327. Regulation (EU) No 1227/2011 (“REMIT”) [Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency counterparties would not need to convert to UTC (with all possible complexities involved, such as accounting for the summer time).] requires market participants to report the wholesale energy market transactions to the Agency for the Cooperation of Energy Regulators (“ACER”). However, in the case of energy derivatives reportable under EMIR, the market participants that comply with EMIR requirements and report to Trade Repositories are deemed to satisfy their reporting obligation under REMIT.

328. Consequently, the details of derivative contracts required to be reported under EMIR contain a series of fields related to the energy derivatives that are relevant for the monitoring of energy markets (fields 2.67-2.77 in the current RTS and ITS on reporting).

329. ESMA liaises with ACER on a regular basis to reply to ensure that the reporting requirements under two regimes remain aligned. In this context ESMA became aware of some inconsistencies and ambiguities that ESMA proposes to amend in this revision of the technical standards. The proposed changes should help not only to achieve consistency with the reporting requirements under REMIT and increase the usefulness of the collected data for the supervision of energy markets but also facilitate the market participants' compliance with their reporting obligation.