Registration process


In fact, market participants not only have to register with a NRA before they can trade, but also have to update their registration profile in case of “any change which has taken place as regards the information provided in the registration form” (Article 9(5) of REMIT).


According to ACER the registration process could involve the following steps:


(a) The market participant submits its application for registration to the relevant NRA and provides the NRA with the data required in the registration format and, if the NRA so requires, a complementary set of country-relevant information or supporting documentation; it is the market participant’s responsibility to provide correct and complete information for the registration;


(b) The NRA performs (at least high-level) checks on the application, depending on national rules;


(c) After completing the checks, the NRA passes the information required by the registration format for the European register to the IT-system operated by the Agency;


(d) The Agency’s IT system will capture all registration information and issue an acknowledgement back to the requesting NRA. The acknowledgement will include the system identifier generated by the IT-system operated by the Agency;


(e) The NRA will complete the registration procedure and will inform the market participant accordingly;


(f) At the end of the procedure, the registration is simultaneously available in both the relevant national register and the European register.


Publication of the information recorded in the European register (or part of it)


According to Article 9(3), last subparagraph, of REMIT, “the Agency may decide to make the European register, or extracts thereof, publicly available provided that commercially sensitive information on individual market participants is not disclosed”.


The initial considerations by the ACER in that regard are that the publication of the European register (or part of it) is crucial, as ‘it enables organised markets, brokers and other categories defined in Article 8(4) to verify if the market participant is registered and can therefore be admitted to trading.’ ACER emphasises that registration does not provide any guarantee on the market participant’s creditworthiness or trading behaviour. This mention, is however, rather obvious.

The ambiguous issue may, however, be who would bear the responsibility for any inaccuracy of the information recorded in the European register.  In ACER’s view the said liability should stay with the market participants who are the providers of their own information.