59
Document title: Publishing date: 01/10/2012 We appreciate your feedback Please click on the icon to take a 5’ online survey and provide your feedback about this document
Document title:
Publishing date: 01/10/2012
We appreciate your feedback
Please click on the icon to take a 5’ online surveyand provide your feedback about this document
Co
oParwh
This doapplicatTranspaThe infoAgency
ompa
of Regurliamen
holesale
ocument cotion of Rearency (REMformation is assumes n
Ag
arison
ulation nt and e energ
ompares thgulation (EMIT). It is ns provided no liability fo
gency for the
100
n of thG
on th(EU) Nof the gy mar
28-
he first anEU) No 12ot the Agenfor informa
or the use o
Cooperation oTrg Republik
00 Ljubljana, S
he 1st
Guidanhe applNo 1227
Councrket int
-SEPT-
d second 227/2011 oncy’s Guidaational purpor interpreta
of Energy Regke 3 Slovenia
t andnce lication7/2011 cil of 25tegrity
-2012
edition of on Wholesance, nor caposes only ation of infor
gulators
2nd E
n of the 5 Octoand tr
the Agencale Energyan it be refer
as a servrmation con
Editio
Europber 20anspar
cy’s Guiday Market Inrred to as s
vice to the ntained here
on of
pean 11 on rency
nce on thentegrity anduch. public. The
ein.
e d
e
ToEpcg
Related ACE
httpACE
1st e
Reg201http
RegCOUhttp
REGCOUhttp
REGCOUexchhttp
REG
COUand http
DireJanuhttp
DireApri
This Documof GuidanceEnergy Marpursuant to colour and green colou
d Documen
ER Work Pr://www.ace
ERWP%202
edition of ACgulation (EU1 on wholes://www.ace
gulation (ECUNCIL on w://eur-lex.eu
GULATION UNCIL of 13://eur-lex.eu
GULATION UNCIL of 13hanges in e://eur-lex.eu
GULATION UNCIL of 13repealing R
://eur-lex.eu
ective 2003/uary 2003 o://eur-lex.eu
ective 2004/il 2004 on m
ment containe on the aprket IntegrityArticle 16(1new text is
ur, double st
nts
rogramme 2r.europa.eu2012FINAL
CER GuidanU) No 1227/sale energyr.europa.eu
C) No 1227/wholesale europa.eu/Le
(EC) No 713 July 2009uropa.eu/Le
(EC) No 713 July 2009
electricity anuropa.eu/Le
(EC) No 713 July 2009Regulation (uropa.eu/Le
/6/EC OF Ton insider duropa.eu/Le
/39/EC OF Tmarkets in fi
ns a compapplication oy and Tran1) of REMIT marked wtrikethrough
2012, u/portal/pag.pdf
nce on the 2011 of the
y market intu/remit/Docu2011 OF THnergy markexUriServ/L
13/2009 OF9 establishinexUriServ/L
14/2009 OF9 on conditiond repealingexUriServ/L
15/2009 OF9 on conditio(EC) No 17exUriServ/L
HE EUROPealing and
exUriServ/L
THE EUROinancial inst
2/58
arison of theof Regulatiosparency (RT. Deletionsith underlinh for copy a
e/portal/AC
application e European egrity and tuments/1st_HE EUROP
ket integrity LexUriServ.d
F THE EUROng an AgencLexUriServ.d
F THE EUROons for acceg RegulatioLexUriServ.d
F THE EUROons for acce75/2005
LexUriServ.d
PEAN PARLmarket man
LexUriServ.d
OPEAN PARtruments,
e content ofon (EU) NoREMIT), whs are markee in red co
and double u
CER_HOME
of the definParliament
transparenc_edition_AC
PEAN PARLand transpado?uri=OJ:L
OPEAN PAcy for the Cdo?uri=OJ:L
OPEAN PAess to the nn (EC) No 1do?uri=OJ:L
OPEAN PAess to the n
do?uri=OJ:L
LIAMENT Anipulation (mdo?uri=OJ:L
RLIAMENT
Ref:
f the 1st ando 1227/201hich the Aged with strikolour. Moveunderline fo
E/The_Agen
nitions set oand of the
cy CER_guidaLIAMENT Aarency L:2011:326
ARLIAMENTCooperation L:2009:211
ARLIAMENTetwork for c
1228/2003L:2009:211
ARLIAMENTatural gas t
L:2009:211
AND OF THmarket abuL:2003:096
AND OF TH
A12-AWMS-0
d the 2nd Ed1 on Wholeency may aethrough ins are mark
or paste.
ncy/Work_p
out in ArticleCouncil of 2
nce.pdf AND OF TH
:0001:0016
T AND OF Tof Energy R:0001:0014
T AND OF Tcross-borde
:0015:0035
T AND OF Ttransmissio
:0036:0054
E COUNCIse), :0016:0016
HE COUNC
04-03-guidanc
dition esale adopt n blue ked in
programme/
e 2 of 25 October
E
6:en:PDF
THE Regulators
4:EN:PDF
THE er
5:EN:PDF
THE n networks
4:EN:PDF
L of 28
6:EN:PDF
CIL of 21
ce
r
http DIR
15 Dinforamehttp
EuroCouCOMhttp
EuroCouCOMhttp
EuroAND[EMfinalhttp
EuroOF TEurohttp
EuroOF Trequon ahttpprop
Dire
Euroinsidhttp
Dire
accecomand httpon.p
Mar
://eur-lex.eu
RECTIVE 20December 2rmation aboending Direc://eur-lex.eu
opean Comuncil on insidM(2011) 65://eur-lex.eu
opean Comuncil on crimM(2011) 65://eur-lex.eu
opean ComD OF THE C
MIR] on OTCl, ://eur-lex.eu
opean ComTHE COUNopean Parli://eur-lex.eu
opean ComTHE COUNuirements ina regulated ://ec.europaposal/20111
ective 2003/opean Parlide informati://www.esm
ective 2004/epted mark
mmodities, ththe notifica
://www.esmpdf
rket Abuse D
uropa.eu/Le
004/109/EC 2004 on theout issuers wctive 2001/3uropa.eu/Le
mmission proder dealing 1 final, uropa.eu/Le
mmission prominal sanctio
4 final, uropa.eu/Le
mmission proCOUNCIL oC derivatives
uropa.eu/Le
mmission proNCIL on maament and uropa.eu/Le
mmission proNCIL amendn relation tomarket and
a.eu/interna1025-provis
/124EC of 2ament and ion and the
ma.europa.e
/72/EC of 29et practiceshe drawing ation of suspma.europa.e
Directive - L
exUriServ/s
OF THE Ee harmonisawhose secu34/EC exUriServ/L
oposal for aand marke
exUriServ/L
oposal for aons for insid
exUriServ/L
oposal for aon markets s, central co
exUriServ/L
oposal for arkets in finaof the Coun
exUriServ/L
oposal for ading Directivo informationd Commissial_market/sesional-propo
22 Decembeof the Coundefinition o
eu/system/fi
9 April 2004s, the definitup of lists o
picious traneu/system/fi
Level 3 – fir
3/58
ite/en/cons
UROPEANation of tranurities are a
LexUriServ.d
a Regulationet manipulat
LexUriServ.d
a Directive oder dealing
LexUriServ.d
a REGULATin financial ounterpartie
LexUriServ.d
a DIRECTIVancial instruncil, COM(2
LexUriServ.d
a DIRECTIVve 2004/109n about issuon Directiveecurities/doosal_en.pdf
er 2003 impncil as regaof market mles/MADIm
4 implemention of insidof insiders, nsactions les/MAD__
rst set of CE
leg/2004/L/
PARLIAMEsparency re
admitted to t
do?uri=OJ:L
n of the Eurtion (market
do?uri=COM
of the Europand marke
do?uri=COM
TION OF THinstruments
es and trade
do?uri=COM
VE OF THE uments repe2011) 656 fido?uri=COM
VE OF THE 9/EC on theuers whosee 2007/14/Eocs/transpar
plementing ards the defanipulationplDir_2003_
nting Directivde informatiothe notificat
__implemen
ESR guidan
Ref:
/02004L003
ENT AND Oequirementstrading on a
L:2004:390
ropean Parlt abuse), 20
M:2011:065
pean Parliamt manipulat
M:2011:065
HE EUROPs and amene repositorie
M:2011:065
EUROPEAealing Direcinal, M:2011:065
EUROPEAe harmonisa
e securities aEC, COM(20rency/modif
Directive 20inition and p _124.pdf
ve 2003/6/Eon in relatiotion of man
ting_measu
nce and info
A12-AWMS-0
39-2006042
OF THE COs in relationa regulated
:0038:0038
iament and0 October 2
51:FIN:EN:P
ment and oion, 20 Octo
54:FIN:EN:P
PEAN PARLnding Regules, COM(20
52:FIN:EN:P
AN PARLIAMctive 2004/3
56:FIN:EN:P
AN PARLIAMation of tranare admitte011) 683 finfying-
003/6/EC ofpublic disclo
EC as regaron to derivatagers' trans
ure_2nd_se
ormation on
04-03-guidanc
8-en.pdf
OUNCIL of n to
market and
8:EN:PDF
of the 2011,
f the ober 2011,
LIAMENT lation 011) 652
MENT AND39/EC of the
MENT ANDnsparency ed to tradingnal,
f the osure of
rds tives on sactions
et_OJ_versi
the
ce
d
D e
D
g
i
comhttp
Mar
comhttp
Mar
comhttp
mmon opera://www.esm
rket Abuse Dmmon opera
://www.esm
rket Abuse Dmmon opera
://www.esm
ation of the Dma.europa.e
Directive - Lation of the Dma.europa.e
Directive - Lation of the Dma.europa.e
Directive (Reu/system/fi
Level 3 – seDirective
eu/system/fi
Level 3 – thDirective
eu/system/fi
4/58
Ref. CESR/0les/04_505
econd set of
les/06_562
ird set of C
les/09_219
04-505b) 5b.pdf
f CESR gui
b.pdf
ESR guidan
9.pdf
Ref:
dance and
nce and info
A12-AWMS-0
information
ormation on
04-03-guidanc
n on the
n the
ce
Preface
FollowinRegulat2011 oDecemb Whilst tNationaRegulatuse of edevelopmanipuprofessprocedumanipuDecemb Accorditasks unnon-binapproprobligatioThe GuAgency market This Guout in A At the s(www.ain fulfillparticiparelated Questioupdated I wouldcontribu
e by the Dir
ng its publition (EU) N
on wholesaber 2011.
the obligatioal Regulatortors (the Agenergy facilped by thelation, the ionally arraures to idelation and tber 2011.
ng to Articlnder REMITding Guidariate. The ons is consuidance will and NRAsparticipants
uidance is dArticle 2 of R
same time cer.europa.ing their obants and oto the impl
on and Answd regularly.
d like to tutions, will h
rector on t
cation in thNo 1227/20le market
ons for whory Authoritygency) with ities will on
e Europeanobligation
anging tranntify suspeto notify the
e 16(1) of T in a coordance on the
entry into sidered an al be updates in the ims and other
directed to NREMIT.
as publish.eu) informabligations u
other stakehlementationwer (Q&A) d
thank all mhelp us ensu
he 1st editi
he Official 11 of the Eintegrity an
olesale eney (NRA) andrecords of ly come inton Commiss
to publishnsactions toected breacem to the c
REMIT, thedinated and e applicatio
force of appropriateed in later
mplementatiostakeholde
NRAs and i
ing this Guation and tounder REMholders will n of REMITdocument, w
market parure a smoo
5/58
on
Journal of European Pnd transpa
ergy marked to providetransactiono force aftesion, the ph inside ino establishches of thecompetent N
e Agency sconsistent
on of the dREMIT an
e moment toeditions onon of REM
ers.
n no way p
uidance, theools to assis
MIT. These be able to
T. We will awhich is als
rticipants ath and effec
Age
the EuropeParliament arency (REM
et participane the Agen
ns and inforer the adoptprohibitionsformation and main
e prohibitionNRA withou
shall aim to way. In this
definitions snd of the o publish thn the basis IT, includin
rovides an
e Agency isst market ptools includ
o submit reaim at proviso published
and other sctive implem
ncy for the
Ref:
ean Union and of the MIT) will e
nts to registncy for the mation relation of the ims of insideand the o
ntain effectns of insidut further de
ensure thas context, thset out in Aaforementio
he First Ediof the exp
ng through
interpretatio
s making aarticipants de a form
equests for iding such d on our we
stakeholdermentation o
Cooperatio
A12-AWMS-0
on 8 DeceCouncil of
enter into f
ter with theCooperatio
ated to the cmplementin
er trading abligations ive arrangeer trading elay will ap
at NRAs cahe Agency sArticle 2 of oned prohition of such
perience gafeedback f
on of the de
available onand other sthrough wclarificatio
clarificationebsite and w
rs who, thof REMIT.
Alberto
on of Energy
04-03-guidanc
ember 201125 Octobe
force on 28
e competenn of Energ
capacity andng acts to beand markefor personements andand markeply as of 28
arry out theshall publish
REMIT, aibitions andh Guidance
ained by thefrom energy
efinitions se
n its websitestakeholderhich marken on issue
ns through awhich will be
hrough the
PototschnigDirecto
y Regulator
ce
1, er 8
nt y d e et s d
et 8
ir h s d
e. e y
et
e rs et s a e
ir
g or rs
Preface The 1stDecembguidancforce ofthan a yfar, inclWe are In this GuidancREMIT energy obligatioprohibit As for REMIT, The Agcoordinathe expfeedbacedition o In addittools pustakeho
e by the Dir
t edition of Aber 2011, oce to NRAsf REMIT. Tyear later, ituding throumost grate
2nd editionce on the ain relation market, w
on to discions agains
the previou and in no w
ency will coated and coerience gai
ck from enof the guida
tion, we wiublished onolders in fulf
rector on t
ACER Guidone week
s on what thThe 1st editt is now tim
ugh feedbacful to all of t
n of ACERapplication o
to EU finanwholesale eclose insidest market ab
us edition, way provide
ontinue its onsistent wained by theergy marke
ance is alrea
ll also regun our websfilling their o
he 2nd editi
dance on thbefore the he Agency tion of ACE
me to publishck from NRthem for the
R Guidanceof the markencial markeenergy prode informatibuse.
this Guidaes an interp
work to enay. The Gu
e Agency anet participaady foresee
ularly updatsite (www.aobligations u
6/58
ion
he applicatioentry into considered
ER Guidanch an update
RAs, energyeir contribut
e on the apet abuse deet legislatioducts and ion and th
nce is direpretation of t
sure that Nidance will nd NRAs in
ants and oten for mid-2
te our Queacer.europaunder REM
Age
on of REMIforce of R
d to be prioce was welled version, y market pation.
pplication oefinitions, bn, the applmarket pa
he applicat
ected to NRthe applicat
NRAs carry be updated
n the applicther stakeh2013.
stion and A.eu) to ass
MIT.
ncy for the
Ref:
T definitionREMIT, andority areas fl perceived taking into
articipants a
of REMIT, ut also exteication of darticipant, ttion and i
RAs, pursution of REM
out their tad in further eation of RE
holders. For
Answer (Q&sist market
Cooperatio
A12-AWMS-0
ns was publd focused ofollowing thby stakehoaccount ex
and other st
we have uended it to tdefinitions othe applicamplementa
ant to ArticMIT.
asks under editions on
EMIT, includr this purpo
&A) documparticipant
Alberto
on of Energy
04-03-guidanc
lished on 2on providinghe entry intoolders. Lesxperience sotakeholders
updated thethe scope oof wholesaleation of theation of the
cle 16(1) o
REMIT in athe basis o
ding througose, a third
ent and ous and othe
PototschnigDirecto
y Regulator
ce
1 g o s o s.
e of e e e
of
a of h d
ur er
g or rs
ImportaAccordon WhpublishREMIT]REMIT,tasks uAgencyof REM Therefodocumecoordindrafted The noconditioREMIT, The GuwholesEurope
ant Notice ding to the olesale En
h non-bind], as approp “the Agen
under [that]y may issu
MIT and on o
ore the noent is direnation and
d in non-leg
on-binding ons and th including
uidance is sale energyean compet
second sunergy Mar
ding guidanpriate”. In
ncy shall ai] Regulatio
ue guidanceother issue
on-bindingected to Na
consistengal terms a
Guidancehe experienthrough th
without py products tition law to
ubparagraprket Integrnce on the addition, aim to ensuon in a cooe both on es of applic
g Guidanceational Regcy in their nd made p
e is updatnce gainedhe feedbac
prejudice towhich are o the pract
7/58
ph of Articity and Trapplicatio
according ture that natordinated athe applicacation of R
e on the gulatory Amonitorin
public for tr
ted from td by the Agk of marke
o Directivefinancial intices cover
cle 16(1) ofransparencn of the deto the first tional reguand consisation of the
REMIT.
applicatioAuthorities
g activitiesransparenc
time to timgency and et participa
es 2003/6/Enstrumentsred by REM
Ref:
f Regulatiocy (REMITefinitions ssubparagrlatory authtent way”. e definition
on of REM(NRAs) to
s under REcy purpose
me to refleNRAs in tnts and oth
EC and 20s as well asMIT.
A12-AWMS-0
on (EU) No), “the Ag
set out in Araph of Artihorities car
For this pns set out
MIT provido ensure thEMIT. It is des only.
ect changthe implemher stakeh
004/39/EC as to the ap
04-03-guidanc
o 1227/201gency shalArticle 2 [oicle 16(1) orry out theiurpose, thein Article 2
ded in thishe requireddeliberately
ing markementation o
olders.
applying toplication o
ce
1 ll
of of ir e 2
s d y
et of
o of
Table
1 Intr
2 Sco
3 Appmarket
3.1.
3.2.
3.3.
3.4.
3.5. .....
4 App
4.1.
4.2.
4.3.
4.4.
4.5.
4.6.4.6ele4.6ga
4.7.
5 App
5.1.
5.2.
5.3.
5.4.man5.45.45.45.4
5.5.
6 App
6.1.
of Conte
roduction ..
ope of the R
plication of” and “mar
...Introduct
...Wholesal
...Wholesal
...Market pa
...Applicatio
.. ...............
plication of
...Introduct
...Informatio
...Made pub
...Likelihoo
...REMIT ex
...Examples6.1 Exaectricity ma6.2 Exas markets
...Conclusio
plication of
...Introduct
...REMIT de
...REMIT ex
...Examplesnipulation 4.1 Fals4.2 Pric4.3 Tran4.4 Diss
...Conclusio
plication of
...Introduct
ents
...................
Regulation
f the definirket partici
ion ...........
e energy p
e energy m
articipant .
on of REM.................
f the defini
ion ...........
on and info
blic ............
od of having
xamples of
s of informamples illusarkets amples illus
ons ...........
f the defini
ion ...........
efinition of
xamples of
s of the var.................
se/misleadce positionnsactions semination
ons ...........
f the obliga
ion ...........
..................
n .................
itions of “wpant” ........
..................
products ...
market .......
..................
IT for mark..................
ition of “ins
..................
ormation o
..................
g a signific
inside info
ation whicstrating the
strating the
..................
ition of “ma
..................
market ma
market ma
rious types..................ing transacing involving f
n of false a
..................
ation to dis
..................
8/58
..................
..................
wholesale e..................
..................
..................
..................
..................
ket particip..................
side inform
..................
of a precise
..................
cant price e
ormation ...
ch could coe rules for
e rules for
..................
arket mani
..................
anipulation
anipulation
s of practic..................ctions
fictitious dend mislead
..................
sclose insid
..................
..................
..................
energy pro..................
..................
..................
..................
..................
pants from ..................
mation” .....
..................
e nature ....
..................
effect ........
..................
onstitute indefining in
defining in
..................
pulation” .
