Energy Markets (Regulation)
The proposed Regulation (“REMIT“) is to reinforce the integrity and transparency of wholesale energy markets for gas and electricity. To this end, insider trading and market manipulation is to be prohibited. Moreover, the markets are to be monitored by the EU energy agency ACER and by the national regulatory authorities and market participants’ data be collected. In doing so, national regulatory authorities and ACER are to cooperate with each other.
That wholesale energy markets should have their own market abuse law is appropriate, as energy markets are characterised by specific criteria. Moreover, an EU-wide regulation is necessary since traders on the wholesale energy market operate to a large extent at cross-border level. How the details covered by the Regulation are to be defined is an essential decision that must be taken by the EU legislator in the Regulation and not by the Commission through delegated acts. Moreover, there are no criteria for de minimis exemptions to release companies which are only active on wholesale energy markets to a limited extent from reporting obligations.