S.2. Internal Energy Market

D.2.5. Regulation on Energy Market Integrity and Transparency

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ACER publishes updated REMIT Guidance

Tuesday, July 16, 2019

ACER published the fourth edition of the REMIT Guidance and updated Manual of Procedures and launched a Public Consultation on the definition of inside information.

ACER published an update to the non-binding Guidance on the application of Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (REMIT). With the changes, ACER aims to provide “more detailed guidance on the disclosure mechanisms to be used to publish inside information”.

This is the fourth edition of the Guidance and it emphasizes Article 15 of REMIT. With this, ACER intends “to provide more detailed guidance to NRAs concerning the supervision of the obligations imposed on persons professionally arranging transactions (PPATs) by Article 15 of REMIT”. The updated Guidance includes ACER’s understanding of the notion of PPAT, as well as advice to “NRAs on how to monitor the PPATs’ compliance with their obligations to notify potential REMIT breaches, and on how to establish and maintain effective arrangements and procedures to identify such potential breaches”.

Furthermore, ACER’s proposed additions introduced in “Chapter 8, dealing with the application of the market abuse prohibitions and possible signals of potential insider dealing or market manipulation, relate to section 8.2.3 on the exemptions from the prohibition of insider trading”.

In order to maintain consistency with the Guidance and to define the transition period for compliance with the updated requirements, ACER published the updated versions of the Manual of Procedures on transaction data, fundamental data and inside information reporting as well as of the Frequently Asked Questions on REMIT fundamental data and inside information collection.

In addition to the updated Guidance, ACER also published a Public Consultation on the definition of inside information. The purpose of the consultation is to “collect information about the market participant’s experiences and approaches regarding their assessments of inside information and their compliance with the obligation to disclose inside information in an effective and timely manner”. ACER will use the stakeholders’ input to further enhance its Guidance. The deadline for the submission of replies to the consultation is 16 September 2019.