ACER publishes today an updated version of the fourth edition of the Guidance on the application of Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency (REMIT).
The changes introduced in Chapter 7, dealing with the application of the obligation to disclose inside information, cover sections 7.1 and 7.2 on the disclosure of inside information in an effective manner. With these changes, ACER intends to provide a more detailed guidance on the disclosure mechanisms to be used to publish inside information. In particular, ACER specifies that, in order to achieve effective disclosure according to Article 4 of REMIT, the information shall be disclosed using an inside information platform or transparency platform.
The 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. With these changes, ACER intends to provide a more precise interpretation of Article 3(4)(b) of REMIT.
In order to remain consistent with the ACER Guidance and in order to determine a transition period for compliance with the updated requirements of the ACER Guidance, the relevant sections of the Manual of Procedures on transaction data, fundamental data and inside information reporting and of the Frequently Asked Questions on REMIT fundamental data and inside information collection have been updated accordingly.
Furthermore ACER publishes today a public consultation on the definition of inside information. The Agency invites all interested parties to attend the public consultation by 16 September 2019, 12.00 noon, Central European Time, The public consultation is accessible here.
The purpose of the public 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. The input provided by stakeholders will allow the Agency to further enhance its guidance on the disclosure of inside information according to REMIT, including the assessment on introducing thresholds for the definition of inside information and the disclosure of inside information.
- The Guidance 4th Edition is available here.
- The updated version of the Manual of Procedures is available here.
- The updated FAQs are available here.
- Access the Public Consultation here.
