ESMA And ACER Strengthen Their Cooperation

The Agency for the Cooperation of Energy Regulators (ACER) and the European Securities and Markets Authority (ESMA) have put in place an agreement for their cooperation and exchange of information.

The ACER Director, Alberto Pototschnig, and ESMA’s Chair, Steven Maijoor, have signed today a Memorandum of Understanding which establishes a consistent system for exchanging information when the regulatory responsibilities of both EU bodies coincide in relation to wholesale energy markets, which encompass trading in commodity and derivatives contracts.

Alberto Pototschnig defined this MoU as “a milestone to foster a coordinated and consistent approach in the fight against market abuse on wholesale energy markets at Union level”.

Steven Maijoor, welcoming the signing, said “this agreement reflects our desire to ensure that both investors and the integrity of our markets are protected from the effects of market abuse.”

The cooperation envisaged under the MoU is likely to take place in relation to areas of common regulatory concern including:

the implementation of legislation on market abuse under MAD and REMIT and on data collection under MiFID, EMIR and REMIT or that impacting on the overall functioning of EU wholesale energy markets;
establishing consistent, efficient and effective regulatory practices and ensuring the common, uniform and consistent application of Union legislation;
enhancing the efficiency and effectiveness of market monitoring activities of competent authorities; and
the use of information technology for data collection.

Cooperation will primarily be achieved through on-going consultations, exchange of information and mutual participation in meetings of ACER and ESMA working groups and task forces.

Steven Maijoor (left) and Alberto Pototschnig (right)