Introduction

Regulation (EC) No. 1227/2011 of the European Parliament and of the Council of 25 October 2011 on the integrity and transparency of the wholesale electricity market (hereinafter: REMIT) establishes European rules for the prevention of abuse on the wholesale electricity and natural gas market by prohibiting market manipulation (article 5) and the abuse of internal information (article 3, the so-called insider trading ban). Referring to the prohibition of insider trading, article 4 of the REMIT requires market participants1 to communicate effectively and in a timely manner available internal information “in respect of companies or funds owned or controlled by the market participant concerned, the parent or associated company, or for the operational matters of which the market participant or associated company is wholly or partly liable”. This obligation may be deemed to have been met even in the case of aggregate publication of available inside information as set out in the same article in paragraph 4. The definition of effective and timely communication has been further elaborated in the ACER Guidelines (Chapters 7.2) to the extent that the obligation is deemed to have been effectively removed from the market participant in the case of publication of information on a centralised platform (prepared by the TSO or exchange) that allows information to be disseminated in a uniform manner that is easily accessible to the public. In that regard, ACER called for regulated markets, such as the Webware, to establish centralised platforms for the publication of insider information. Currently, the REMIT platform prepared by the ACER has devoted a section to publishing a list of such platforms available in Europe

Acronyms

IP – Inside Informa.on Pla0orm
UMM – Urgent Market Message