REMIT – EU Legislation on Insider Trading and Market Manipulation in Wholesale EU Energy Markets Entered Into Force

Today the European regulation No 1227/2011 on wholesale energy market integrity and transparency entered into force (REMIT). With it, as of today, insider trading and market manipulation are specifically prohibited in the covered area. Market participants and persons professionally arranging transactions are now obliged to publish certain insider information.

This obligation concerns insider information which market participants possess in respect to business or facilities owned or controlled by them, or their parent or related undertakings. They also have to establish and maintain effective arrangements and procedures to identify suspected breaches of the prohibitions of insider trading and market manipulation and to notify them to the national regulatory authorities.

The Federal Network Agency (BNetzA), as the national regulatory authority of Germany, requested to publish these inside information on central and neutral websites, like the EEX transparency platform in order to further increase transparency on the energy market. BNetzA states that until the information is published on the central webpage it is also possible to publish them on the homepage of the respective enterprises. This also applies in the event that the central webpage ist not available or operational. Further rules apply.

Sources: Federal Network Agency (BNetzA), ACER Guidance on the implementation of REMIT

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