..................
n ................
n ................
ce which co..................
evices/decding inform
..................
de informa
..................
Ref:
..................
..................
ducts”, “w..................
..................
..................
..................
..................
non-EU an..................
..................
..................
..................
..................
..................
..................
nside informnside inform
nside inform
..................
..................
..................
..................
..................
ould const..................
ceptionmation
..................
ation ..........
..................
A12-AWMS-0
..................
..................
wholesale e..................
..................
..................
..................
..................
nd non-EEA..................
..................
..................
..................
..................
..................
..................
mation ......mation in w
mation in w
..................
..................
..................
..................
..................
itute marke..................
..................
..................
..................
04-03-guidanc
............. 10
............. 12
energy ............. 14
............. 14
............. 14
............. 15
............. 16
A countries............. 18
............. 19
............. 19
............. 19
............. 22
............. 24
............. 25
............. 26wholesale
26wholesale
27
............. 28
............. 30
............. 30
............. 30
............. 32
et ............. 33
33333435
............. 35
............. 37
............. 37
ce
4
5
s8
9
9
5
8
5
5
6.2.
6.3.
7 Appinsider
7.1.7.1
7.2.7.27.27.2to 7.2
7.3.7.37.3
7.4.
7.5.7.5 ...7.5
7.6.7.67.67.67.6
Annex
Annex
...Effective
...Timely pu
plication ofdealing or
...Introduct1.1
...Applicatio2.1 Typ2.2 App2.3 Exedisclose in
2.4 App
...Indication3.1 Pos3.2 Pos
...Method o
...The oblig5.1 The.. ……………5.2 The
...Applicatio6.1 Intro6.2 Acc6.3 Com6.4 Pen
1 ...............
2 ...............
public disc
ublic disclo
f the marker market ma
ion ...........
on of markpes of markplication ofemptions frnside inforplication of
ns of possissible signassible signa
of reporting
gations of pe duty to es………………e duty to no
on of the imoduction
cepted Marmpliance renalty regim
...................
...................
closure .....
osure ........
et abuse pranipulation
..................
ket abuse pket abusef the prohibrom the promationf the prohib
ible suspicals of insidals of mark
g suspiciou
persons prostablish an……………otify suspic
mplementa
rket Practicegimees
..................
..................
9/58
..................
..................
rohibitionsn ................
..................
prohibitions
bition of inohibition o
bition of m
cious transder dealingket manipu
us transact
ofessionald maintain……………cious trans
ation of pro
ces (AMPs)
..................
..................
..................
..................
s and poss..................
..................
s ...............
sider tradif insider tr
arket mani
sactions ....gulation
tions .........
ly arranginn effective a
……………sactions
ohibitions o
) regime
..................
..................
Ref:
..................
..................
ible signals..................
..................
..................
ngrading and
ipulation
..................
..................
ng transactarrangeme
………………
of market a
..................
..................
A12-AWMS-0
..................
..................
s of suspe..................
..................
..................
from the o
..................
..................
tions .........ents and pr………………
abuse ........
..................
..................
04-03-guidanc
............. 37
............. 40
cted ............. 42
............. 4242
............. 424343
obligation 4446
............. 474747
............. 49
............. 49rocedures………… 49
50
............. 5151515454
............. 56
............. 57
ce
9
9
9
6
1 In
This do(NRAs)and of t(REMIT This sec
- T
- t
- t
For furtconsum2009/73
1 OJ L 32
ntroduction
ocument co, pursuant tthe Council
T), on the ap
cond edition
The scope
the applicat
o who(Cha
o insid
o mar
the applicat
o the (Cha
o the possperspurs
o the REM
her guidancmption etc.) 3/EC, Regu
26, 8.12.201
n
ntains the to Article 16l of 25 Octopplication of
n of the Gui
of REMIT (
tion of the d
olesale eneapter 3),
de informat
rket manipu
tion of
obligation apter 6),
prohibitionssible signasons profesuant to Art
implementMIT and the
ce on genereference islation (EC)
1, p. 1.
non-binding6(1) of Regober 2011 of REMIT.
idance conc
Chapter 2),
definitions o
ergy produc
ion (Chapte
lation (Cha
to publish
s of marketals of suspssionally aicle 15 of R
ation of pre application
eral definitios made to thNo 714/200
10/58
g Guidancegulation (EUon wholesa
centrates on
of
cts, wholes
er 4) and
pter 5), as w
inside inf
t abuse accected insid
arranging trREMIT (Cha
rohibitions on of Accepte
ons stipulatehe relevant 09 and Reg
e, directed tU) No 1227/ale energy m
n the follow
sale energy
well as
formation a
cording to Ader dealing ransaction
apter 7) and
of market aed Market P
ed in Articledefinitions
gulation (EC
Ref:
to National /2011 of themarket integ
wing issues:
y market a
according t
Articles 3 aand markare oblige
abuse accoPractices (C
e 2 of REMin Directive
C) No 715/2
A12-AWMS-0
Regulatorye Europeangrity and tra
and market
o Article 4
nd 5 of REket manipuled to notif
ording to AChapter 8).
MIT (e.g. finae 2009/72/E009.
04-03-guidanc
y Authoritien Parliamenansparency
t participan
4 of REMIT
EMIT and onlation whichfy to NRA
Article 13 o
al customerEC, Directive
ce
s nt y1
nt
T
n h s
of
r, e
Del
Del
Delcon
Del
DpA
D
D
D¶
leted: the
leted: firs
leted: thrsiders to
leted: the
Deleted: provides gAgency co
Deleted:
Delete
Deleted:
Deleted:
Delete
Deleteguidancinside inthe condisclosu4 of REto NRAAgencymanipumanipusignals market professexpecteArticle 1
2 Sc
Accordiproductwhich aArticle 1and 20covered Article 1the marabuse pany casinside iregardle Accorditrading to tradinactuallyshall alsMembeArticle 6admissiwhose r The listincludesmarket been m Article 4defines operatoand senondiscadmittedregularl Considethose lismarket not beederivativ4(1) Noabuse p
cope of the
ng to Articts, whilst Arare financial1(2) of REM04/39/EC a
d by REMIT
1(2) of REMrket abuse prohibitions se, it can anformation ess of whet
ng to Articlon a regulang on such y takes placso apply tor State, but6(1) to (3) on of their request has
t of financias derivativein a Membeade.
4(1) No 14 regulated
or, which brelling interecretionary rud to tradiny and in acc
ering the absted in Secin a Membe
en made wve on energ
o 15 of MiFIprohibitions
e Regulatio
cle 1(2) of rticles 3 and instrument
MIT stipulateas well as
T.
MIT thereforprohibitionsof Directive
already be naccording her the who
le 9(1) of Mated market
a market he on that m
o any financt whose val
of MAD sfinancial in
s not been a
al instrumens on commer State or
of Directivemarket as
ings togethests in finaules in a wa
ng under itscordance w
bove, any wtion C of Aner State or
would be cogy only admD is not coof REMIT.
on
REMIT, thd 5 of this Rts and to whes that the to the app
re requires s of Articlese 2003/6/ECnoted that Ato Article 4
olesale ene
MAD, the Dt in at least has been m
market. Accocial instrumue depends
shall therefonstruments approved.
nts subject modities and
for which a
e 2004/39/Es a multilather or facilitancial instray that resus rules an
with the prov
wholesale ennex I of Mfor which aovered by
mitted to traovered by th
11/58
he RegulatRegulation hich Article Regulation
plication of
the definitios 3 and 5 ofC (Market AArticle 1(2)4(1) of REMrgy product
Directive apone Membe
made, irrespording to Ar
ment not ads on a finanore not apto trading o
to MAD pr any other
a request fo
EC (Marketsteral systetates the brruments inults in a cod/or systemvisions of Ti
energy prodiFID, but w
a request fomarket abding at Mul
he market a
ion appliesshall not ap9 of Directi
n is without European
on of a borf REMIT, onAbuse Direc) of REMIT MIT. Articlet is a financ
plies to anyer State, orective of wrticle 9(2) ofmitted to tr
ncial instrumply to issuon a regula
rovisions asinstrument
or admission
s in Financm operatedringing togen the systentract, in rems, and witle III of MiF
duct which iwhich is not or admissionbuse prohibtilateral Tra
abuse prohi
Ref:
s to tradingpply to whoive 2003/6/Eprejudice tocompetitio
rderline betwn the one hctive - MAD
does not a 4(1) of REial instrume
y financial r for which ahether or nf MAD, Artirading on ament as refeers who ha
ated market
s specified admitted ton to trading
cial Instrumed and/or m
ether of muem and inespect of thhich is autFID.
is a financiaadmitted ton to trading
bitions of Rading Facilitbitions of M
A12-AWMS-0
g in wholesolesale enerEC applies.o Directivesn law to th
ween the aand, and o), on the otaffect the dEMIT thereent or not.
instrument a request foot the transcles 2, 3 an
a regulated erred to in pave not reqt in a Mem
in Article 1o trading ong on such a
ents Directimanaged bltiple third p
n accordanhe financial thorised an
al instrumeo trading ong on such aREMIT. In pties accordi
MAD, but by
04-03-guidanc
sale energrgy product. In additions 2003/6/EChe practice
pplication of the markeher hand. I
disclosure oefore applie
admitted toor admissiosaction itsend 4 of MADmarket in a
paragraph 1quested theber State o
1(3) of MAD a regulated
a market ha
ve – MiFIDby a markeparty buyingnce with it
instrumentnd function
nt, including a regulated
a market haparticular, ang to Articley the marke
ce
y s
n, C s
of et n
of s
o n lf D a 1. e
or
D d s
D) et g s s s
g d s a e et
This unand aligGuidanc
derstandinggned with thce will then
g applies uhe MiFID scbe reviewe
ntil the scocope as cured according
12/58
ope of the frrently consgly.
inancial inssidered in th
Ref:
struments uhe review o
A12-AWMS-0
nder MAD of these dire
04-03-guidanc
is extendedectives. The
ce
d e
3 Am
3.1 I
This chmarkets
3.2 W
Article 2
i
(
(
(
(
Cfsco
Article underst
eca
Fc6el
pplication market” and
Introductio
hapter coves, wholesale
Wholesale
2(4) of REM
"wholesale irrespective
(a) contUnio
(b) derivdeliv
(c) contUnio
(d) derivUnio
Contracts fofinal customsupply andconsumptioof point (5)
2(5) of REtanding of th
"consumptioelectricity ocomprises aas consump
For the pucontrol of a600 GWh pexert a joinlocated in d
of the defd “market p
on
ers the Agee energy pro
energy pro
MIT defines
energy pre of where a
tracts for thon;
vatives relvered in the
tracts relation;
vatives relaon.
for the suppmers are nd distributioon capacity shall be tre
EMIT clarifihe notion of
on capacityor natural gall consumpption takes
urposes of a single ecoper year shant influence
different rele
finitions oparticipant”
ency’s curreoducts and
oducts
wholesale e
roducts" mand how the
he supply of
lating to ee Union;
ing to the t
ating to the
ply and distrnot wholesaon of electr
greater thaeated as wh
es the notf “wholesale
y" means gas at full ption by thaplace on m
this definitionomic entitall not be tae on wholeevant geogr
13/58
of “wholesa”
ent understmarket par
energy prod
means the ey are trade
f electricity
electricity o
transportatio
transportat
ribution of eale energy ricity or naan the thresolesale ene
tion of “coe energy pro
the consumuse of tha
at customermarkets with
ion, consumty that haveaken into acesale energraphical ma
ale energy
tanding of rticipant acc
ducts as foll
following ced:
or natural g
or natural
on of elect
tion of elec
electricity oproducts. H
atural gas shold set ouergy produc
nsumption oducts”:
mption of aat customer as a singleinterrelated
mption at ie a consumccount in sorgy market rkets;
Ref:
y products
the notionscording to A
lows:
contracts a
gas where d
gas produ
tricity or na
ctricity or na
r natural gaHowever, cto final cuut in the sects.
capacity”
a final cuser's produce economicd wholesale
individual pmption capao far as thoprices due
A12-AWMS-0
”, “wholes
s of wholeArticle 2 of R
and deriva
delivery is i
uced, trade
atural gas in
atural gas i
as for the ucontracts foustomers wecond parag
relevant fo
stomer of etion capaci
c entity, in se prices.
plants undeacity of less se plants de to their b
04-03-guidanc
sale energy
sale energREMIT.
tives,
in the
ed or
n the
in the
use of or the with a graph
r the
either ity. It so far
er the s than do not being
ce
y
y
In view consideday, daaccepteDerivatiAnnex No 128 Conversto be wREMIT.wholesarelating overseetogethe As the dof how athe-cougroup, a
3.3 W
Article 2
e Accordimarketsmarketsmarketscontract The Agincludes
-
- t
- d
-
c
-
of the defers contractsay-ahead, ted in the maves are undI to Directi
87/2006.
sely, the Agwholesale en
The Agenale energy m
to emisseing tradingr with acces
definition ofand where nter (OTC)are conside
Wholesale
2(6) of REM
“wholesale energy prod
ng to Recs and derivs, and prices, multilaterts, direct or
gency’s unds, among ot
Balancing m
Intraday or the Union;
Day-ahead delivery in t
Physical mincluding mcontracts;
Markets for
finition of ws for the sutwo-days-aharket as coderstood asive 2004/39
gency consnergy produncy is awamarkets. Acion allowa in emissionss to record
f wholesalethey are tra
) contracts ered to be w
energy ma
MIT defines
energy maducts are tra
cital 5 of Rvative marke formationral trading r through bro
derstandingthers, but n
markets for
within-day
or two-daythe Union, i
arkets for tmarkets fo
r the transpo
wholesale eupply or tranhead, weentracts for
s financial in9/EC as im
siders contructs as theyare that thccording to nces collen allowanceds of transa
e energy proaded”, the Aentered int
wholesale en
arket
a wholesale
arket“ meaaded.
REMIT, whkets, which
n in both sefacilities a
okers.
g is that thot limited to
the trading
markets fo
y-ahead mancluding we
the trading or physical
ortation cap
14/58
energy prodnsportation k-end, longthe supply nstruments mplemented
racts for grey do not fuese contraArticle 10 octed by tres or derivactions in su
oducts appAgency conto with anonergy produ
e energy ma
ans any ma
holesale enh are of viectors is inand over-th
e definitiono:
of electricit
or the tradin
arkets for teek-end pro
of electriciforward
pacities of e
ducts in Arof electricit
g-term or or transporas set out i
d in Articles
een certificalfil the requ
acts can haof REMIT, erade reposatives thereouch allowan
lies to contsiders that
other counteucts under R
arket as fol
arket within
nergy marktal importaterlinked. T
he-counter
n of wholes
ty or natura
ng of electri
the trading oducts;
ty or naturacontracts a
electricity or
Ref:
rticle 2(4) oty and gas any other rtation of elin points (4)s 38 and 3
ates and emuirements save a signemission allsitories or of shall be ces and de
tracts and dintra-group
erparty whicREMIT.
lows:
n the Union
kets encomance to theThey includ(OTC) tran
sale energy
l gas with d
city or natu
of electric
al gas withand non-s
r natural gas
A12-AWMS-0
of REMIT, traded intratime perio
ectricity or ) to (10) of S39 of Regu
mission alloet out in Ar
nificant pricowances ocompetent
provided torivatives.
derivatives “p transactionch is part o
n on which
mpass both e energy ade, inter aliansactions a
y markets
delivery in th
ural gas with
city or natur
delivery intandardised
s in the Unio
04-03-guidanc
the Agencaday, withinod generallnatural gasSection C oulation (EC
owances norticle 2(4) o
ce effect or derivativet authoritieo the Agenc
“irrespectivens, i.e. overof the same
h wholesale
commoditynd financiaa, regulated
and bilatera
furthermore
he Union;
h delivery in
ral gas wit
n the Uniond long-term
on;
ce
y n-y
s. of C)
ot of n s s y
e r-e
e
y al d al
e
n
h
n, m
-
t
- In future
3.4 M
Article 2
ee
The nowholesa The undobligatioparticipaobligatioincludinpoints (REMIT.competeaccorda In the wholesamarket more wh
- 2t
t
2
- S
Derivatives the Union, i
Derivatives
e, also gene
Market par
2(7) of REM
“market paenters into energy mar
tion of a male energy m
derstandingon to discloant. Secondon to provig orders to
(b) to (f) of Lastly, puent NRA if
ance with A
light of theale energy participants
wholesale en
Energy tra2(35) of Dtransportatiundertakingthe followin
Producers 2009/72/ECproduction
Shippers o
markets reincluding fin
markets re
eration capa
rticipant
MIT defines
rticipant” mtransactionrkets.
market partimarket and
g of the notose inside idly, accordiide the Age trade, by thArticle 8(4)rsuant to Aentering inrticle 8(1) o
e Agency’s products, ths under REMnergy marke
ading compDirective 20
on, supplyg’ pursuant g functions
of electriC and Articlto their in-h
of natural g
elating to elnancial OTC
elating to the
acity marke
a market pa
means any s, including
icipant is cwholesale
tion of marknformation ing to Articlency (i) wihe market p) of REMIT
Article 9(1) oto transacti
of REMIT.
understanhe Agency MIT if enterets:
panies in th009/72/EC , or purchato Article 2: transporta
city or nae 2(1) of D
house tradin
gas;
15/58
lectricity or C markets;
e transporta
ets (CRM) m
articipant as
person, incg the placing
closely linkeenergy pro
ket participaaccording le 8(1) of Rth a recordparticipant iand (ii) wit
of REMIT, ions which
nding of thecurrently c
ring into tran
he meaning carrying ouase of elec2(1) of Direcation, supply
atural gasirective 200
ng unit or en
natural gas
ation of elec
may have to
s follows:
cluding trang of orders
ed with theducts.
ant is cruciato Article 4
REMIT, beind of wholetself or throth the informmarket parare require
e notions oonsiders atnsactions, i
of ‘electricut at leastctricity, andctive 2009/7y or purchas
in the mea09/73/EC, innergy tradin
Ref:
s produced
ctricity or na
be conside
nsmission sto trade, in
e understan
al for sever(1) of REM
ng a markesale energ
ough a persmation descrticipants haed to be rep
of wholesat least the fincluding or
ity undertakt one of thd in the me73/EC carryse of natura
aning of Ancluding prong company
A12-AWMS-0
, traded or
atural gas in
ered.
system opeone or mor
nding of the
ral reasonsMIT lies with
t participany market t
son or authocribed in Arave to regisported to th
ale energy following perders to trad
king’ pursuahe followingeaning of ying out at al gas, inclu
Article 2(2) oducers supy;
04-03-guidanc
delivered in
n the Union
erators, whore wholesale
e notions o
. Firstly, theh the markent entails theransactionsority listed inrticle 8(5) oster with thee Agency i
market andersons to bede, in one o
ant to Articleg functions‘natural galeast one o
uding LNG;
of Directivepplying the
ce
n
.
o e
of
e et e s, n
of e n
d e
or
e s: s
of
e ir
- W2
-
oo
- T
2 - S
2 -
a -
The cruenteringFor instREMIT more wextractiothe supthe malfmarket. participaInformaconsideto the Afulfill thAgencywholesaon behabest plaand poparticipasituationor wherequirem
Wholesale 2(29) of Dir
Final custoof Directiveof electricityGWh ;
Transmiss2009/72/EC
Storage s2009/73/EC
LNG systeand
Investmen
ucial criteriog into transatance, SSOand are the
wholesale enon of gas fply of gas ifunction, se As a resuants and a
ation relatedered inside Agency accis disclosur considers ale energy palf of the poaced to pubotentially mants shouldns where thre the sysments for pu
customersrective 2009
omers in the 2009/73/Ey or natural
sion systemC and Direc
ystem opC;
em operato
t firms in th
on for the aactions, incs and LSOserefore consnergy markerom the gain cases wheek to providlt of this anre required
d to the capainformation
cording to Are obligatioit as best pproducts, faotentially mublish relevanmisleading d however he system otem operatublication o
s in the me9/73/EC;
he meaning C, unless o gas for the
m operatotive 2009/7
erators (S
ors (LSOs)
he meaning
assessmencluding the ps are explicsidered as et. LSOs ms network.
here storagde customend for the p to publishacity and us according
Article 8(5) n and data
practice if Sacilitate pubultiple marknt REMIT republicationsensure the
operator is ntor’s public
of informatio
16/58
eaning of Ar
of Article 2only enteringeir own full u
rs (TSOs)3/EC;
SSOs) in t
in the mea
g of Article 4
t of whetheplacing of o
citly mentionmarket part
may sell conIn severale facilities e
ers with gaspurposes of inside infose of facilitito Article 4of REMIT.
a reporting SSOs and Lblication of iket participaelated infors by indivey have bacnot able to pcation of inon under Art
rticle 2(8) o
2(9) of Direcg into contrause of cons
in the me
the meanin
ning of Artic
4(1) No 1 of
er a compaorders to traned as markticipants if e
ntracts whicmarkets, soexperience s and thereff REMIT, thormation aces for stora
4(1) of REMSSOs and requiremenSOs, even nformation
ants involvedrmation andidual markck-up arranpublish, for nformation ticle 4(1) of
Ref:
f Directive 2
ctive 2009/7acts for thesumption ca
aning of A
ng of Artic
cle 2(12) of
f Directive 2
any is a maade, in whoket participaentering intoh eventuallome SSOs operationa
fore acquirehese LSOs ccording to age and theMIT and con
LSOs seemnt under REif not enterin relation td. The systd by doing sket participngements foinstance duis not deeREMIT.
