT II: what Regulation (EU) 2024/1106 changedWhat REMIT II changed: inside information platforms, algorithmic trading controls, third-country representatives, ACER investigations and harmonised fines.
• Inside information under REMIT: publishing it in timeThe REMIT definition of inside information, the Article 4 duty to publish it through an inside information platform, and when disclosure may be delayed.
• Suspicious transaction and order reports under REMITREMIT Article 15: who must report suspicious orders and transactions, the four-week deadline, and how exchange reports started real cases.
• REMIT penalties and fines after REMIT IIThe maximum fines member states must allow under REMIT Article 18 as amended in 2024, for legal and natural persons, and what the enforcement record shows.