According to ACER, in recent years, in order to maintain an acceptable level of operational standards in its REMIT implementation, the Agency had carried out a wide-ranging re-prioritisation of its activities with regard to data reporting to limit the impact on the continuous collection, management and sharing of high-quality data under REMIT.
However, ACER states that due to “a level of resources incommensurate to its demanding workload, particularly with regard to its activities under the REMIT” has forced the body to suspend the processing of the pending applications for registration of reporting parties as Registered Reporting Mechanisms (RRMs), which is with immediate effect.
ACER has currently registered 120 reporting parties as RRMs, reporting more than 3 million records of transactions on average per day. The number of registered RRMs is already exceeding by far the number of approved reporting mechanisms in other European and national transaction reporting regimes.
According to ACER, there is a limited need for the registration of additional RRMs as market participants registered with National Regulatory Authorities can already choose among the 120 registered RRMs. However, “ACER is nevertheless still faced with a number of new applications for the registration as RRMs, but it lacks the human resources to process these applications”.