A12-AWMS-0
2009/72/EC
72/EC and A supply and
apacity of le
Article 2(4)
cle 2(10) o
f Directive 2
2004/39/EC
arket particolesale enerants in Artico transactioy lead to thconclude cl problems,
e volumes oand SSOsArticle 4(1 use of LNG
nsidered to m to be beEMIT. Accoring into trato Article 4(em operatoso can avoants involvor publicatiue to technimed to ha
04-03-guidanc
C and Article
Article 2(27d distributioess than 600
of Directive
of Directive
2009/73/EC
.
cipant is thergy marketscle 3(4)(b) oons in one ohe feed in ocontracts fo but despite
over the spos are marke) of REMITG facilities ibe reported
est placed toordingly, theansactions i1) of REMIT
or is typicallid duplicateved. Markeion to covecal reasons
ave met the
ce
e
7) n 0
e
e
C,
e s. of or or or e
ot et T. s d o e n T y
e, et er s, e
3.5 A
The Ageof mark Accorditransactthe perREMIT REMIT and nonenteringArticle 8 In the participaenteringenergy with theof REMfor the
Application
ency also cket participa
ng to Artictions in onerson. Accorprovided thconfirms th
n-EEA coung into trans8(1) of REM
light of thants are cog into transmarkets. Ae compete
MIT also approhibition
n of REMIT
considers it nt on marke
cle 2(6) ofe or more wrdingly, alsohat they enhis understantries as it rsactions whMIT, to regis
he above, overed by thsactions, incAccordingly,nt NRA anplies to suns of marke
T for marke
necessary et participan
f REMIT, awholesale en
o persons nter into traanding that requires maich are req
ster in a Mem
the Agenche notion ofcluding the the obligad to report
uch non-EUet abuse p
17/58
et participa
to give furtnts from no
a market nergy markefrom non-E
ansactions REMIT also
arket participquired to bember State
cy considerf market pa
e placing ofations to rt data to thU and non-ursuant to
nts from n
ther guidancn-EU and n
participant ets. This apEU and noin wholesalo applies topants not ese reported tin which th
rs that alsoarticipant acf orders to register puhe Agency -EEA mark Articles 3
Ref:
on-EU and
ce on the anon-EEA co
is any pepplies irrespon-EEA coule energy mo market pastablished oto the Ageney are activ
o non-EU ccording to A
trade, in oursuant to according et participaand 5 of R
A12-AWMS-0
d non-EEA
application ountries.
erson who ective of th
untries are markets. Ararticipants for resident ncy in accove.
and non-EArticle 2(7)
one or moreArticle 9(1to Article
ants. The sREMIT.
04-03-guidanc
countries
of the notio
enters intoe location ocovered b
rticle 9(1) orom non-EUin the Union
ordance wit
EEA markeof REMIT
e wholesale) of REMIT8(1) and (5same holds
ce
n
o of y
of U n h
et if e T 5) s
4 A
1.14.1
This Chdefined Article follows:
----
The follby the fo It shouldon signiit is imHowevebe take
ImportaThe exanon-legaffect t
1.24.2
Article 2follows: (a) i
p
2 Concer2003/6/EDirectivehttp://ww
pplication
Intro
hapter coveby Article 2
2(1) of RE
“inside infor- informa- which h- which re- which, i
wholesa
owing paraour above c
d be noted ificant price
mportant noer, the Agenn into accou
ant Notice amples of gal techniche scope o
2 “Info
2(1), second
information714/2009 apursuant to
rning wholesEC applies, e (See ww.esma.eur
of the defi
oduction
ers what th2(1) of REM
EMIT define
rmation” metion of a pre
has not beenelates, direcif it were maale energy p
agraphs procriteria2.
that the crite effect (seeot to considncy consideunt in respe
types of pcal terms aof interpret
ormation”
d subparag
which is reand (EC) N
o those Reg
sale energy pplease referCESR/04-50
ropa.eu/index
nition of “i
e Agency cMIT.
es “inside i
eans ecise naturen made pubctly or indireade public, products.
ovide guidan
teria on infoe point 2chader each cers that it isect of each
practice seand it is emtation of RE
and “Infor
raph, of RE
equired to bNo 715/20
gulations;
products whir to the rele05b, CESx.php).http://
18/58
inside infor
currently co
information
e;,, blic;,, ectly, to onewould be li
nce on wha
ormation of apter 4.4) acriterion in s possible tocriterion.
t out in thimphasised EMIT.
rmationinfo
EMIT clarifie
be made pu09, includin
ch are financvant CESR
SR/06-562b /www.esma.e
rmation”
onsiders to
” by mean
e or more wikely to sign
at the Agen
a precise nare very muc
isolationaro identify se
is documethat the d
ormation of
es what is m
ublic in accong guidelin
cial instrumeguidance an
and CEeuropa.eu/in
Ref:
constitute
s of the fo
wholesale ennificantly af
cy currently
ature (see ch linked toe thereforeeparately th
ent are delidescription
f a precise
meant by th
ordance witnes and ne
ents and to wnd informatio
ESR /09-2ndex.php).
A12-AWMS-0
“inside info
ollowing fou
nergy produffect the pric
y considers
point 2chapo each othee considerehe factors w
iberately ds are not i
nature”
he term “info
th Regulatioetwork cod
which Article on on the M
219 publis
04-03-guidanc
ormation” a
ur criteriaa
ucts and ces of those
s as covered
pter 4.2) andr and hence
ed togetherwhich should
escribed inintended to
ormation” a
ons (EC) Nodes adopted
9 of DirectivMarket Abusshed unde
ce
s
s
e
d
d e r. d
n o
s
o d
e e
er
(b) i
(c) i
pr
(d)
i Howeveof “inforfour crit4.1), i.epublic, productthose w
Tticsewti TRn Ihrr
informationconsumptiouse of LNG
informationprovisions relevant wheffect on th
other informthe basis ofin, a wholes
er, Article 2rmation”. Interia of Arti
e. that the inshould rela
ts and that,wholesale en
The concepthe transpaincluding acomprises osignificant eeven beyonwould be likto, or to issuis likely to h
This meanRegulationsnetwork cod
Inside inforhave a sigrequiremenregulations
relating ton or transm
G facilities, in
which is at Union o
holesale enee prices of
mation that f its decisiosale energy
(1), secondn order to ccle 2(1), fir
nformation matethat it r if it were
nergy produ
“Transp
pt of “transparency obligpplicable gon the oneeffect on thend and alsokely to use aue an order
have a signi
ns that tras (EC) No 7des.
rmation shonificant effet goes beyand may h
to the capmission of ncluding pla
required toor national ergy markewholesale e
a reasonabn to enter in
y product.
d subparagrconsider an rst subparamust be of relates, diremade publ
ucts.
parency inf
parency infogation of Ruidelines a hand only e prices of o includesas part of thr to trade inficant effec
ansparency 714/2009 an
ould be conect on pric
yond the peighlight or p
19/58
pacity and electricity oanned or un
o be disclolevel, markt, insofar asenergy prod
ble market nto a transa
raph, of REinformation
graph, of Ra precise nectly or indic, it would
formation”
ormation” coRegulations
nd networkthose tran
wholesale other inform
he basis of n, a wholesact on the pric
informationd (EC) No
nsidered asce that has eriodic and pre-empt ce
use of faor natural gnplanned un
osed in accket rules, as this informducts; and
participant action relati
EMIT solely n an inside
REMIT mennature, shoudirectly, to be likely t
” versus “in
ontains all d(EC) No 7
k codes. Thnsparency inenergy prodmation thatits decisionale energy pces of whol
on is perio715/2009 in
s an ad hocnot been regular pu
ertain transp
Ref:
facilities forgas or relatenavailability
cordance wand contrac
mation is like
t would be ing to, or to
gives indic information
ntioned abouldthat it ha
one or mo significan
nside infor
data that sh714/2009 ahe concept nformation ducts, but ot a reasona to enter intproduct, insesale energ
odic, structncluding ap
c, structuredisclosed tblication of parency dat
A12-AWMS-0
r productioed to the c
y of these fa
with legal octs or custely to have
likely to usissue an or
cations as tn, it still have (see po
as not have more wholesntly affect t
rmation”
hall be publnd (EC) Noof “inside that is likel
on the otheable marketo a transacsofar as thisgy products
tured data pplicable gu
ed data thato the marf data undeta.
04-03-guidanc
on, storagecapacity andacilities;
or regulatorytoms on thea significan
se as part order to trade
o the notioas to fulfil aint 2chapte been madesale energhe prices o
lished undeo 715/2009informationly to have ar hand goet participan
ction relatings informatio.
subject toidelines and
t is likely toket. Such a
er the above
ce
e, d
ry e
nt
of e
n ll
er e y
of
er 9, n” a s
nt g n
o d
o a e
Ssip
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
TniDt
Article 2“informa
Iwhee
The precase-by Accordistrategieconside
Specificallyscope of thinformation products:
‐ Informanatural
‐ Informanatural
‐ Informaor natu
‐ Informaplanned
‐ Informaunplan
‐ InformaUnion,
‐ Informa‐ Informa‐ Informa‐ other in
of the bto trade
The interprnational aninside inforDirective anthe criterion
2(1), third sation of prec
Informationwhich existhas occurreenable a coevent on th
ecise naturey-case basis
ng to Recites for trad
ers “trading
, inside infe above reg
is likely t
ation relatingas, includ
ation relatingas, includ
ation relatinral gas, inc
ation relatind or unplanation relatinned unavaiation requireor National
ation requireation requireation requirenformation tbasis of its e in, a whole
retation of “d Europeanrmation undnd under Rn of “precise
subparagrapcise nature”
shall be dets or may reed or may onclusion toe prices of
e of the infs and depen
tal 12 of REing should plans” as a
formation mgulations asto have a
ng to the cading plannedng to the cading plannedng to the caluding plan
ng to the caned unavai
ng to the calability of thed to be iss level; ed to be issed to be issed to be issthat a reasodecision toesale energ
“inside infon Courts ander MAD i
REMIT (see e informatio
ph, of REM” as follows
eemed to beeasonably breasonably
o be drawn wholesale e
formation isnds on wha
EMIT, informnot be co
a systematic
20/58
may relate ts well as thsignificant
pacity and d and unplaapacity andd and unplapacity andned and unapacity andlability of th
apacity and ese facilitie
sued in acc
sued in accosued in accosued in accoonable mar
o enter into gy product.
ormation” isnd has to tnsofar as for instanc
on”).
IT provides:
e of a precisbe expectey be expecas to the p
energy prod
s to be assat the inform
mation regaonsidered ac method fo
to any itemhe following
effect on
use of facilanned unavd use of facanned availa use of faciplanned und use of fahese facilitie
use of LNGes; ordance wit
ordance witordance witordance witrket participa transactio
likely to btake into acthe same e the ECJ
s indications
se nature if ed to come ted to do s
possible effeducts.
essed by tmation is and
arding the mas inside inor screening
Ref:
m of informa further infothe prices
ities for proailability of cilities for sability of thelities for co
navailability acilities for es; G facilities,
th legal or r
h Market Rh Contractsh Customs
pant would on relating
be the subjccount rulinconcepts aruling in ca
s as to wha
f it indicatesinto existen
so, and if iect of that s
he holder od on the su
market particnformation. g and evalu
A12-AWMS-0
ation that iormation inss of wholes
oduction of these facilit
storage of eese facilitiesnsumption of these factransmissio
including p
regulatory p
ules; s; on the marbe likely to to, or to iss
ect to interngs on the are appliedase C-19/11
at is meant
s a set of cirnce, or an it is specificset of circum
of the informrrounding c
cipant’s owThe Agen
ating whole
04-03-guidanc
s within thesofar as thisale energ
electricity oties; electricity os; of electricitcilities;
on, including
planned and
provisions a
rket; use as par
sue an orde
rpretation odefinition o
d under thi1 as regard
by the term
rcumstanceevent whichc enough tomstances o
mation on acontext.
wn plans andcy currentl
esale energ
ce
e s y
or
or
y
g
d
at
rt er
of of s s
m
s h o
or
a
d y y
productlong-tertrading tools. Tdesignastrategyrules fobased operform
1.34.3
In genedissemiof insidethe AgeAs regainterim - if m
TrantranplatfinclupartcurrRegNRAaggguidsimufor t
- if superitheirdiscnot maninclufreeappshou
3 It shou
ts, determinrm investmesystem to
The Agencating the coy includes sor trade exion quantifia
mance of the
3 Mad
ral, inside innated to ase informatio
ency of effecards disclosphase, cons
market partnsmission Ssparency pform etc.), uding guideticipants wirently specifgulations, if A. Accordinregated for
delines andultaneous, cthe disclosu
uch platformod and unlr own webs
closure of indistort the
nner ensuriuding the m of chargeropriate, in uld be publi
ld be noted t
ning the ament objectivebe used. M
cy furthermonditions thspecificationts, money able specifie strategy.
de public
nformation s wide a pubon through ctive and timsing inside siders the foticipants aSystem Opeplatform of in accorda
elines and th inside ified by comnot otherwg to Articlem, in accord network complete a
ure of furthe
ms do not yeess otherw
site. Howevenside inform
disseminang that it is
media. Ther, in a non-a downloa
ished in the
that accordin
mount of riskes. A succeMost plans
more considhat must bns for trademanagemeications, ca
should be dblic as possplatforms hmely disclos
informationollowing disre requirederator3 (TSan energy
ance with Rnetwork c
nformation mpetent natise specifie 4(4) of RErdance with
coded and effective
er inside info
et exist, mawise specifie
er, where smation enha
tion of infos capable oefore, insid-discriminatadable forme official lan
ng to Article 2
21/58
k that is oressful tradin
require theders “tradine met for
e entries, inent, timefraan be analy
disclosed insible. This isas its merit
sure, this din effectivelysclosure med to makeO) platform
y exchangeRegulations odes adopto disclose
tional regulaed in relevanEMIT, such Regulationdopted pu
e public disormation.
arket particed, to publisuch disclos
ances the leormation. Inof being dise informatiotory, user-frat that alloguage(s) of
2(7) of REMI
r should be ng plan will e use of vang strategietrade entrie
ncluding trames, orderysed on his
n a manner s why the Ats and why,sclosure my, the Agenechanisms:e informatiom (e.g. RTEe (e.g. Nor
(EC) No 7pted pursuae should uatory authont rules andpublication
n (EC) No 7ursuant to closure. Su
ipants may sh inside insure mechaevel of transnformation sseminatedon shall be riendly andws for quaf the releva
IT, TSOs are
Ref:
taken, andalso involvearious typees” as a es and exi
ade filters ar types, etcstorical dat
ensuring thAgency belie
in the folloechanism isncy, curren
on publiclyE-UFE transrd Pool Spo714/2009 aant to thosuse such dorities on thd regulation of inside in714/2009 or
those Reuch platform
be allowednformation wnism is chosparency acshall theref to as widedisclosed quantifiabntitative annt Member
e market part
A12-AWMS-0
d formulatine details likes of techniset of objeits to occu
and triggersc. A tradingta to projec
at it is capaeves that thowing unders given prio
ntly and at
y available sparency inot, EEX Trnd (EC) Noe Regulatio
disclosure me basis of
ns, or by thenformation, r (EC) No 7egulations,
ms should a
d, at least fowhich they
osen, it is imcross the Efore be dise a public aby a markele manner alysis. TheState and i
ticipants them
04-03-guidanc
ng short ande the type ocal analysiective ruler. A trading
s, as well ag strategy, ct the future
able of beinge disclosurerstanding b
ority. least for a
through aitiative) or aransparenco 715/2009ons, markemechanismthe relevane competenincluding i
715/2009, oconstitute
also be used
or an interimpossess on
mportant thaEU and doesclosed in aas possible
et participanand, where informationn English.
mselves.
ce
d of s s g s if e
g e y
n
a a y
9, et s
nt nt n
or s d
m n at s a
e, nt e n
As rega- if th
714/to thagg(Articonswithadopubinsidceastranmarown
- if th714/to thdefinnormothehas
The Agereal timThird PaArticle 3publish publisheshould bmarket 3(4)(b) based oAgency mainly informa714/200website Significhas beethis regwhether It is sufbroad t
ards the timehe inside in/2009 and hose Regulregated foicle 4(4) ofsiders the p
h Regulationpted pursualic disclosude informatses to applsparency p
rket participn website if
e inside inf/2009 and hose Regulanition of a rmally be puerwise specto be publisency conside or close ackage tran3(4)(b) andinside info
ed in a numbe reportedparticipantsand Article
on the expe foresees tothrough antion (like f09 and (ECe.
cantIn geneen made avard it is irrer the inside
fficient, but trading pub
ely disclosunformation (EC) No 71ations, the rm, is conf REMIT). Hpublication n (EC) No ant to thos
ure, it does tion has to y. This is w
platform apppants holdinthey intend
formation h(EC) No 71ations, the Areasonable ublished, atcified in appshed beforeders that mto real time
nsparency od Article 4(2ormation anmber of sped to the Ages who are s
e 4(2) of REeriences in o collect the electronic for informaC) 715/200
eral, inside vailable to thelevant whoinformation
also requirblic, ensurin
ure of insidehas to be
15/2009, incdelay in pu
nsidered simHowever, it of inside in714/2009 oe Regulationot necess
be publishewhy, in caseplies, at leang inside in
to trade on
as not to b15/2009, incAgency curtimeframe
t least on tplicable rulee the prohib
market partice disclosureobligations.2) of REMInd from thecified caseency and thsubject to tEMIT, the financial me notificatioformat, estion to be 9). The rel
informationhe broad trao made then were mad
ed, that insng equal a
22/58
e informatioe publishedcluding guidublishing unmultaneous
has to be nformation, or (EC) No ons, to consarily consted, in any ce no real timast for an information m
n the basis o
e made pucluding guidrrently consto publish
the market s and regul
bition of insicipants shoe of inside i
T provide fe prohibitio
es. In all thee competenthe obligatio
Agency hamarkets, andons requiredpecially wh
published levant elec
n is deemedading publice inside infoe public by
side informaccess to th
n, the Agend in accorddelines andnder these s, complete
stressed tincluding in715/2009, stitute simutitute disclocase, beforeme or closenterim periomay publishof this inform
blic in accodelines andsiders that thinformationparticipant
lations. But der trading uld developinformation
for exempton to tradeese cases, nt NRA withons to repoas developed recommend by Article hen there a
in accordctronic form
d to be pubc, i.e. an unormation puthe market
ation is madhe informa
Ref:
ncy currentlydance with network corules and r
e and effechat even ifn aggregateor guidelin
ultaneous, osure in a te the prohib
e to real timod and unleh the relevamation.
