German REMIT Representative for Third-Country Market Participants
Under Regulation (EU) No 1227/2011 (Regulation on Wholesale Energy Market Integrity and Transparency, REMIT) market participants not established or resident in a member state of the European Union (EU) or European Economic Area (EEA) shall register with the German national regulatory authority, the Federal Network Agency (Bundesnetzagentur), and designate a German representative prior to entering into a German wholesale energy market transactions subject to the REMIT transaction reporting obligation.
The obligation to designate a German representative particularly applies for transactions closed at the European Energy Exchange (EEX) in Leipzig, Germany. The obligation does not apply for third-country market participants already registered in another EU/EEA member state.
The representative shall be designated by a written mandate that shall
authorise the designated representative to act on the market participants’ behalf and mandate the designated representative for the purpose of being addressed in addition to or on their behalf, by the EU/EEA national regulatory authorities or ACER, on all issues necessary for the receipt of, compliance with and enforcement of decisions or requests for information issued in relation to REMIT; and
provide the designated representative with the necessary powers and means to guarantee their efficient and timely cooperation with the EU/EEA national regulatory authorities or ACER and to comply with the decisions and requests for information of the national regulatory authorities or ACER issued in relation to REMIT, including providing access to the requested information.
Kronsteyn advises clients with respect to German and European trading law, including trading of financial instruments, emission allowances and wholesale energy products. In the context of its advisory services, Kronsteyn also assumes the role as German REMIT representative for third-country market participants. For any queries, please contact Dr. Hendrik Müller-Lankow.
