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The EU Agency for the Cooperation of Energy Regulators (ACER) and the European Securities and Markets Authority (ESMA) have signed an updated Memorandum of Understanding (MoU) which strengthens collaboration between the two institutions. The MoU notably incorporates new cooperation areas under the Market Correction Mechanism (MCM) Regulation and benchmarks related to the energy sector. It also details the role of the recently established ACER–ESMA Task Force.
ACER and ESMA will continue to cooperate in relation to Regulation of wholesale energy markets, which encompass both energy derivatives and spot markets. The cooperation will primarily be achieved through on-going consultations, exchange of information and cross-participation in joint meetings of working groups and task forces.
Main areas covered by the MoU
- Coordinated and consistent approach to market abuse framework under the Regulation on wholesale energy market integrity and transparency and the Market Abuse Regulation to further enhance market integrity in energy and energy derivative markets;
- Technical cooperation on data and knowledge with respect to the functioning of energy and energy derivative markets; and
- LNG price assessments and benchmarks administered by ACER and other energy-related benchmarks relevant for ACER’s or ESMA’s mandates.
Background
ACER and ESMA have a long-established cooperative relationship. The first MoU was signed in July 2013.
Both institutions released on 1 March their respective Market Correction Mechanism Effects Assessments. See ACER report here and ESMA report here.