ordance wit network cohere is no r. Such info’s website, in any caseceases to a
p a clear co, beyond co
ions from te on this inhowever, th
hout delay. ort informatied a standnds its ado3(4)(b) and
are data stadance with mat is publi
blic knowledspecified n
ublic. No dist participant
de availabletion since
A12-AWMS-0
y considersRegulation
odes adoptegulations, ctive publicf Article 4(4ed form, in nes and netcomplete atimely manbition of ins
me disclosurss otherwis
ant informat
h Regulatioodes adoptreason for cormation mu
within onee the insideapply. ompliance pompliance w
the obligationformation he relevantIn order to ion accordinard notificaption by alld Article 4(2andards rela
Regulationshed on th
dge if suchumber of instinction is t or by any o
e simultaneany interes
04-03-guidanc
s that: ns (EC) Noted pursuanincluding in
c disclosure4) of REMITaccordance
twork codeand effectivener and thesider tradingre through ase specifiedtion on the
ons (EC) Noted pursuanchanging theust thereforee hour if noe information
plan towardwith existing
on to timelbefore it i
t informatioassist thoseng to Articleation format NRAs. The2) of REMITating to thins (EC) Nohe Agency’
informationdividuals. I
made as toother party.
eously to thested marke
ce
o nt n e T e s e e g a
d, ir
o nt e e
ot n
s g
y s n e e t, e T s o s
n n o
e et
participapublicitydissemipublishiavailabltrading In this measurthe serconsideAgencywishes responsthe infoincidentto be cothe maprovide
1.44.4
Informainformaprices oeffect toorder topublic participa Accordienergy informainforma The conwould aassessmtotality specificrelevant-,, informhours/owholesa
ant may apy”). This canation of ing inside e only to spublic.
context thring real-timrvice. The ered to be p has not foto subscr
sible for disrmation is pt, the durationsidered arket particirs to publish
4 Like
ation is deetion is bas
of a wholeso narrow theo have a poinformationants from tr
ng to Articlproducts i
tion. Hencetion is likely
ncept of likaffect the ment has toof the relaities of the t offer curvemation on sut of officeale energy p
pprise themn be the canformation information
selected pa
he Agency me productio
Agency dpublicly avaound any iribe to theclosing the
published thon etc. whi
as inside infpant). Theh inside info
elihood of h
emed to coned would,
sale energy e wide notio
otential to si which po
rading in wh
le 2(1) of Rs already e, no actuay to have a
kelihood reqprice of a
o take into cated market
market (size - correlatesupply variae hours -,, product in th
selves of thase, for exa
is used, b within an rticipants d
has consion at differedeems thatailable as sondication th
em. Howevinformation
hrough a reach are not pformation (irefore markormation on
having a si
nstitute insif it becamproduct. T
on of informgnificantly a
otentially hholesale ene
REMIT, the sufficient i
al price effsignificant p
quires an awholesale
consideratiot participanze of the med with demation alread
etc.) and he given cir
23/58
he inside inmple, if a g
but does noenergy ex
does not sa
dered real-ent power pt the informoon as the hat these s
ver, the Agn may be hal-time servpublished bf that informket particip
n their beha
ignificant p
ide informame publicly
he Agencymation down
affect priceas only mergy produc
likelihood tn order fofect is requprice effect.
assessmentenergy pr
on the anticnt's activity,arket, balan
mand but alsy publishedany other rcumstance
nformation (generally acot require xchange infatisfy the re
-time powelants and smation proinformationservices argency higholding insid
vice. Any infby the providmation is orpants shoullf.
price effect
ation only ifknown, likeunderstand to that infos, thus exc
marginal prcts.
to significanr the inform
uired. It is .
t of the extroduct if thipated impa, as well ance of demso with alred, time of damarket var
es.
Ref:
(a concept ccessible elpublication formation s
equirement
er data seselling theseovided thro is publishe
re not availhlights that de informatiformation suder of real-tr subsequenld not only
t
f the circumely have sids the crite
ormation whluding that rice effect
ntly affect tmation to sufficient if
tent to whichey were mact of the inas the mark
mand and sueady existinay - e.g. weriables likel
A12-AWMS-0
referred to ectronic syin the me
service or of informin
rvices, i.e. e data to suugh such
ed by the plable to ev
a marketon even thouch as the ctime servicently become
y rely on s
mstances oignificant e
erion of signhich is cruciaany knowleshall prev
the prices obe qualifief the ex-an
ch such cirmade publiformation inket situatioupply, steepg productioeekday/weey to affect
04-03-guidanc
as “sectorastem for the
edia. Hencenews boardg the broad
companieubscribers o
services irovider. Theeryone whot participanough part ocause of thees could sties known to
such service
n which theffect on the
nificant priceal enough iedge of nonvent marke
of wholesaled as inside
nte available
rcumstancec. Such ann light of the
on, includingpness of theon limitationekend, office
the related
ce
al e e, d d
s of s e o
nt of e ll o e
e e e n
n-et
e e e
s n e g e s e d
Ex-postsignificareasona The Agindicato
- te
- t
- t
- a
It shouldefinitivprice eff
1.54.5
REMIT (12)
takmiRniwb
(15)
jtudop
t informatioant price eable conclus
ency currenors of wheth
the type of effect on pr
pre-existingthat the typ
the market
another reainformation
d be emphve in terms fect.
5 REM
itself gives
The use or the accounalso consisknow, that market parinside inforRegulation network codinformation,wholesale ebeen made
The disclosjournalists athe rules gunless thosdisseminatiof misleadinproducts.
n may be ueffect, but ssions from e
ntly conside
her informat
informationrices;
g analysts re of informa
participant
asonable m.
hasised thatof meaning
MIT exampl
the followin
attempted nt of a thirdst in tradingthe informa
rticipant's ormation. Info(EC) No 71des adopte, as the baenergy prod public.
sure of insacting in thoverning thse personsion of the inng the mar
used to cheshould not ex-ante info
ers that thetion is likely
n is the sam
research reation in que
itself has a
market part
t these factg that the in
les of insid
ng examples
use of insidd party shoug in wholesaation they pwn plans a
formation w14/2009 or
ed pursuantasis of marducts and t
side informheir professheir professs derive, dinformation inrket as to th
24/58
eck the prebe used t
ormationsuc
e following sto have a s
e as inform
eports, priceestion is pric
lready treat
ticipant has
tors are onnformation i
de informat
s of inside i
de informatiould be cleaale energy possess is and strategi
which is reqRegulation
t to those Rrket participtherefore co
mation in resional capacsion and theirectly or inn question he supply o
esumption tto take actch presump
should be tsignificant p
mation which
e reporter pce sensitive
ted similar e
s already
ly indicatorn question
tion
information
on to trade arly prohibite
products binside infories for trad
quired to ben (EC) No 7Regulations,pants' decisould constit
relation to city should e rules govndirectly, aor when disof, demand
Ref:
hat the ex-tion agains
ption.
taken into cprice effect:
h has, in the
publicationsehas effects
events as in
treated sim
rs. They shwill necess
in its Recita
either on oed. Use of
by persons rmation. Infding should e made pub715/2009, in, may servesions to entute inside
a wholesabe assess
verning the an advantagsclosure is m
for, or pric
A12-AWMS-0
ante informst someone
consideratio
e past, had
s and opinio on prices;
nside inform
milar event
hould not besarily have
als 12 and
ne's own acinside infowho know,
formation red not be coblic in acconcluding gue, if it is priter into traninformation
ale energy sed taking i
freedom oge or profimade with tce of whole
04-03-guidanc
mation has ae who drew
on as usefu
a significan
ons indicate
mation;
s as inside
e treated aa significan
15:
ccount or onrmation canor ought to
egarding theonsidered aordance withidelines andice-sensitivensactions in
n until it ha
product byinto accounof the pressits from thethe intention
esale energ
ce
a w
ul
nt
e
e
s nt
n n o e s h d e n s
y nt s, e n
gy
1.64.6
The de2009/72Regulat
4.6.1 e
As regaand netManageTSOs tbalancinoutside obliged infrastruprocedupublisheday infaggregaunplanndemandpublisheElectricthat theregardinconcerninformaregardin
- a
c
- ago am
4 Commi(2011), h
6 Exa
efinitions of2/EC and 20tions, apply
Examples electricity
ards wholestwork codesement Guidto provide ng and alsothe TSOs to provide
ucture shalures and oped on a regformation) ated realisened outagesd and genered. At the ity Data Tr
e following eng the marned owns otion relevang:
any planneunit, consuchanges of
any unplangeneration or failures.
any other imorein who
ission Publichttp://ec.euro
mples of in
f Regulatio009/73/EC,.
illustratingmarkets
sale electrics adopted pdelines, ann
informationo certain wh(i.e. gener
e the TSOsll include iperational a
gular basis (include da
ed commers of generaration, as wcurrent st
ransparencyexamples mrket participr controls o
ant to facil
ed outage, umption or
such plans
nned outageunit, consu
nformation olesale elec
c Consultatioopa.eu/energ
nformation
ons (EC) N including g
g the rules
city producpursuant to tnexed to thn on transholesale marators and s with the nformation
and plannin(annual, moata relatedrcial and phtion units la
well as (ex-ptage, at leay” are adopmay constitpant’s own or has the bities for pr
limitation, etransmissio
s;
e or failureumption or t
that is liketricity produ
n Documentgy/gas_electr
25/58
n which cou
No 714/200guidelines a
for definin
cts, Regulatthis Regulae Regulatio
smission inarket aspecusers of elrelevant don capac
ng security onthly, week to availahysical flowarger than 1post) realiseast until thpted and enute inside ibusiness
balance resproduction,
expansion oon facility t
e of capacittransmissio
ely to have uct if made
t on Guidelinricity/consult
uld constit
09 and (Eand network
g inside in
tion (EC) Nation, particuon, apply. Tfrastructurects. As partectricity), cata for puity allocatiostandards. k-ahead for
able transmws and info100 MW. Aded values fohe “Comitolnterenteredinformation or facilitiesponsibility fconsumptio
or dismantlthat equals
ty that equn facility, in
a significapublic.
es on Fundatations/20110
Ref:
ute inside
C) No 715k codes ado
nformation
No 714/200ularly the cuThe Guidelie and its ut of the info
concerned mblication. Inon and coThe classe
recasts, daimission capormation ondditionally, or the foreclogy Guide
d into force4
for wholess of which for in wholeon or trans
ing of capas or exceed
uals or excencluding up
ant effect o
amental Elec0916_electric
A12-AWMS-0
informatio
5/2009 andopted pursu
in wholesa
09, includingurrent 2006ines put obuse, gener
ormation hamarket partnformation
ongestion mes of informly day-aheapacity, cap planned oinformation
cast informaelines on F
4, the Agensale electricthe market
e or in part, smission o
acity of oneds 100 MW
eeds 100 Mdates on su
n the price
ctricity Data Tcity_en.htm.
04-03-guidanc
n
d Directiveuant to those
ale
g guideline Congestion
bligations oration, loadas its sourceticipants areon networ
managemenmation to bead and intrapacity usedoutages andn on forecasation is to beFundamentancy believecity productt participanin particulaf electricity
e generationW, including
MW for oneuch outage
es of one o
Transparency
ce
s e
s n n d, e e
rk nt e
a-d, d st e al s s
nt ar y,
n g
e s
or
y
1.6.14.6g
As regaand nerequirem715/200storageComitol715/200detailedstoragerevised Good Pinformaguidelinthe afounless oinformataken in At the requireminformafacilitiesfor in wstorage
- a
- a
- a
g
- ag
5 See Co715/2009transmis6 See in E08-LNG(GGPSS
6.2 Exagas marke
ards wholestwork codements for n09 stipulate facilities. aogy Comm
09 was revisd for transm facilities aChapter 3
Practice (Gtion. Addit
nes for storarementioneotherwise stion or de m
nto consider
current staments is etion for whs which the
whole or in p or transpor
any informaincluding pl
any informaincluding pl
any informagas, includi
any informagas, includi
ommission D9 of the Eu
ssion networkparticular th
G-06-03, andSO), Ref: E04
mples illusts
sale naturales adoptednatural gas s transpare
according tomittee agree
sed5. At themission systand on ent
of Annex GP)6 applytionally, theage and LN
ed examplespecified, eminimis exeration.
age, the Agessential toholesale gamarket par
part, in partrt of gas, inc
ation relevaanned or u
ation relevaanned or u
ation relevang planned
ation relevang planned
Decision of 1ropean Parlks (OJ L 293he ERGEG Gd the EREG4-PC-01-14,
strating the
l gas produd pursuant
were introency requireo Article 19 ed on a reve current staems, but altry points a1 of Regula
y, which are Third Pa
NG transpars for electrxisting thre
emptions gr
gency belieo avoid breas productsrticipant conticular informcluding LNG
ant to the canplanned u
ant to the cnplanned u
ant to the cd or unplann
ant to the cd or unplann
0 Novemberiament and
3, 11.11.2010Guidelines ofGEG Guideli
both availab
26/58
e rules for
ucts, Regulato this Reduced. For
ements for mof Regulat
vision of Chage, legallylso some baccording toation (EC)
re also conackage offrency as wericity are in
esholds defiranted at na
eves that reaches of s regardingncerned owmation relevG, regarding
apacity and navailability
capacity andnavailability
capacity andned unavaila
capacity andned unavaila
r 2010 amenof the Coun
0, p. 67). f Good Pracnes for Goo
ble under http
defining in
ation (EC) Negulation, ar instance, market partion (EC) Nohapter 3 of
y-binding traasic transpo points 3.No 715/20
nsidered relfers the pell. Even if ndicated, ained e.g. foational level
respect of tfollowing
g the markwns, controlsvant to facig:
use of faciy of these fa
d use of fay of these fa
d use of faability of the
d use of faability of the
nding Chaptencil on cond
ctice for LNGod TPA Prap://www.ene
Ref:
nside inform
No 715/200apply. SeveArticle 19 ticipants, foo 715/2009f Annex 1 ansparency arency req.2 et seq. 09 and in Elevant for tossibility toat EU levet least for
or the publicl by compe
the aforemexamples
ket participas or has thelities for pro
lities for proacilities;
acilities for sacilities;
acilities for cese facilities
acilities for tese facilities
er 3 of Annexditions for ac
G System Opactice for Storgy-regulator
A12-AWMS-0
mation in w
09, includingeral new trof Regulati
or instance f. Furthermoof Regulatirequiremenuirements fof the aforERGEG Guthe definitioo develop l, no threshan interim
cation of retent author
mentioned trmay const
ant’s own e balance reoduction, co
oduction of
storage of
consumptios;
transmissios;
x I to Regulaccess to the
perators (GGorage Systers.eu.
04-03-guidanc
wholesale
g guidelineransparencon (EC) Nofor LNG andore, the Gaon (EC) Nonts are mosfor LNG andrementioneduidelines foon of inside
comitologholds like fo
period andeal time flowities may be
ransparenctitute insidebusiness oesponsibilitonsumption
natural gas
natural gas
on of natura
on of natura
ation (EC) Ne natural ga
P LNG), Refem Operator
ce
s y o d s o st d d
or e y
or d w e
y e
or y
n,
s,
s,
al
al
o as
f: rs
- a
ConcernAgencycurrentlIt shoulthis subREMIT adoptiothe undeither. Fthreshoregime ACER wprovide shop ovcan be into contranspaEuropea
1.74.7
The Agedefinitioshould c
- 7
-
sanyExpon the p These informaaforemeinforma Further the appFor instautoma
any informaunplanned
ning a thre considers y not possid be noted
bject will beis gained, n of Comm
derstanding For this reold for the
describedwebsite. Bymarket pa
verview of revised by nsideration rency guidan level.
7 Con
ency considon of inside currently be
information 714/2009 apursuant to
information provisions significant eerience willprices of on
consideratition in wentioned tration rules.
guidance oplication of Rtance, any tically alter
ation relateunavailabili
eshold for gthe follow
ble to defind that there e provided as the defin
mission guidof the defin
eason NRArelevant g
d in Chaptey collating trticipants wthe situatiothe relevanfeedback
delines acc
nclusions
ders that, ininformation
e primarily u
which is reand (EC) N
o those Reg
which is reat Union o
effect on the show whice or more w
ions apply wholesale eansparency
on this subjeREMIT is gadoption o
r the unde
ed to the caty of these
gas similaring: Since e one singlare no thre
by the Agenition of insdelines on fnition of ins
As, after prgas marketer 8 belowthreshold dawhich are aon Europe-wnt NRA in ofrom mark
cording Reg
n view of thn in the whounderstood
equired to bNo 715/20ulations, an
equired to bor national e prices of wch kind of otwholesale e
until morenergy may requireme
ect will be pgained, as tof Commisserstanding o
27/58
apacity andfacilities.
r to the abgas markee Europeanesholds in
ency as sooside informafundamentaside informaroper markt in accord
w. The thresata, the Agctive in mowide regardorder to takeet participagulation (E
he current liolesale enein relation t
be made pu09, includin
nd
be disclosedlevel, inso
wholesale ether informa
electricity pro
re experienarkets. Theents is curr
provided bythe definitiosion guideliof the defi
d use of LN
bove mentioets differ inn threshold the transpa
on as moreation will eval data tranation and aket consultdance with shold shoulgency will uore than onding threshoe into accouants. Such EC) No 71
mited expeergy marketto:
ublic in accong guidelin
d in accordaofar as thisenergy prodation that is oduct if ma
nce is gaine Agency rently esse
y the Agencon of inside nes on funinition of in
Ref:
NG facilities
oned thresh size, strucwhich wou
arency rulese experiencvolve over tnsparency mapplicable dtation, maythe Accep
ld be madeupdate its ge Member olds. The nunt possibleapproach 5/2009 sti
eriences witt, the notion
ordance witnes and ne
ance with os informatioducts and.
likely to hade public.
ned about believes
ntial to avo
cy as soon information
ndamental dnside inform
A12-AWMS-0
s, including
hold for electure and lld be of pras. Further ge on the aptime. For inmay automaisclosure m
y define anpted Markee available uidance asState with
nationally se developmshould apppulate a t
h the applicn of “inside
th Regulatioetwork cod
other legal oon is likely
ve a signific
the notiothat resp
oid breache
as more exn will evolvedata transpmation and
04-03-guidanc
planned o
ectricity, theiquidity it i
actical valueguidance onpplication o
nstance, anatically alte
mechanismsn indicativeet Practicesthrough the
s necessarya one-stopet threshold
ments, takingply until thethreshold a
cation of theinformation
ons (EC) Nodes adopted
or regulatory to have a
cant effect
n of insideect of thees of inside
xperience oe over time
parency mad applicable
ce
or
e s
e. n of y
er s. e s e y. p-d g e
at
e n”
o d
y a
e e e
n e. y e
disclosuand pub
ure mechanblish a revis
nisms. The sed version
Agency wof this non-
28/58
ill constant-binding gui
ly review itidance as s
Ref:
ts guidancesoon as con
A12-AWMS-0
e on inside nsidered app
04-03-guidanc
informatiopropriate.
ce
n
5 A
1.85.1
This Chthe viewand (3)develop The gu(diagnoauthoritor avoid
ImportaThe exalegal tethe sco
1.95.2
Article 2manipuinvolvinThey ar
(p
7 Concer2003/6/EDirectivehttp://ww
pplication
Intro
hapter is aimw of the Age of REMIT
p a common
uidance anstic flags o
ties and by d engaging
ant Notice amples of
echnical terope of inter
2 REM
2(2) of REMlation throug fictitious re defined a
(a) enteringproducts wh
(i) gdem (ii) sthe pthe esta
rning wholesEC applies, e (See ww.esma.eur
of the defi
oduction
med at provency, would. The guidan understan
nd exampleor signals market partin market m
types of prms and it rpretation o
MIT definiti
MIT distinguugh false/mdevices/dec
as follows:
g into any hich:
gives, or ismand for, or
secures or aprice of oneperson wh
ablishes tha
sale energy pplease referCESR/04-50
ropa.eu/index
nition of “m
iding NRAsd fulfil the dance and ading of wha
es could aof market ticipants wit
manipulation
ractice setis emphas
of REMIT.
on of mark
uishes four misleading ception and
transaction
s likely to gprice of wh
attempts to e or severaho enteredt his reason
products whir to the rele05b, CESx.php).
29/58
market man
s with examdefinition of accompanyiat constitute
also facilitamanipulatiothin the limn.
t out in thissised that t
ket manipu
elements otransaction
d (4) dissem
n or issuin
give, false holesale ene
secure, byal wholesaled into the ns for doing
ch are financvant CESR
SR/06-562b
nipulation”
ples of the market maing examples market m
ate the ideon) that coits of their s
s paper arethe descrip
lation
of market mns, (2) prmination of
ng any ord
or misleadergy produc
y a person, e energy pr
transactiong so are legi
cial instrumeguidance an
and CE
Ref:
”
types of manipulation ses are inte
manipulation
entification ould be mosphere of ac
e deliberatptions are
manipulationice positiofalse and m
der to trade
ding signalscts;
or persons roducts at an or issueitimate and
ents and to wnd informatio
ESR /09-2
A12-AWMS-0
arket activitistipulated inended to hen7.
of relevanonitored byctivity in ord
tely describnot intende
n. These arening, (3) misleading
e in wholes
s as to the
acting in coan artificial led the ordd that that tra
which Article on on the M
219 publis
04-03-guidanc
ies which, inn Article 2(2elp NRAs to
nt variabley competender to detec
bed in noned to affec
e (1) marketransactioninformation
sale energy
e supply of
ollaborationlevel, unles
der to traderansaction o
9 of DirectivMarket Abusshed unde
ce
n 2) o
s nt ct
n-ct
et s
n.
y
f,
n, s e
or
e e
er
o
(mdrh
sg
In the sa
(r
o
ordemark (iii) decesignprod
or
(b) dissemimeans, whidemand forumours anhave known
When inforsuch dissegoverning th
(i) thdiss
(ii) tmark
ame way, A
(a) enteringrelating to a
(i) gwho
(ii) slevetradtranswho
(iii) whicdem
or
er to trade rket concern
employs oeption or c
nals regardducts;
inating inforich gives, o
or, or pricend false or mn, that the in
rmation is demination ohe freedom
hose persosemination o
the disclosurket as to th
Article 2(3) o
g into any ta wholesale
giving false olesale ener
securing theel, unless the establishsaction or
olesale ener
employing ch gives, or
mand for, or
conforms tned; or
or attemptscontrivance ding the su
rmation throor is likely te of wholesmisleading nnformation
disseminateof informati
m of the pres
ons derive, of the inform
ure or dissee supply of,
of REMIT d
transaction,e energy pro
or misleadirgy products
e price of ohe person whes that hi
order to trgy market c
a fictitious r is likely to price of wh
30/58
to accepted
s to employwhich give
upply of, d
ough the mto give, falssale energnews, wherwas false o
ed for the pion shall bss and freed
directly or mation in qu
emination if, demand fo
efines attem
, issuing anoduct with th
ing signals s;
one or sevewho entereis reasons trade confoconcerned;
device or give, false o
holesale ene
d market pr
y a fictitioues, or is lidemand for
media, incluse or mislea
gy productsre the disseor misleadin
purposes ofbe assessedom of expr
indirectly, uestion; or
is made witor, or price o
mpted mark
ny order tohe intention
as to the s
eral wholesad into the tfor doing
orms to acor
any other or misleadinergy produc
Ref:
ractices on
us device ikely to givr, or price
ding the inading signa
s, includingminating peg.
f journalismed taking inression in o
an advanta
th the intenof wholesal
ket manipula
o trade or tn of:
supply of, d
ale energy ptransaction so are leg
ccepted ma
form of deng signals rcts;
A12-AWMS-0
the whole
or any othve, false or
of wholes
ternet, or bals as to thg the disseerson knew
m or artistic nto accoun
other media,
age or prof
ntion of misle energy pr
ation as:
taking any
demand for
products ator issued
gitimate anarket practi
eception or regarding th
04-03-guidanc
esale energy
her form or misleadingsale energy
by any othehe supply ofemination o
w, or ought to
expressionnt the rule, unless:
fits from the
sleading theroducts.
other action
r, or price o
t an artificiathe order to
nd that thaices on the
contrivancehe supply of
ce
y
of g y
er f,
of o
n, s
e
e
n
of
al o
at e
e f,
(mf
It is notcan onl(a)(ii), acategor
1.105.
REMIT the mar (13) M
addsiwpdnctam
(14) E
bsooeaaa(lp
(b) dissemimeans withfor, or price
ted that accy be used
and (3), lit. (ries.
.3 REM
itself gives rket in its Re
Manipulatioartificially cdemand, indemand. Fospreading ointernet, or which proviparticipantsdeliberatelynatural gascapacity whto affect theacross bordmarkets, inc
Examples oby a persosupply of, oof fixing, dioffering, bueffect of miaccepted mare currentland of the (market ablegitimate wproduct.
inating inforh the intentioe of wholesa
cording to tby market a)(ii) (price
MIT exampl
the followinecitals 13 a
on on wholecause pricecluding actuorms of maof false or mby any oth
ide price ass acting ony making its availabilithich is actue price of wders, betwecluding the
of market mn, or perso
or demand firectly or inuying or seisleading mamarket practly defined b
Council ouse) and w
way for mark
rmation throon of givingale energy p
the wordingparticipantspositioning
les of mark
ng examplend 14:
esale energes to be atual availabiarket manipmisleading iher means; ssessmentsn the basist appear thty, or the a
ually technicwholesale eeen electrici
emission a
manipulationons acting ifor, a wholedirectly, prilling of whoarket partic
ctices such by Article 1
of 28 Januawhich may rket participa
31/58
ough the mg false or mproducts.
g of REMITs in respectg). No such
ket manipu
es of marke
gy markets t a level noility of produpulation incinformation deliberately
s or markets of those hat the avaavailability
cally availabenergy prodity and gas llowances m
n and attemin collabora
esale energyices or creaolesale ene
cipants actinas those a
1(5) of Direcary 2003 obe adapte
ants to secu
media, incluisleading si
T, the “accet to the cateargument c
ulation
et manipulat
involves acot justified uction, storaclude placin
or rumoursly providingt reports witprice asse
ailability of of transmi
ble where sducts. Manip
markets anmarkets.
pts to maniation, to sey product wating other ergy producng on the baapplying in ctive 2003/
on insider ded if that Dure a favou
Ref:
ding the inignals as to
eptable maregory stipucan be used
tion and of
ctions undeby market
age or transng and withs through th
g false informth the effec
essments oelectricity g
ission capasuch informapulation annd across fin
ipulate the mecure a decwhich has, o
unfair tradicts with theasis of refethe financia/6/EC of thedealing and
Directive is urable price
A12-AWMS-0
ternet, or bo the supply
rket practicelated in Artd in respect
attempts to
ertaken by pt forces of sportation cdrawal of fhe media, inrmation to uct of misleaor market rgeneration
acity is othation affectd its effectsnancial and
market inclucisive positior could having conditioe purpose, rence priceal services e Europeand market mamended, for a whole
04-03-guidanc
by any othey of, demand
e” argumenticle 2(2), litt to the othe
o manipulate
persons thasupply and
apacity, andfalse ordersncluding theundertakingading markereports; andcapacity o
er than thets or is likelys may occud commodity
ude conducion over theve, the effecons; and the
intention oes. However
area, whichn Parliamenmanipulation
could be aesale energy
ce
er d
nt t.
er
e
at d d s; e s
et d
or e ly ur ty
ct e ct e
or r, h
nt n a y
1.115.m
The folattemptparticula
1.11.15
a) Waswhowhein cocrosnot of thwithther
b) Imprat opartcarr
c) Placespeof thmislthat variaof thwith
1.11.25
a) Marprodeneassorefe
b) Abusignwhodecideliv
.4 Examanipulati
lowing exats thereof, aar in the co
.4.1 Fals
sh trades: Tolesale enerere the transoncert or cossing/pre-arconstitute m
he relevant the rules oefore the qu
roper matchor nearly at ies. These ied out in co
cing orders ecially into he market peading impprice. The
ant of this tyhe wholesaldrawn in tim
.4.2 Pric
rking the clducts at thergy productociated withrence/valua
usive squeenificant influolesale enerisive positiovery or def
mples of ton
mples of tyand are currntext of con
se/misleadi
This is the prgy productsfer of beneollusion. Thrranged tradmarket mantrading ven
of the tradinuestion of g
hed orders: the same
transactiononformity w
with no inelectronic tparticipant c
pression thae orders arype of markle energy pme.)
ce position
lose: This e close of tt. This prach dates sucation points
ze (also knuence overrgy producton in order fer delivery
the variou
ypes of prarently consintinuous tra
ing transac
practice of et where theeficial interehe Agency rdes, could nipulation, pnue. But in mg venue wo
giving the pr
These are time, with
ns constitutewith the rules
ntention of trading systconcerned.
at there is de then withket manipulproduct, bein
ing
practice invthe market
ctice may tah as future/.
nown as “mr the suppt and/or thematerially tof the ins
32/58
s types of
actices whiidered notading of who
ctions
entering intore is no cha
est or markerecognisesbe conside
provided thamost of sucould be suffractice acce
transactionthe same
e market ms of the rele
executing tems, whichThe intent
emand for hdrawn fromation is to png prepared
volves delibin an effor
ake place on/option expi
arket cornely of, or d
e underlyingto distort thtrument/pro
f practice
ch could cbly relevan
olesale ener
o arrangemange in benet risk is onthat certain
ered acceptat they areh cases, coficient in itseepted marke
ns where boprice and q
manipulationevant tradin
them: Thish are highetion is not tor supply om the markplace a smad for that o
berately burt to alter tn any indiviiry dates or
ering”): Thisdemand forg product ofhe price at woduct in ord
Ref:
which cou
constitute mt for wholesrgy product
ments for theneficial intenly betweenn more speed market undertaken
onduct of thelf to promoet practice s
oth buy and quantity by unless theg platform (
s involves tr/lower thanto execute of the wholeket before all order to mrder to be e
uying or sehe closing dual tradingquarterly/a
s involves ar, or delivef a derivativwhich otherder to satis
A12-AWMS-0
uld constit
market mansale energyts:
e sale or purests or ma parties whcific practicpractices, a
n according e practice inote market istatus does
sell orders different b
ey are legiti(e.g. crossin
the enteringn the previothe order b
esale energthey are e
move the biexecuted if
lling wholeprice of the
g day but isannual portfo
a party or paery mechanve contract rs have to dsfy their ob
04-03-guidanc
tute marke
ipulation, oy markets, in
urchase of aarket risk, oho are actingces, such aand thus doto the rule
n conformitintegrity and
s not arise.
are enteredbut colludingmate tradeng trades).
g of ordersous bid/offebut to give ay product a
executed. (Aid/offer priceit cannot be
sale energe wholesales particularlolio or inde
arties with anisms for aexploiting a
deliver, takebligations. (
ce
et
or n
a or g s o s y d
d g s
s, er a
at A e e
y e y x
a a a e It
shoumarsignene
c) Cros
whoone eneof ato taundman
d) Actiomartranwhestoramarplancapa
1.11.35
a) Dissinterdonfavoinfor
b) Pumand inforwhopricesells
c) Circbuy excl
d) Pre-priceothe
uld be noterket tightnenificant influrgy product
ss-market-molesale ener
market witrgy product
a wholesale ake legitimaerlying pro
nipulation.)
ons undertarket forces sportation c
ere a markeage or tran
rket price tont whose maacities, etc.
.4.3 Tran
semination rnet, or by e with the in
ourable to trmation.
mp and dumthen und
rmation aboolesale enee and are as out at the
cular tradingorder is be
ludes comp
-arranged tes upon wher dealers f
d that the pss, but thaence over tt by itself co
manipulatiorgy producth a view to t in anotherenergy de
ate advantaoducts as t
aken by peof supply acapacity, anet participannsportation o higher levarginal cost, that would
nsactions i
of false oany other
ntention of the position
mp: This pradertaking fuout the whorgy producattracted intinflated pric
g: The proceing placed petition.
trading: Thehich they hafrom the ma
proper interaat this is nthe supply
onstitute ma
n: Trading t on a relateimproperly
r market. Anrivative to dage of diffetraded in d
ersons that and demandnd demand nt decides capacity, w
vels, e.g. nt is lower thd result in a
involving f
or misleadimeans (in moving the n held or a
actice involvurther buyiolesale enet. Other mato purchasice.
cess of execat the exac
e practice ave agreed arket, to ga
33/58
action of sunot of itselof, demand
arket manip
on one med market. influencing
n example mdistort the prences in th
different loc
artificially cd, including(“physical wnot to offewithout jusot offering
han the spotbnormal hig
ictitious de
ing marketsome jurisdprice of a w
a transactio
ves taking ang activityergy producarket particng the who
cuting a sect same tim
of two comin advanceain a tax ad
upply and def market m
d for, or deliulation.)
market to imThis practi
g the price omight be theprice of thehe prices ocations - “a
cause priceg actual avawithholdingr on the m
stification anon the mart prices, misgh prices.
evices/dec
t informatiodictions thiswholesale eon planned
a long posity and/or dct with a vicipants are olesale ener
ll order withme. The acti
mmodity de. Pre-arrangdvantage, o
Ref:
emand can manipulationivery mecha
mproperly pce involvesof the samee trading inderivative
of wholesalearbitrage” -
es to be at ailability of ”): This is foarket all thnd with therket, withoususing infra
eption
on through s is known
energy prodby the per
tion in a whisseminatiniew to incremisled by
rgy product
h the knowlon is consid
ealers tradiged tradingor both. As
A12-AWMS-0
and often dn. Nor doeanisms for
position thes undertakine or a relate the underlycontract. (Te energy de- would no
a level notproduction
or example e availablee intention ut justificatioastructure, t
media, inas “scalpin
uct in a direrson dissem
olesale eneng misleadeasing the the resultin
t. The mani
ledge that adered illega
ng with ea is designeda result, p
04-03-guidanc
does lead toes having aa wholesale
e price of ang trading ined wholesaleying producTransactionerivatives oot constitute
t justified b, storage othe practice productionto shift the
on, a powetransmissio
ncluding theng”): This iection that iminating the
ergy producing positiveprice of the
ng effect opulator then
an offsettingal because
ach other ad to exclude
pre-arranged
ce
o a e
a n e ct s
or e
y or e
n, e
er n
e s s e
ct e e n n
g it
at e d
tradcrosnot of thof thpromprac
1.11.45
This typwithout misleadinformawould minforma
a) Spre
poststatemaror mimprfor dimpooffic
b) Othemanimprphysa co
1.125.
The afomanipuexperieAgencyexamplemanipu These wholesa
ing is illegssing/pre-arconstitute m
he relevant he practice mote markectice status
.4.4 Diss
pe of marknecessarily
ding imprestion which smeet the Rtion with the
eading falseting informaements aborket. The pemisleading aression. Spdisseminatiortant that cial channel
er behavionipulation wression throsical comm
ommodity or
.5 Con
orementionelation are inces in fin and NRAes can thelation in wh
consideratiale energy m
gal. The Arranged tradmarket mantrading venin conform
et integrity adoes not ar
semination
ket manipuly undertakission by fashould be d
Regulation’s e result that
e/misleadination via intout a wholeerson spreaand is diss
preading falng informatmarket pas.
our designewould coveough meanodity stocksr the deliver
nclusions
ed examplenspired by ancial mar
As will closerefore currolesale ene
ons apply markets.
Agency condes, could nipulation, pnue applicaity with the and thereforise.
n of false an
lation involving any acailurefailingdisclosed. F
definition t the marke
ng informatioernet or iss
esale energading the ineminating tse/misleadition to userrticipants a
ed to spreaer a coursens other thas to create rable into a
es of the vaEuropean
rkets made sely cooperrently be tergy market
until more
34/58
nsiders thatbe conside
provided thable to their rules of the
ore the que
nd mislead
ves dissemcompanying to proper
For exampleof “inside i
et is likely to
on through suing a presgy product wnformation kthe informaing informars of an orgare able to
ad false/me of conduan the meda misleadincommodity
arious typesenergy regby financi
rate in theaken as ats according
e experienc
t certain mered acceptat they areconduct. B
e trading veestion of giv
ding inform
mination of g transactiorly to disce, a market nformation”
o be misled.
the mediass release wwhich is adknows or ouation in ordeation througganised ma
rely on in
isleading inuct designedia. An exang impressiy futures co
s of practicgulators’the ial market
e application indicationg to REMIT
ce is gaine
Ref:
more specifted market undertaken
But in most oenue would ving the pra
mation
false and on. This coclose a pri
participant” fails to pr
: This involwhich contamitted to trught to haver to createh an officia
arket is partformation d
nformation:ed to give ample mighon as to thentract.
ces which cNRAs’ owauthorities,nimplemenn for poss.
ed about m
A12-AWMS-0
fic practicepractices, a
n according of such casbe sufficien
actice acce
misleading ould includece sensitiv
t with informroperly to d
ves behaviains false orading on ave known the a false orally recognisticularly serdisseminatio
This typefalse and
ht be the me supply or
could constn experienc with whomtation of Rible signals
market man
04-03-guidanc
es, such aand thus doto the rule
ses, conducnt in itself topted marke
informatioe creating ave piece omation whicdisclose tha
our such ar misleading
an organisedhat it is falser misleadingsed channerious as it ion via suc
e of markemisleading
movement odemand fo
titute markeces and them ACERtheREMIT. Thes of marke
nipulation in
ce
s o s
ct o
et
n a
of h
at
s g d e g el s h
et g
of or
et e e e
et
n
More getheir tecconcerncompet The Agnon-bin
enerally, thechnical andning markeition author
ency will coding Guida
e Agency cd economicet power erities, as fore
onstantly rence if consi
considers thc constraintexercise. Teseen by R
eview its Gidered appr
35/58
hat market pts in a way
The cooperREMIT, mus
Guidance onropriate.
participantsy to complyration of thst be unders
n market m
Ref:
' behavioury with comhe Agencystood in this
anipulation
A12-AWMS-0
r must be copetition law
y and NRAs respect.
and publis
04-03-guidanc
oherent witw, especiallAs with the
sh a revised
ce
h y e
d
26 A
Article 4mannermarket or for wwhole o
6.1 I
The obl2(7) of respect market obligatiomarket they corespons
Article 4employenormal 3(1)(b) and effereceivinfrom law4(3) of participaREMIT.
6.2 E
In genedissemiof insidethe Agemost eff As regainterim
pplication
4(1) of REMr inside infoparticipant
whose operaor in part.
Introductio
ligation to dREMIT. Hof the marparticipant
on is not oparticipant
ontrol of fosible, either
4(3) of REed by, or acourse of tof REMIT.
ective disclong the informw, regulatioREMIT is
ants in relat
Effective p
ral, inside innated to ase informatioency of effefective.
ards disclosphase, cons
of the obli
MIT obligesormation wconcerned
ational matt
on
disclose insHowever, thket participat’s parent nly related or the respor whose in whole or
MIT extendcting on bethe exerciseIf so, that
osure of thamation hasn, articles oconsideredtion to pare
public discl
nformation s wide a pubon through ective and t
sing inside siders the fo
gation to d
s market pawhich they
, or its pareters that m
side informahe disclosuant’s own bundertakingto inside in
pective undeoperationa
r in part.
ds the discehalf of, a me of their emmarket par
at informatio a duty of
of associatiod to mean, ent undertak
osure
should be dblic as possplatforms htimely discl
informationollowing du
36/58
disclose ins
articipants topossess inent undertaarket partic
ation lies wire obligatio
business or g or relatenformation ertakings ow
al matters
losure obligmarket partimployment,rticipant or on. Howeveconfidentialon or contrain contrary
kings or rela
disclosed insible. This isas its meritosure, this
n effectivelyual approach
side inform
o publicly d respect ofking or rela
cipant or un
ith the markon relates facilities, b
ed undertain respect wns, but alsthat mark
gation of Aicipant rece, professionperson sha
er, this paraglity, regardlacts. The limy, that no sated undert
n a manner s why the Ats and why,disclosure
y, the Agenh for disclos
Ref:
mation
disclose in f business
ated undertandertaking i
ket participanot only tout also to inking. In adof businessso in respeet participa
Article 4(1) eiving the inn or duties aall ensure sgraph doesess of whemitation of tsuch exceptakings acc
ensuring thAgency belie
in the follomechanism
ncy, currensure mecha
A12-AWMS-0
an effectiveor facilities
aking, ownss responsib
ant accordio inside infnside informddition, thes or facilitieect of insideant or und
of REMIT nside informas referred simultaneous not apply iether such dthis exceptiption applieording to A
at it is capaeves that thowing underm is consid
ntly and at anisms:
04-03-guidanc
e and timels which thes or controlble, either in
ng to Articleformation i
mation of thee disclosurees which thee informationdertaking i
to a personmation in the
to in Articleus, completeif the personduty deriveon to Article
es to markeArticle 4(1) o
able of beinge disclosurerstanding b
dered as the
least for a
ce
y e s n
e n e e e n s
n e e e n s e et of
g e y e
n
- Tew
a
cdtdt
a
- ta
d
d
Regardparticipacontain
- t
- a
- t
-
-
- t
o
8 It shou
if platformsTransmissioenergy excwith Regulanetwork coinformation in relevant REMIT, suaccordancenetwork cocomplete adisclosure the market discloses itransparencIn addition,accessible
if adequatethrough a pallowed, at information mechanismlevel of tranInformationdisseminateinformationdiscriminatopublished iEnglish only
less of wheant’s websthe followin
the captionMessage”
a subject he
the name a
if applicable
if applicable
the time anoutages
ld be noted t
s for the don Systemhanges (e.gations (EC
odes adopte to discloserules and r
uch publicae with Reguodes adopand effectivof further inparticipant’nside inforcy platform the Agencinformation
e transpareplatform forleast for a
which theym is chosennsparency a shall thereed to as w shall be ory, user-fn the officiay.
ether the infite and witng informati
n “Publicatio
eading that
and contact
e, the name
e, the balan
nd date of t
that accordin
disclosure m Operatorsg. Nord Poo) No 714/2ed pursuane should useregulations,ation of inulation (EC)pted pursuave public dinside informs website isrmation in will decrea
cy believes for all mark
ncy platformr the discloan interim py possess o, it is impo
across the Eefore be diswide a publ
disclosed friendly anal language
formation isthout prejuion:
on accordin
summarise
information
e and locatio
ncing area o
the relevan
ng to Article 2
37/58
of inside is8 (TSOs) ol Spot, EEX2009 and (t to those e such discl, or by the nside infor) No 714/20ant to thosclosure. S
mation. This not necesa timely
ase the orgathat the us
ket participa
ms do not osure of insperiod and on their owrtant that dEU and doesclosed in alic as possby a mar
d quantifiae(s) of the
s published dice of Art
ng to Artic
es the main
n of the mar
on of the re
or market ar
nt occurrenc
2(7) of REMI
nformation (e.g. RTE
X TransparEC) No 71Regulationlosure mechcompetent
rmation, inc009 or (EC
ose RegulaSuch platfos means th
ssary if a tramanner. Tanisational se of transpants.
yet exist oside informaunless othe
wn website.isclosure o
es not distora manner esible, includrket participable mannrelevant M
on a transpticle 1(2) o
cle 4(1) of
content of
rket participa
spective as
rea concern
ce, includin
IT, TSOs are
Ref:
exist, for E-UFE tranrency platfo15/2009, incs, market phanisms, if NRA. Accocluding in
C) No 715/2ations, conrms shouldhat a simultansparency he possibiburden on parency pla
or simultaneation, markerwise spec
However, of inside infort the dissemnsuring tha
ding the mepant free er. The inember Stat
parency plaof REMIT,
REMIT / U
the publicat
ant
sset
ned
g e.g. the
e market part
A12-AWMS-0
instance osparency irm etc.), in cluding guiparticipantsnot otherwi
ording to Araggregate
2009, or guinstitutes simd also be utaneous puplatform is
lity of usinthe market
atforms lead
eously to aket participacified, to puwhere suchormation enmination of at it is capaedia. Thereof charge,nformation te and in E
atform or onthe publica
UMM – Urg
tion
(estimated)
ticipants them
04-03-guidanc
operated binitiative) oaccordancedelines and
s with insideise specifiedrticle 4(4) oed form, inidelines andmultaneousused for theublication os used whichng only thet participantds to easie
a publicatioants may beublish insideh disclosurenhances theinformationble of being
efore, inside in a nonshould be
English or in
n the markeation should
gent Marke
) duration o
mselves.
ce
y or e d e d
of n d s, e n h e t.
er
n e e e e
n. g e
n-e n
et d
et
of
- t
-
-
Each pulines. Thadvertisthe usebody.
If the punderstbelievesall avaitime, the It is theincorrecArticle 4
The follinside in
-
the time an
if applicableparts of the
if applicableupdated or
ublication sherefore, pusement or a of disclaim
publication rtands that s that marklable data e publicatio
e Agency’s ct manner w4(1) of REM
owing IT stnformation t
Platforms srequiremen
o haveinfoposs
o be amardiscinfo
o ens
o opeconf
d date of pu
e, the reasoe electricity o
e, a history an unplann
should be aublications
any other irrmers. If disc
requires a such prognet participaand has be
on has to be
understandwould be c
MIT.
tandards arthrough com
shall fulfil tnts”):
e adequatermation on sible on a re
able to efficrket participcriminatory rmation with
ure high av
rate and mflicts of inte
ublication
ons for the or gas grid
of prior pubned outage
as short asshould not
relevant infoclaimers are
prognosis, nosis contaants fulfil theeen preparee updated a
ding that thconsidered a
re considerempany web
the followin
e policies behalf of measonable c
ciently and ants in a wbasis and
h similar da
ailability co
maintain efferests with m
38/58
unavailabil
blications rebecomes a
s reasonablyinclude sta
ormation. Fe used, the
e.g. regardains an eleeir publicatied with reaccordingly.
he disclosuas a non-e
ed effectivesites or tran
ng requirem
and arranmarket particcommercia
consistentlyay that ens
in a formata from oth
nsistent wit
ective admimarket parti
lity of gene
egarding the planned ou
y possible atements byor the samey should be
ding the dument of unon requirem
asonable ef
re of insideeffective dis
e and shounsparency p
ments (“Reg
ngements icipants as l basis,
y disseminasures fast acmat that fac
er sources,
th market ex
nistrative acipants,
Ref:
eration units
e same eveutage.
and usuallyy company ee reason, the clearly se
uration of ancertainty. Tments if theffort. If a pr
e informatiosclosure and
ld be applieplatforms:
gulated Info
in place toclose to rea
ate inside inccess to thecilitates the
xpectations
arrangemen
A12-AWMS-0
s, consump
nt, e.g. if a
y not exceeexecutives, he Agency eparated fro
an outage, Therefore,
e prognosis rognosis ch
on in an ind thus be i
ed for the d
ormation Se
o make pal time as is
nformation e informatioe consolida
s,
ts designed
04-03-guidanc
tion units o
prognosis i
ed 10 to 20 any form odiscourage
om the main
the Agencthe Agencis based o
hanges ove
complete oin breach o
disclosure o
ervice (RIS
ublic insides technicall
on behalf oon on a nonation of the
d to preven
ce
or
s
0 of s n
y y n
er
or of
of
S)
e y
of n-e
nt
-
o
fs
d
While munderstTherefotechnicainformatherefortechnicawebsitetranspaparticipamarket.
The Aginside iaccordin
6.3 T
As rega - if th
714/to th
o havethe unamainavoiprocthe
o be adiscthe
o keep
Market paroption or information format thatsources. Sopublicationsparticipantsperiod of atdisclosure a
market parttands that ore, the Agal problemstion was trare not be cal problems
e instead. Arency platfant is not a
gency regarnformation ng to Article
Timely pub
ards the time
he inside in/2009 and hose Regul
e sound semeans of uthorised antain adequid temporarcedures desplatform ap
able to repclosure to thREMIT imp
p the histor
rticipants dsimultaneo platform st facilitates ocial medias. Historic s’ website it least 2 yeaand to asse
icipants arethey do n
gency belies of such ansmitted tcharged fors persist, hoAlthough delforms doesallowed to tr
rds the encas best pr
e 4(1) of RE
blic disclos
ely disclosu
nformation (EC) No 71ations, the
ecurity mechtransfer of access anduate resourry technicalscribing wh
pplication is
port the inshe Agency plementing a
ic inside inf
isclosing inously to a hall make tthe consol
a shall onlyinside in
f not remaars in order
ess previous
e responsibnot have ineves that mplatforms fto the transr having breowever, marlayed disclos not implyrade based
closed Urgeractice examEMIT throug
sure
ure of inside
has to be15/2009, incdelay in pu
39/58
hanisms in informatio
d to preverces and fol problems at market pout of orde
side informand NRAs acts apply;
formation av
nside informdisclosure
the inside ilidation of ty be used nformation ined availar to allow ots incidents o
ble for the dnfluence onmarket partulfilling the
sparency plaeached therket participosure of insy a breach
d on that inf
ent Market mples for tgh platforms
e informatio
e publishedcluding guidublishing un
place desin, minimise
ent informaresee backas much a
participants r,
mation receias non-agg
vailable for
mation on te of insidenformation the informaas additionshould re
able by the ther marketof the same
disclosure n the operticipants ar above-meatform in tim
e obligationpants have tside informah of the dformation a
Message the effectives.
n, the Agen
d in accorddelines andnder these
Ref:
gned to gue the risk oation leakagk up facilitieas possible
shall do in
ved from mgregated an
a period of
their own we informatio
available tation with snal sourcesemain avai
inside infot participante facilities.
of inside inration of trre not respentioned RIme, the ma to discloseto use otheation due todisclosure oas long as it
role modele disclosure
ncy currently
dance with network corules and r
A12-AWMS-0
arantee theof data corge before
es for their and define the unlikel
market parnd individua
at least 2 y
website ason throughhrough websimilar data not replaclable on
ormation plats to learn b
nformation, ransparencyponsible foS requirem
arket particie inside infr platforms o technical obligation, t is not ava
s for the de of inside
y considers
Regulationodes adoptegulations,
04-03-guidanc
e security orruption andpublication
platforms to emergencly event tha
rticipants foal data once
years.
a fall-bach an insideb feeds in aa from othecing websitethe markeatform for abest practice
the Agency platformsr temporar
ments. If theipant shouldformation. or their ownproblems othe marke
ailable to the
disclosure oinformatio
s that:
ns (EC) Noted pursuanincluding in
ce
of d
n, o y
at
or e
k e a
er e
et a e
y s. ry e d If n
of et e
of n
o nt n
agg(Articonswithadopubinsidceas
- if th(ECpursappmusruleproh
The Agereal timThird Pa Article 3publish publisheshould market 3(4)(b) based oAgency mainly informa714/200website
regated foicle 4(4) ofsiders the p
h Regulationpted pursualic disclosude informatses to apply
he inside in) No 714/2suant to tholying a diffe
st therefore s and reguhibition of in
ency conside or close ackage tran
3(4)(b) andinside info
ed in a numbe reportedparticipantsand Article
on the expe foresees tothrough antion (like f09 and (ECe.
rm, is conf REMIT). Hpublication n (EC) No ant to thos
ure, it does tion has to y.
formation d009 and (Eose Regulaerent reason
normally blations. But
nsider tradin
ders that mto real time
nsparency o
d Article 4(2ormation anmber of sped to the Ags who are e 4(2) of Rerience in fo collect the electronic for informaC) 715/200
nsidered simHowever, it of inside in714/2009 oe Regulationot necess
be publishe
does not haEC) No 715ations, the Anable timefe publishedt in any casng ceases to
market partice disclosureobligations.
2) of REMInd from thecified caseency and thsubject to
REMIT, the financial mae notificatioformat, estion to be 9). The rel
40/58
multaneoushas to be
nformation, or (EC) No ons, to consarily consted, in any c
ave to be m/2009, incluAgency curframe for thd within onese the insido apply.
cipants shoe of inside i
T provide fe prohibitio
es. In all thehe relevantthe obligatiAgency ha
arkets, and ons requiredpecially wh
published levant elec
s, completestressed tincluding in715/2009, stitute simutitute disclocase, before
made publicuding guiderrently conse disclosure hour if noe informatio
uld developinformation
for exempton to tradeese cases, t NRA withoion to repoas develope
recommend by Article hen there a
in accordctronic form
Ref:
e and effechat even ifn aggregateor guidelin
ultaneous, osure in a te the prohib
c in accordelines and nsiders that e of informa
ot otherwiseon has to b
p a clear co, beyond co
ions from te on this inhowever, thout delay. Irt informatioed a standnds its adop
3(4)(b) andare data stadance with mat is publi
A12-AWMS-0
ctive publicf Article 4(4ed form, in nes and netcomplete atimely manbition of ins
dance with network codthere is noation. Such specified i
be published
ompliance pompliance w
the obligationformation he relevantn order to on accordinard notificaption by all d Article 4(2andards rela
Regulationshed on th
04-03-guidanc
c disclosure4) of REMITaccordance
twork codeand effectivener and thesider trading
Regulationdes adoptedo reason foh informationn applicabled before the
plan towardwith existing
on to timelbefore it i
t informatioassist thoseng to Articleation format
NRAs. The2) of REMITating to thins (EC) Nohe Agency’
ce
e T e s e e g
s d
or n e e
s g
y s n e e t, e T s o s
7 Ain
2.17.1
This Chprohibitmanipuon pers
2.1.17.1
Article 1energy notify thenergy breachesteps wThose wobligatioconstitusignals The dutof Articlenergy The Agenergy arrangemarket guidanc The dutIt shouldsubject concern
7.2 A
The mato the gwhich h
pplication nsider deali
Intro
hapter is intions and aslation as deons profess
1.1 The
15 of REMITproducts w
he NRA withproducts sh
es of Articlewhich the pewho are suon. The foll
ute effectiveof a suspicty to establles 3 or 5 oproducts. T
gency curreexchanges
ements to isurveillanc
ce to establi
ty to notifyd be emphato it decide
ning the rele
Application
arket abuse as and elecave becom
of the maing or mark
oduction
ended to prs to indicatiefined in Artsionally arra
duty to es
T requires twho reasonahout furtherhall establis
es 3 or 5.” Tersons subjubject to thlowing guide arrangemious transacish and ma
of REMIT isThese includently consids and compidentify brece and comish and mai
y suspiciouasised that te on a case-evant transa
n of marke
prohibitionctricity marke explicitly
arket abusket manipu
rovide guidons of transticle 2(1) toanging trans
stablish and
that “any peably suspecr delay. Persh and maiThe regulatject to this
he requiremdance drawents to idection.
aintain effecs on any pede at least tders indepeliance office
eaches of tmpliance inintain such
us transactthe notificat-by-case baaction.
t abuse pro
s of REMITkets. Markeprohibited w
41/58
se prohibitulation
ance to NRsactions wh
o (3) of REMsactions by
d maintain
erson profects that a trrsons profeintain effection and its requiremen
ment clearlys on experntify breach
ctive arrangerson profestrading venuendent markers in the cthe prohibit the EU fimechanism
tions tion regime
asis where t
ohibitions
T are basedt abuse mewith the ent
tions and
RAs as to thhich may inMIT, also in
Article 15 o
effective a
essionally arransaction
essionally artive arrangeimplementi
nt need to ty need to eiences in fihes of the
gements anssionally arues like eneket surveillacase of broktions of mainancial ma
ms.
laid down bthere are re
d on the Maeans insidertry into force
Ref:
possible s
he applicatiovolve insiderelation to
of REMIT.
arrangeme
rranging tramight brearranging traements andng measurtake to idenensure that nancial maprohibitions
d procedurrranging traergy exchanance deparkers as besarket abusearket legisla
by REMIT rasonable g
arket Abuser dealing ane of REMIT
A12-AWMS-0
signals of
on of the me informatiothe obligat
nts and pro
ansactions ich Articles
ansactions id procedurees do not dntify such t
they comparkets as tos of market
res to identiansactions inges and brrtments in st practicese. Applicabation may
requires tharounds for s
e Directive, nd market mT.
04-03-guidanc
suspected
market abuseon or markeion imposed
ocedures
in wholesale3 or 5 sha
in wholesalees to identifydeal with theransactionsply with thi
o what might abuse and
ify breachen wholesalerokers. the case o
s of effectiveble rules fo
serve as a
at persons suspicion
but tailoredmanipulation
ce
d
e et d
e all e fy e s. s
ht d
s e
of e
or a
d n,
7.2.1 T
The follconstitumarket
1. oo
2.
e
3.
w
4. te
5. swt
6. T
w2
7. ft2
7.2.2 A
Whilst tin, marprohibitrelation
Types of m
lowing seveute insider manipulatio
Insider tradon the basiof REMIT.
Improper dinformation exercise of
Recommeninducing, owholesale e
False/misleto give, falsenergy prod
Price positsecure, by wholesale etransaction legitimate apractices oREMIT.
Transactionwhich emp2(2)(a)(iii) a
Disseminatfalse or misthis knows 2(2)(b) and
Application
he prohibitiket manipuion of insideto a wholes
market abus
en types oftrading, th
on:
ding – whens of inside i
isclosure of to another their emplo
nding on theon the basienergy prod
eading transse or misleaducts, Articl
ioning - traa person,
energy prodor issued
and that thon the whol
ns involvingloys fictitiou
and (3)(a)(ii
ion of falsesleading imp
or ought t (3)(b) of R
n of the pro
on of markeulation on wer trading issale energy
se
f behaviour he last four
n an insiderinformation
f inside infoperson, un
oyment, pro
e basis of ins of inside
ducts to whi
sactions - trading signale 2(2)(a)(i)
ading, or por person
ducts at anthe order
hat transacesale energ
g fictitious dus devices i) of REMIT
and misleapression abto have knEMIT.
ohibition o
et manipulawholesale es limited to y products (
42/58
may amour constitute
r trades, orrelating to
ormation –less such d
ofession or d
nside inform informatioch that info
rading, or plls as to theand (3)(a)(
placing ordens acting inn artificial leto trade es
ction or ordgy market
devices/decor any oth
T.
ading informbout a wholeown the in
of insider tr
ation appliesenergy mathe followin“insider”):
unt to marke market m
r tries to trathat wholes
where an idisclosure isduties, Artic
mation – when, another
ormation rela
lacing ordere supply of, (i) of REMIT
ers to tradn collaboratevel, unlessstablishes tder to tradconcerned,
ception - traher form of
mation - givesale energ
nformation t
rading
s to any engrkets by anng persons
Ref:
ket abuse, tmanipulation
ade, in whosale energy
nsider imprs made in thcle 3(1)(b) o
ere an insidperson to
ates, Article
rs to trade, demand fo
T.
e, which stion, the pr
s the personthat his reade conform Article 2(2
ading, or pf deception
ing out infogy product wto be false
gagement inny person, who posse
A12-AWMS-0
the first thrn, including
lesale enery product, A
roperly dische normal cof REMIT.
der is recomacquire or
e 3(1)(c) of
which givesor, or price o
secures or rice of onen who ente
asons for ds to accep
2)(a)(ii) and
placing ordeor contriva
ormation thawhere the pe or mislead
n, or attempthe applic
ss inside in
04-03-guidanc
ree of whichg attempted
rgy productrticle 3(1)(a
closes insidecourse of the
mmending or dispose oREMIT.
s, or is likelof wholesale
attempts toe or severaered into theoing so arepted marked (3)(a)(ii) o
ers to tradeance, Article
at conveys aperson doingding, Article
pt to engageation of the
nformation i
ce
h d
s a)
e e
or of
y e
o al e e et of
e, e
a g e
e e n
1.
2.
3.
4.
5.
Article 3to a whREMIT transact The proof REMenergy by trying
7.2.3 d
Paragratrading.insider publish Article 3
3os(2
4
(aai
members o
persons wit
persons wprofession o
persons wh
persons wh
3(5) of REMholesale enshall also
tion for the
ohibition of IT not only products tog to acquire
Exemptiondisclose in
aphs 3 and However, trading aninside infor
3(3) and (4)
3. Points (aoperators wsecure ope(e) of Articl2009/73/EC
4. This Artic
(a) transacacquire or agreement into posses
of the admin
th holdings
ith access or duties;
ho have acq
ho know, or
MIT clarifies nergy produ
apply to thaccount of
insider deaprohibits fr
o which thate or dispose
ns from thenside inform
4 of Articlit should bed are therermation acc
) of REMIT s
a) and (c) owhen purcheration of thle 12 of DireC.
cle shall not
ctions condudispose of concluded,
ssion of insid
nistrative, m
in the capit
to the inf
quired such
ought to kn
that whereuct is a leghe natural pthe legal pe
aling also corom using int informatione of wholesa
e prohibitiomation
e 3 of REMe stressed tefore neith
cording to A
stipulates:
of paragraphhasing elece system inective 2009
t apply to:
ucted in thwholesale
, or an ordde informat
43/58
anagement
al of an und
formation t
information
now, that it i
the personal person, persons wherson conce
ontains elemnside informn relates buale energy p
on of inside
MIT stipulatthat the exeer exhaustrticle 4(1) o
h 1 of this Actricity or nn accordanc9/72/EC or p
he dischargenergy pro
er to trade tion;
t or supervis
dertaking;
through the
n through cr
is inside info
n who possethe prohib
ho take parerned.
ments of atmation by aut also prohproducts to
er trading a
te exemptioemptions mtive (awithoof REMIT.
Article shallatural gas ce with theipoints (a) a
e of an oboducts whe
placed, be
Ref:
sory bodies
e exercise
riminal activ
ormation.
esses insideitions laid drt in the de
ttempted becquiring or
hibits from uwhich that
and from th
ons from thay only app
out prejudic
l not apply in order toir obligation
and (c) of A
bligation thaere that oblefore the pe
A12-AWMS-0
s of an unde
of their e
vity;
e informatiodown in Ar
ecision to c
ehaviour. Ardisposing o
using insideinformation
he obligatio
e prohibitioply for the pce of the o
to transmiso ensure thns under poArticle 13(1)
at has becoligation resuerson conc
04-03-guidanc
ertaking;
employment
on in relatiorticle 3(1) oarry out the
rticle 3(1)(aof wholesalee information relates.
on to
on of insideprohibition oobligation to
ssion systemhe safe andoints (d) and
of Directive
ome due toults from anerned came
ce
t,
n of e
a) e n
er of o
m d d e
o n e
(gcwossrw
(hmaA
The Ageof paragto ensuobligatioinformaexercise Concernunder thconductwholesaorder toSince thinto posto refraiin order The Ageparticipaor LNGunplannthat anyand thaexempt The exaforeme
(b) transactgas storagecover the imwould resuobligations system opesystem. In reported to without prej
(c) market phave intervmechanismauthority coArticle 4.
ency undergraph 1 of tre the safe ons under Dtion to anye of their em
ning the exhe Market Ated in the ale energy o trade plache exemptiossession of in from any r to comply
ency considants, any u
G import facned events,y physical loat any transion.
xemption mentioned cir
tions enteree facilities ommediate pult in the m
or where erator(s) cosuch a situthe Agenc
judice to the
participantsvened in or
ms have beeompetent fo
rstands thathis Article. and secure
Directives 2y other persmployment,
xemption of Abuse Direcdischarge products w
ced, before on also appinside inforamendmenwith the pro
ders that, sinplanned o
cilities. It fu i.e. an eveoss needs saction goin
may only brcumstance
ed into by eor operatorsphysical lossmarket parsuch actio
oncerned inuation, the rcy and the ne obligation
s acting undrder to secuen suspendor emergen
t the exempTherefore,
e operation 2009/72/EC son unless profession
Article 3(4)ctive and paof an oblig
where that othe person
plies to ordrmation, thent or selectiohibition of
nce the exeoutage undeurthermore ent which isto be causeng beyond
be applieds in the follo
44/58
lectricity ans of LNG ims resulting rticipant noon is unden order to relevant infonational reg
n set out in A
der nationalure the sup
ded in a Mecy planning
ption of ArticTSOs whenof the systeand 2009/7such disclor duties.
)(a) of REMarticularly agation that obligation r concerneders to trade
e Agency cove withdrawinsider trad
emption is ler this exemconsiders ts not ex-aned immediathe immed
by the aowing two i
nd natural gmport facilitie
from unplanot being abrtaken in aensure sa
ormation regulatory autArticle 4(1);
l emergencpply of elecember Stateg shall ensu
cle 3(3) of n purchasinem in accor73/EC shalllosure is m
MIT, the Ageapplies to tra
has becomresults fromd came intoe placed beonsiders thawal of the oring.
imited in scmption may that the exnte known bately and sodiate physic
aforementionstances:
Ref:
gas producees the solenned outagble to meeagreement afe and seelating to ththority. This;
cy rules, whctricity or ne or parts thure publicat
REMIT doeg electricity
rdance with be prohibit
made in the
ency considansactions me due to
m an agreemo possessioefore the peat the markerder placed
cope to the only relate
xemption mby the primolely througcal loss ma
oned marke
A12-AWMS-0
ers, operato purpose o
ges, where net existing with the t
ecure operahe transactios reporting
ere nationanatural gas hereof. In thtion in acco
es not applyy or natural their aboveted from dis
e normal co
ders that it in derivativeacquire or
ment concln of inside erson concet participa (“hands-off
aforementioe to productay only be
mary owner gh the unplaay not bene
et participa
04-03-guidanc
ors of naturaf which is tonot to do socontractua
transmissionation of theons shall beobligation i
al authoritieand marke
his case theordance with
y to point (bgas in ordee-mentionedsclosing thaourse of the
also appliees contractr dispose ouded, or ainformationerned cament is obliged
ff approach”
oned marketion, storage
e applied foof the data
anned evenefit from the
ants in the
ce
al o o al n e e is
s et e h
b) er d
at e
s s
of n
n. e d ”)
et e
or a, nt e
e
- W
- W
e Regardmust excontractconsideparticuladetermi As regaand sec
With renormallycompeteREMIT. In caseinsider tof REMNRA(s) concernof the pREMIT, Notificawebsite
7.2.4 A
REMIT market either asuspiciothere arclear evtransactThis pro
Where the physical losmarket part
Where sucensure safe
ing the firstxist ex-ante tual obligat
ers a markear transactnative (athe
ards the secure operati
egard to they coincide went for eme
e a market trading acc
MIT concernmust be n
ned shall wpublic disclo if the cond
tion forms e.
Application
does not omanipulatio
a manipulatous simply re situationsvidence of tion is not eohibition wil
sole purpss resultingticipant not
h action is e and secur
t alternativeof the imm
tions must et participantion may be market pa
cond alternion of the sy
e exemptiowith the exeergency pla
participant cording to Aing the delaotified accoithout delayosure, to thitions of Art
for delaye
n of the pro
only prohibion. Proving tive order wbecause it s where a an intentionexecuted. Tl enhance m
ose of theg from unplabeing able
undertakenre operation
e, the Agenediate physrelate to thnt “not beinbe suspicioarticipant ha
native, the Aystem” will m
on of Articleemption of Aanning sha
not only aArticle 3(3) aayed discloordingly. Acy provide thhe Agency ticle 4(2) of
d disclosur
ohibition o
it market mmarket ma
was placed matches operson taken to manipu
The Regulatmarket integ
45/58
e transactioanned outato meet exi
n in agreemn of the syst
cy considesical loss ree relevant g able” to
ous even ias no other
Agency conmainly appl
e 3(4)(c) oArticle 4(2) ll ensure p
ims at appand (4) of Rosure of insccording tohat informat
and the reREMIT are
re of inside
of market m
manipulationanipulation w
or a manione or morees steps towulate the mtion expressgrity.
ons enteredages, whereisting contra
ment with ttem.
rs that the esulting from
period of tmeet such f it matcheown assets
nsiders thatly in cases o
of REMIT, tof REMIT aublication i
lying the eREMIT, but ide informaArticle 4(2)tion, togetheelevant NRAe met.
e informatio
manipulatio
n, but also would requipulative tra
e of the indwards a ma
market but esly prohibits
Ref:
d into is toe not to do actual oblig
the TSO(s)
contractualm unplannedhe unplannexisting coes none o
s available t
t the criteriof Article 3(
the Agencyand that in sn accordan
xemptions also the ex
ation, the Ag) of REMIT,er with a juA having re
on are ava
on
applies theire a regulaansaction mications).waanipulative either an ors attempts a
A12-AWMS-0
o cover theso would
ations or
concerned
obligationsd outages. T
ned event. Tontractual oof the indicto cover the
on “to ensu(4)(c) of RE
y considerssuch case tnce with Ar
from the pxemption ofgency and , the marke
ustification fegard to Ar
ailable at th
e concept oator to demomay not necas executedbehaviour
rder is not pat market m
04-03-guidanc
e immediateresult in the
d in order to
s referred toThe existingThe Agencbligations incations) noe loss.
ure the safeMIT.
s that it withe authoritrticle 4(1) o
prohibition of Article 4(2the relevan
et participanfor the delarticle 8(5) o
he Agency’
of attemptedonstrate thacessarily bed. Howeverand there iplaced, or a
manipulation
ce
e e
o
o g y n
or
e
ll y
of
of 2) nt nt y
of
s
d at e r, s a
n.
2.27.3
It is emconsidecompretransactapplied transactgrounds
2.2.17.3
The follo a) sign
havi
b) tranbefo
2.2.27.3
The folthemsewhen ttransact a) the
proptradthe
b) the signchanadm
c) wheene
9 ConcerDirective
3 Indi
mphasised teration of whensive antion gives rusing judg
tions meetis for suspic
3.1 Pos
owing even
nificant trading a signifi
sactions reore the anno
3.2 Pos
llowing nonlves sufficietransactionstions related
extent to wportion of thing venue price of the
extent to wnificant buynges in the
mitted to trad
ether transargy product
rning wholese 2003/124/E
cations of
that theseTwhether a tnd should orise to indicement rathng the signion.
ssible signa
nts may be c
ding by macant price e
esulting in souncement
ssible signa
n-exhaustivent to conss or ordersd to false o
which ordershe daily voluconcerned, wholesale
which ordeying or selle price of thding on a tra
actions undet admitted to
sale energy pEC on the Ma
possible s
The followintransaction only be regcations of per than nec
nals listed b
als of insid
considered
ajor market effect;
sudden andof informat
als of mark
ve list of sstitutedeterms to trader misleading
s to trade gume of trans in particulenergy pro
ers to tradeling positioe wholesaleading venue
ertaken leao trading on
products whicarket Abuse
46/58
suspicious
ng exampleis suspicio
arded as apossible suscessarily be
below may b
der dealing
as signals o
participant
d unusual ction having
ket manipu
signals, whmine marke
e are examg signals an
given or trasactions in ar when th
oduct;
e given or on in a whe energy pre;
ad to no chn a trading v
ch are financDirective.
transactio
s of indicatous and sia starting pspicious beheing interprbe legitimat
of potential
ts before t
changes in a significan
lation
hich shouldet manipulamined by pnd to price s
ansactions uthe relevanese activitie
transactionholesale enroduct or a
ange in bevenue;
cial instrume
Ref:
ons
tions are ognals are
point when haviour. Moreted literallte and henc
insider trad
the announ
the volument price effec
not neceation, may persons prsecuring9:
undertaken nt wholesalees lead to
ns undertaknergy produrelated wh
eneficial ow
nts, see Artic
A12-AWMS-0
only a startineither conconsidering
oreover, thely. It is recoce not give
ding situatio
ncement of
e of ordersct.
ssarily be be taken i
rofessionally
represent e energy proa significan
ken by persuct lead toolesale ene
nership of
cle 4 of imple
04-03-guidanc
ng point fonclusive nog whether aey are to beognised tha
e reasonable
ons:
information
s and price
deemed into accouny arranging
a significanoduct on thent change in
sons with ao significanergy produc
a wholesale
ementing
ce
or or a e at e
n
s
n nt g
nt e n
a nt ct
e
d) the revetranmighadm
e) the a shreve
f) the pricegenrem
g) the specto p
h) the uneincremucposi
The folthemseorders temploym a) whe
follolinke
b) whethe recointer
10 ConceDirective
extent to ersals in a sactions in ht be asso
mitted to trad
extent to whort time spersed;
extent to wes in a wherally the roved before
extent to wcific time wrice change
extent to wconomic aeasing the ch greater ition.
llowing nonlves to conto trade arment of ficti
ether ordersowed by dised to them;
ether orderssame per
ommendatiorest.
erning wholee 2003/124/E
which ordshort periothe relevan
ociated withding on a tra
which orderspan in the t
which ordersholesale enrepresentate they are e
which ordershen referenes which ha
which persand counte
market pridegree thr
n-exhaustivstitute mark
re examineditious device
s to trade semination
s to trade arsons or pons which
sale energy EC on the Ma
ers to tradod and repnt wholesal
h significantading venue
s to trade gtrading ses
s to trade gnergy prodtion of the executed;
s to trade ance prices, save an effec
istent execrintuitive trce and enarough sepa
ve list of sket manipud by persoes or any o
given or tof false or
re given or persons linare erroneo
products wharket Abuse
47/58
de given opresent a sle energy pt changes e;
iven or transion and le
given changuct admitteorder boo
are given orsettlement p
ct on such p
cution of trariggering aabling a marate tradin
signals, whlation, may
ons professther form of
transactionsmisleading
transactionnked to thous or bias
ich are finanDirective.
or transactisignificant pproduct on tin the price
nsactions unead to a pri
ge the repreed to tradink available
r transactioprices and v
prices and v
ades that oa manipulatarket partic
ng activity
hich shouldy be taken iionally arraf deception
s undertak information
ns are undehem prodused or dem
ncial instrume
Ref:
ons undertproportion othe trading e of a who
ndertaken aice change
esentation ng on a tre to market
ons are undvaluations a
valuations.;
on a stand-tion by decipant to suvia a larg
not neceinto accounanging trans
or contriva
ken by persn by the sa
ertaken by ce or diss
monstrably
ents, see Art
A12-AWMS-0
taken incluof the dailyvenue con
olesale ene
are concentwhich is s
of the bestading venut participan
ertaken at are calculat
-alone baseliberately ubsequentlyer connect
ssarily be nt when transactions rence10:
sons are pme persons
persons beseminate rinfluenced
ticle 5 of imp
04-03-guidanc
ude positiony volume ocerned, and
ergy produc
trated withinubsequentl
t bid or offeue, or morents, and are
or around ated and lead
is would belowering oy profit to ated accrued
deemed insactions o
elated to the
preceded os or person
efore or afteresearch oby materia
lementing
ce
n of d ct
n y
er e e
a d
e or a d
n or e
or s
er or al
2.37.4
Any persuspectwithout availablnotifyingmanipubecome Notificatelephocompete The AgtransactexperieAgencynotificatREMIT.
7.5 T
Personsinformasubject urgentlyeven becontact suspicio
2.3.17.5
Article 1energy notify thenergy breachesteps wThose wobligatioconstitusignals
4 Met
rson profests that a trafurther delae at the timg persons lation. All re
es available
tion to thene, provideent authorit
ency consitions if thernces in fin’s website ation of whic
The obliga
s making stion before to the repo
y, then the efore all amay take
on. The othe
5.1 The
15 of REMITproducts w
he NRA withproducts sh
es of Articlewhich the pewho are suon. The foll
ute effectiveof a suspic
hod of repo
ssionally arransaction may of all releme of notifi
suspect themaining infe.
competened that in thty.
ders that itre were a s
nancial marand urges
ch has to be
tions of pe
uspicious trcontacting
orting obligaAgency wo
spects of tplace by t
er informati
duty to es
T requires twho reasonahout furtherhall establis
es 3 or 5.” Tersons subjubject to thlowing guide arrangemious transac
orting susp
ranging tranight breach
evant informication, the hat the traformation s
t authority he latter cas
t would assstandard rerkets, thereNRAs to ad
e forwarded
ersons prof
ransactionsthe compe
ation considould expecthe transacelephone ifon can be s
stablish and
that “any peably suspecr delay. Persh and maiThe regulatject to this
he requiremdance drawents to idection.
48/58
picious tra
nsactions inh Article 3 omation availa
notificationansaction mshall be prov
can be efse, written c
sist those sporting form
efore recomdopt it for s to the Age
fessionally
s reports thetent authorder that) thect that NRAction and af appropriasupplied su
d maintain
erson profects that a trrsons profeintain effection and its requiremen
ment clearlys on experntify breach
ansactions
n wholesaleor 5 of REMable. Wheren shall inclumight consvided to the
ffected by confirmation
subject to thmat for doinmmends ussuspicious tency without
y arranging
erefore do rity. If the cere is a neeAs receive nall related te, giving tbsequently
effective a
essionally arransaction
essionally artive arrangeimplementi
nt need to ty need to eiences in fihes of the
Ref:
e energy proMIT shall not
e not all theude at leasstitute inside competent
mail, electrn is provide
he obligationg so. The sing the fortransaction t delay purs
g transactio
not need tocase is one ed to alert tnotificationsinformationthe basic d.
arrangeme
rranging tramight brearranging traements andng measurtake to idenensure that nancial maprohibitions
A12-AWMS-0
oducts whotify the come relevant inst the reasoder dealingt authority a
ronic mail, ed upon req
on to reporAgency, ba
rmat publisreporting to
suant to Art
ons
o have all tfor which (he competes as soon a become k
details and
nts and pro
ansactions ich Articles
ansactions id procedurees do not dntify such t
they comparkets as tos of market
04-03-guidanc
o reasonablmpetent NRAnformation ions why theg or markeas soon as
telecopy oquest by the
rt suspiciouased on the
shed on theo NRAs, theticle 16(2) o
the required(the personent authoritas possibleknown. Thireasons fo
ocedures
in wholesale3 or 5 sha
in wholesalees to identifydeal with theransactionsply with thi
o what might abuse and
ce
y A s e
et it
or e
s e e e
of
d s y
e, s
or
e all e fy e s. s
ht d
The dutof Articlenergy Concernmight be At gas Thus thtransacthubs vaexamplebeing co
TSOs oarrangin The Agenergy arrangemarket guidanc
7.5.2 T
It shoulsubject concern(a partidetermimore of The Agtransactexperieand urghas to b
ty to establles 3 or 5 oproducts. T
ning gas hue the case t
hubs transfhe person otions accordarious on ae, a hub reonducted e
or persons ang transacti
gency curreexchanges
ements to isurveillanc
ce to establi
The duty to
d be emphto it decide
ning the relecular transnative (a traf the indicat
ency consitions if thernces in fina
ges NRAs tobe forwarde
ish and maof REMIT isThese includ
ubs, the Agthat gas hu
fer of title (owning the ding to REM
a hub-by-hueceiving higlsewhere (e
acting on theons insofar
ently consids and compidentify brece and comish and mai
o notify su
asised thate on a caseevant transasaction mayansaction mions).
ders that itre were a sancial markeo adopt it foed to the Ag
aintain effecs on any pede at least t
ency considbs operate
(ownership)gas hub ca
MIT Article ub basis. Cghly aggrege.g. at an Ex
eir behalf mr as they are
ders indepeliance office
eaches of tmpliance inintain such
spicious tr
t the notificae-by-case baction. The y be suspicmay not nec
t would assstandard reets, therefo
or suspiciouency withou
49/58
ctive arrangerson profestrading venu
ders that noseparately
) takes placan be cons15. It shoul
Certain hubsated data wxchange).
may have toe arranging
endent markers in the cthe prohibit the EU fimechanism
ransactions
ation regimbasis whereindications cious even
cessarily be
sist those sporting formre recommes transactiout delay pur
gements anssionally arues like ene
ormally the from the TS
ces, which sidered as d be noted s will be unwithout pric
be regarde balancing
ket surveillacase of broktions of mainancial ma
ms.
s
e laid downe there are
given abov if it matchsuspicious
subject to thmat for doinends using on reportingrsuant to Ar
Ref:
d procedurrranging traergy exchan
TSO operaSO.
can be cona person pthat the de
nable to coce details), w
ed as beingmarkets.
ance deparkers as besarket abusearket legisla
n by REMITreasonable
ve are therehes none o simply bec
he obligationg so. The the format
g to NRAs, trticle 16(2) o
A12-AWMS-0
res to identiansactions inges and br
ates the ga
nsidered a professionalepth of data onduct survwith marke
persons pr
rtments in st practicese. Applicabation may
T requires te grounds foefore neitheof the indic
cause it mat
on to reporAgency, ba
presented ithe notificatof REMIT.
04-03-guidanc
ify breachen wholesalerokers.
s hub, but
transactionly arrangingavailable to
veillance (foet monitoring
rofessionall
the case os of effectiveble rules fo
serve as a
that personor suspicionr exhaustivecations) notches one o
rt suspiciouased on then the Annextion of whic
ce
s e
it
n. g o
or g
y
of e
or a
s n e
or or
s e x h
7.6 A
7.6.1
Accordiset out phase uand enfRegulatof theirimplemewholesa
7.6.2 A
Accordiaccepte Article 2applying2003/6/and macould benergy Accordithat arecompetewith thethe conaccordincommodderivativ The AgREMIT: Firstly, tapply uAccordienergy Secondbetween
Application
Introductio
ng to Articlein Articles 3until data coforcement ption and per existing entation of ale energy m
Accepted M
ng to Recited market p
2(2)(a)(ii) ag in the fin/EC of the Erket manipue a legitimaproduct.
ng to Article reasonabent authorit
e procedurencept of accng to Articledity derivaves accordi
gency conc
the AMPs ander REMITngly, new Acommodity
ly, the samn practices
n of the im
on
e 13(1), firs3 and 5 andollection acpowers arenalties accopowers, inthe Third Emarkets are
Market Pra
tal 27 of REractices.
nd (3)(a)(ii)ancial serv
European Pulation (marate way for
le 1(5) of Dbly expectety in accord
e laid down cepted mare 1(2) of D
atives markng to Article
cludes the
accepted byT, but AMPAMPs maymarkets.
me way finand activiti
plementati
st subparagd the obligatccording to Ae implemenording to Ar particular nergy Pack
e aimed at w
actices (AM
EMIT, the A
) of REMITvices area, Parliament arket abuse) r market pa
Directive 20ed in onedance within Article 17rket practicirective 200
kets woulde 1(1) of Di
following a
y competenPs under REy be establi
nancial maes; also the
50/58
ion of proh
raph, of REtion set out Article 8 of ted at natio
rticle 18 of tthose pow
kage, to enswith the ent
MPs) regime
Agency’s gu
stipulate thwhich are
and of the Cand which
articipants t
003/6/EC, ‘Aor more figuidelines
7(2) of Direes may eit03/6/EC, or expect torective 200
as regards
nt authoritieEMIT are noshed unde
arket authoe Agency w
hibitions of
EMIT, NRAsin Article 4the Regula
onal level athe Regulatwers confesure that mary into force
e
uidance sho
hat acceptecurrently d
Council of 2may be ad
to secure a
Accepted minancial maadopted b
ective 2003/her apply ir in relation o be mad3/6/EC.
Accepted
s accordingot limited tor REMIT, in
rities have ill distinguis
Ref:
f market ab
s shall ensu4 thereof areation applieaccording ttion apply, Nerred to tharket integre of REMIT
ould addres
ed market pefined by A8 January 2apted if tha
a favourable
market pracarkets and by the Com/6/EC. Unden relation tto the infoe public c
Market Pr
g to Directiv these accen particular
consistentsh between
A12-AWMS-0
buse
ure that the e applied. Ins and the ito Articles NRAs shouhem with trity and tran.
s inter alia
practices suArticle 1(5) 2003 on ins
at Directive ie price for
ctices’ meanare accep
mmission in er Directiveto market mrmation whconcerning
ractices (AM
ve 2003/6/Eepted marker concerning
tly made apractices a
04-03-guidanc
prohibitionn the interimnvestigator13(2) of theld make usethe nationansparency o
the issue o
uch as thoseof Directive
sider dealingis amendeda wholesale
ns practicepted by theaccordance
e 2003/6/ECmanipulatiohich users o
commodit
MPs) unde
EC may alsoet practicesg wholesale
a distinctionand activitie
ce
s m y e e al of
of
e e g
d, e
s e e
C, n
of y
er
o s. e
n s
carried strategiepractice “Activitiehedgingnot condoes nomarket AMP. Hdesirab Thirdly, of whetbidding,practiceapplicabthe ruleand the Lastly, regionaa practianotherNRAs, aacceptewebsitelegal teEuropea The follwhen as
- TTwt
a
- tfdt
out in wholes that ma
es” would co
es” are cong could be ustitute markot arise. Onmanipulatio
Hence to gle.
the Agencther certain, should be
es should bble to their
es of the orrefore the q
the decisiol specificitiece which o
r. However,and to coored. There ise. These wilext once than consulta
owing non-ssessing pa
The level Transparenwhether a ptransparentnon-regulatpractices oas unaccep
the need toforces of sdemand bytransactionsbe accepted
esale energay be undover the wa
nsidered toundertakenket manipuln the other hon, it is unlikgive an “ac
y agrees wn more spe given accbe undertakconduct. Aganised ma
question of g
on whether es. AMPs, tone compete, each NRArdinate with s also an obll be publish
hey have bation proces
-exhaustive articular pra
of transpancy of marparticular mt a practice ted marketn regulated
ptable by co
o safeguardupply and y limiting s can creatd by compe
gy marketsdertaken suay these act
oo broad to in differentation, then hand, if thekely that a cctivity” a b
with financiaecific pract
cepted marken accordis in most oarket placegiving the p
a process therefore, aent authoritA has a duthe Agency
bligation onhed in a sta
been recognss.
list of factoactices in wh
arency of rket practic
market pract is, the mos might fo
d markets. Sompetent au
d the operademand: Mthe opportte higher risetent author
51/58
. “Activities”uch as arbtivities are h
o qualify fort ways. If ththe questio
e “activity” iscompetent ablanket AM
al market autices, suchrket practiceng to the r
of such casewould be s
practice acc
constitutesare primarilyty considersuty to consy prior to di
n the Agencandard ACEnised and
ors shall beholesale en
the relevaces by matice can be re likely it ir structuraSuch practiuthorities;
ation of maMarket practunities forsks for marrities;
” would covbitrage, hedhandled and
r the statushe activity ison of giving s carried ouauthority woP status w
uthorities onh as crossie status, surules of thees, conductsufficient in
cepted mark
s an AMP y the respons is an AMPsult, both nisclosing ancy to coordiER format ahave unde
e taken into nergy marke
ant market arket partic
accepted bs not to bel reasons ices should
arket forcesctices inhibitr other market integrity
Ref:
ver differentdging and d executed
s of AMPss carried ouit accepted
ut in a way ould be prepwould neith
n their consing/pre-arraubject to th
e relevant ot of the pra
n itself to prket practice
or not is ansibility of iP, may not nationally any market pinate and pand a link pergone the
account byets:
practice tipants is cby compete accepted. be less tra not be in t
s and the ting the int
arket particy and are,
A12-AWMS-0
t types of oshort selli
in the mark
. An “activiut in a way
d market prawhich wou
pared to acher be mea
siderations anged tradehe conditionorganised mctice in conromote marstatus wou
a matter ofndividual Nbe viewed
and with othpractices thapublish the Aprovided to
requisite n
y competen
to the whcrucial for nt authoritieHowever, p
ansparent tthemselves
proper inteeraction of
cipants to therefore, l
04-03-guidanc
operations ong. “Marke
ket.
ity” such awhich doe
actice statuld constitutecept it as ananingful no
of the issuees or grosn that these
market placenformity witrket integrity
uld not arise
f national oNRAs and so
as such byher relevanat they haveAMPs on itthe nationa
national and
nt authoritie
ole marketconsidering
es. The lespractices onthan simila
s considered
erplay of thesupply andrespond toess likely to
ce
or et
s s s e n
or
e s e e h y
e.
or o y
nt e s
al d
s
t: g s n
ar d
e d o o
- tea
- t
t
- t
w
- tado
- t
Overridpracticedynamic
-
-
Competout the The Aginformaconcernwith the
- ff
-
wat
the degree efficiency: Maccepted th
the degree relevant mato the new
the risk inhmarkets, wwhole Unio
the outcomauthority, indesigned toon directly o
the structurnot, the typ
ing principles do not c developm
new or emeby the com
practising faprejudice to
tent authorirelevant ma
gency curretion which
ning wholese competent
Disclosure fulfilling thefollowing a platforms a
Disclosure with compeand agreedto the Agen
to which thMarket prachan those re
to which tharket and emarket situa
herent in thewhether regu
n;
me of any n particular o prevent mor indirectly
ral charactees of whole
es to be obundermine
ment of whol
erging accepetent auth
airness ando normal ma
ties shouldarket practic
ently considusers of
sale energyt national fin
of inside ine RIS requi
public congreed on w
of inside inetition law ad upon by thncy;
he relevantctices whiceducing the
e relevant pnables maration create
e relevant pulated or n
investigatiowhether the
market abusey related ma
eristics of tesale energy
bserved bymarket in
lesale energ
epted markeority simply
d efficiency arket activity
analyse thce.
ders the apwholesale
y products fnancial mar
nformation trements msultation an
with relevant
nformation and notified he national
52/58
t market prah enhance
em;
practice takrket participed by that p
practice forot, in the re
on of the re relevant me, or codes arkets within
he relevanty products t
y competentntegrity, whgy markets:
et practicesy because th
by market y and mark
e impact of
pplication oe energy mfor the follorket authorit
through regentioned abnd notified tt NRAs for r
in an aggrto the AgeNRA with t
actice has liquidity an
kes into accants to reac
practice;
r the integrielevant wh
relevant mamarket pracof conduct
n the Union
t market intraded and
t authoritieshile fosterin:
s should nohey have no
participantsket integrity.
f the releva
of the AMPmarkets woowing incidty:
gional or nabove if nomto the Agenrelevant ma
regated/anoency if consthe national
Ref:
an impact ond efficiency
ount the tract properly
ty of, directolesale ene
arket practctice breach, be it on th;
cluding whthe type of
s to ensureng innovatio
ot be assumot been pre
s is required
ant market p
Ps regime ould expecents and p
tional insideminated by ncy. NRAs
arkets;
onymised wsidered nece competitio
A12-AWMS-0
on market y are more
ading mechaand in a tim
tly or indireergy produc
ice by anyhed rules ore market in
ether it is rmarket par
e that acceon and the
med to be ueviously acc
d in order n
practice bef
only in relact to be mpossibly in c
e informatiothe compeshould aim
way in ordeessary at n
on authority
04-03-guidanc
liquidity and likely to be
anism of themely manne
ectly, relatedct within the
y competenr regulationn question o
regulated orticipants.
pted markee continued
nacceptablecepted by it;
not to create
fore carrying
ation to themade publicoordination
on platformtent NRA(s
m at regiona
er to complational leveand notified
ce
d e
e er
d e
nt s
or
or
et d
e ;
e
g
e c n
s s) al
y el d
-
a
7.6.3 C
The Agetowardsrequiremshould participa
- C
- C
- C
od
- C
- C
c
- C ooo
-
7.6.4
When Mtake all Regulatmay cobut alsocompetediscloseAgency
Definition orelevant waccepted by
Complianc
ency is of ts real time ments, beyoconsider thants, but ta
Compliancerequiremen
Complianceregistration
Complianceorganisatiodecentraliseprovision of
Compliance
Compliancecompliant b
Communica
o internal o externao reportin
of curre
Monitoring results; doc
Penalty reg
Member Stameasures
tion, NRAs nsist of breo of breachent NRA ine inside info and the co
of national/wholesale g
y the compe
ce regime
he opinion or close toond complihe followingking into ac
e culture: nts,
e objective, disclosure
e organisatn (e.g. red), internaf resources
e risks: the
e programmbehaviour,
ation: the co
communical communicg processent processe
improvemecumentation
gimes
ates lay downecessary should wor
eaches of thhes of the on situationsormation acompetent N
/regional thgas marketetent NRA(
that marketo real time ance with eg best pra
ccount the m
the creati
es: the ce and report
tion: the dresponsibilital vs. exte: human / te
identificatio
me: the ide
ommunicati
ation and trcation and res: internal res, etc.
ents: internn of process
wn the rulesto ensure trk towards he market aobligation tos accordingccording to ANRA of dela
53/58
hresholds fts followings) and notif
t participandisclosure existing Thctice exam
market parti
on of a
compliance ting obligati
definition ofties for ternal reporechnical (IT
on / assessm
ntification o
on of the ru
raining concreporting to reports on c
al controlsses and act
s on penaltithat they arpenalties fo
abuse prohio notify the
g to Article Article 4(1) yed disclos
for the disg consultatfied to the A
ts should dof inside inird Package
mple of succipant’s siz
corporate
with REMons and the
f roles andthe REMITrting lines, T Systems) r
ment of con
of concrete
ules and reg
cept (raisingthe Agency
compliance
, audits, etions.
ies applicabre implemenor all potentibitions of A
e relevant in3(4)(b) of of the Reg
sure of insid
Ref:
sclosure of tion of ma
Agency.
evelop a clnformation ae transpare
ch complianze and tradin
culture to
MIT require market ab
d responsiT requirem
internal vresources),
crete comp
e actions to
gulations to
g the awarey/NRAs; , reporting o
tc.; reportin
ble to infringnted accordtial infringe
Articles 3 annformation the Regulaulation, the
de informat
A12-AWMS-0
f inside infarket partic
ear compliaand the fur
ency obligatnce regimeng capacity
comply w
rements, nbuse prohib
bilities in ments (cents. external
pliance risks
o define com
be observe
ness of em
of infringem
ng lines for
gements of ding to Articments of Rnd 5 of the to the Ageation, the o
e obligation ion accordi
04-03-guidanc
formation icipants and
ance regimerther REMITtions. NRA
e for markey:
with REMIT
namely theitions,
the internatralised vsl interfaces
s,
mpliant/non
ed:
ployees);
ments, statu
r monitoring
REMIT andcle 18 of the
REMIT whicRegulation
ncy and theobligation toto notify theng to Article
ce
n d
e T s
et
T
e
al s. s,
n-
s
g
d e h
n, e o e e
4(2) of market obligatioobligatioRegulat
the Regulatransaction
on to registeons of pertion.
ation, the obns, includinger with the rsons profe
bligation to g orders tocompetent
essionally a
54/58
provide theo trade, acc
NRA accorarranging t
e Agency wcording to Arding to Artiransactions
Ref:
with a recorArticle 8(1) cle 8(1) of ts according
A12-AWMS-0
rd of wholeof the Reg
the Regulatg to Article
04-03-guidanc
esale energgulation, thetion, and thee 15 of the
ce
y e e e
Bes
InCo
In
Me
De
Pu
Ma
Ma
Aff
St
Pr
Aff
Ty
Ins
Av
Ev
Ev
Du
Ev
Re
Re
st practice e
Te
ndication oonsumptio
ndication o
essage Date
ecision Date
ublication Da
arket Partici
arket Particip
ffected region
tation:
roduction/Co
ffected unit(s
ype of fuel(s)
stalled effect
vailable Capa
vent start:
vent stop:
uration uncer
vent status:
emarks/Addit
elated Info
example ofinform
emplate for
of Event Ton/Planne
of Event L
e and Time:
and Time:
ate and Time
ipant:
pant ID:
nal area(s):
nsumption/T
):
):
t (MW):
acity during e
rtainty:
tional inform
ormation:
f Urgent Mmation in th
r reporting
Type (e.g. Ced Outage
Lifecycle (e
:
Transmission
event (MW):
ation:
55/58
Annex
arket Mess
he wholesa
inside info
Changes e (Mainten
e.g. follow
n:
1
sage (UMMale electric
ormation at
in Producance)/Unp
w-up)
Ref:
M) for the diity market
t Nord Poo
ction or planned O
A12-AWMS-0
isclosure o
ol Spot
Outage)
04-03-guidanc
of inside
ce
Bes
Templa
Re
Ma
Me
Co
As
As
Sta
En
Du
Ca
Flo
Avma
Ad
st practice e
ate for Reg
eference n
arket:
essage type:
ompany:
set type affe
set unit affec
arting time of
nding time of
uration uncer
ause:
ow capacity i
vailable capaaintenance:
dditional infor
example ofinf
gulatory Re
number
ected:
cted:
f capacity ch
capacity cha
rtainty:
nfluenced (M
city during o
rmation:
f Urgent Mformation i
eporting fo
hange (gas d
ange (gas da
MWh per gas
utage or
56/58
Annex 2
arket Messn the whol
r Danish of
ay):
ay):
s day):
2
sage (UMMesale gas
ffshore gas
Ref:
M) for the dimarket
s assets an
A12-AWMS-0
isclosure o
nd storage
04-03-guidanc
of inside
es facilities
ce
Annex:
Descrip
Reasonmanipu
Identitie
Identitie
Furtheryou are
Details
Suspiciou
ption of the
ns for suspulation
es of the m
es of any o
r informatioe supplying
of the pers
us transact
Su
e transactio
pecting tha
market part
other marke
on which mg)
son submi
tion reporti
uspicious tr
on(s)
t the transa
ticipant car
et participa
may be of s
tting the no
57/58
ing format
ransaction
action(s) m
rrying out t
ant known
significance
otification
reporting
might const
the transac
to be invo
e (please li
Ref:
format
titute insid
ction(s)
lved in the
ist any acc
A12-AWMS-0
der dealing/
e transactio
companyin
04-03-guidanc
/market
on(s)
g material
ce
Document title:
Publishing date: 01/10/2012
We appreciate your feedback
Please click on the icon to take a 5’ online surveyand provide your feedback about this document
