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types of manipulation ses are inte
manipulation
entification ould be mosphere of ac
e deliberatptions are
manipulationice positiofalse and m
der to trade
ding signalscts;
or persons roducts at an or issueitimate and
ents and to wnd informatio
ESR /09-2
A12-AWMS-0
arket activitistipulated inended to hen6.
of relevanonitored byctivity in ord
tely describnot intende
n. These arening, (3) misleading
e in wholes
s as to the
acting in coan artificial led the ordd that that tra
which Article on on the M
219 publis
04-03-guidanc
ies which, inn Article 2(2elp NRAs to
nt variabley competender to detec
bed in noned to affec
e (1) marketransactioninformation
sale energy
e supply of
ollaborationlevel, unles
der to traderansaction o
9 of DirectivMarket Abusshed unde
ce
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or
(b) dissemimeans, whidemand forumours anhave known
When inforsuch dissegoverning th
(i) thdiss
(ii) tmark
ame way, A
(a) enteringrelating to a
(i) gwho
(ii) slevetradtranswho
(iii) whicdem
or
er to trade rket concern
employs oeption or c
nals regardducts;
inating inforich gives, o
or, or pricend false or mn, that the in
rmation is demination ohe freedom
hose persosemination o
the disclosurket as to th
Article 2(3) o
g into any ta wholesale
giving false olesale ener
securing theel, unless the establishsaction or
olesale ener
employing ch gives, or
mand for, or
conforms tned; or
or attemptscontrivance ding the su
rmation throor is likely te of wholesmisleading nnformation
disseminateof informati
m of the pres
ons derive, of the inform
ure or dissee supply of,
of REMIT d
transaction,e energy pro
or misleadirgy products
e price of ohe person whes that hi
order to trgy market c
a fictitious r is likely to price of wh
28/53
to accepted
s to employwhich give
upply of, d
ough the mto give, falssale energnews, wherwas false o
ed for the pion shall bss and freed
directly or mation in qu
emination if, demand fo
efines attem
, issuing anoduct with th
ing signals s;
one or sevewho entereis reasons trade confoconcerned;
device or give, false o
holesale ene
d market pr
y a fictitioues, or is lidemand for
media, incluse or mislea
gy productsre the disseor misleadin
purposes ofbe assessedom of expr
indirectly, uestion; or
is made witor, or price o
mpted mark
ny order tohe intention
as to the s
eral wholesad into the tfor doing
orms to acor
any other or misleadinergy produc
Ref:
ractices on
us device ikely to givr, or price
ding the inading signa
s, includingminating peg.
f journalismed taking inression in o
an advanta
th the intenof wholesal
ket manipula
o trade or tn of:
supply of, d
ale energy ptransaction so are leg
ccepted ma
form of deng signals rcts;
A12-AWMS-0
the whole
or any othve, false or
of wholes
ternet, or bals as to thg the disseerson knew
m or artistic nto accoun
other media,
age or prof
ntion of misle energy pr
ation as:
taking any
demand for
products ator issued
gitimate anarket practi
eception or regarding th
04-03-guidanc
esale energy
her form or misleadingsale energy
by any othehe supply ofemination o
w, or ought to
expressionnt the rule, unless:
fits from the
sleading theroducts.
other action
r, or price o
t an artificiathe order to
nd that thaices on the
contrivancehe supply of
ce
y
ofgy
erf,
ofo
n,s
e
e
n
of
alo
ate
ef,
(mf
It is notcan onl(a)(ii), acategor
5.3 R
REMITthe mar
(13) Maddsiwpdnctam
(14) Ebsooeaaa(lp
(b) dissemimeans withfor, or price
ted that accy be used
and (3), lit. (ries.
REMIT exa
itself gives rket in its Re
Manipulatioartificially cdemand, indemand. Fospreading ointernet, or which proviparticipantsdeliberatelynatural gascapacity whto affect theacross bordmarkets, inc
Examples oby a persosupply of, oof fixing, dioffering, bueffect of miaccepted mare currentland of the (market ablegitimate wproduct.
inating inforh the intentioe of wholesa
cording to tby market a)(ii) (price
amples of m
the followinecitals 13 a
on on wholecause pricecluding actuorms of maof false or mby any oth
ide price ass acting ony making its availabilithich is actue price of wders, betwecluding the
of market mn, or perso
or demand firectly or inuying or seisleading mamarket practly defined b
Council ouse) and w
way for mark
rmation throon of givingale energy p
the wordingparticipantspositioning
market man
ng examplend 14:
esale energes to be atual availabiarket manipmisleading iher means; ssessmentsn the basist appear thty, or the a
ually technicwholesale eeen electrici
emission a
manipulationons acting ifor, a wholedirectly, prilling of whoarket partic
ctices such by Article 1
of 28 Januawhich may rket participa
29/53
ough the mg false or mproducts.
g of REMITs in respectg). No such
nipulation
es of marke
gy markets t a level noility of produpulation incinformationdeliberately
s or markets of those hat the avaavailability
cally availabenergy prodity and gas llowances m
n and attemin collabora
esale energyices or creaolesale ene
cipants actinas those a
1(5) of Direary 2003 obe adapte
ants to secu
media, incluisleading si
T, the “accet to the cateargument c
et manipulat
involves acot justified uction, storaclude placin
or rumoursly providingt reports witprice asse
ailability of of transmi
ble where sducts. Manip
markets anmarkets.
pts to maniation, to sey product wating other ergy producng on the baapplying in ctive 2003/
on insider ded if that Dure a favou
Ref:
ding the inignals as to
eptable maregory stipucan be used
tion and of
ctions undeby market
age or transng and withs through th
g false informth the effec
essments oelectricity g
ission capasuch informapulation annd across fin
ipulate the mecure a decwhich has, o
unfair tradicts with theasis of refethe financia/6/EC of thedealing and
Directive is urable price
A12-AWMS-0
ternet, or bo the supply
rket practicelated in Artd in respect
attempts to
ertaken by pt forces of sportation cdrawal of fhe media, inrmation to uct of misleaor market rgeneration
acity is othation affectd its effectsnancial and
market inclucisive positior could having conditioe purpose, rence priceal services e Europeand market mamended, for a whole
04-03-guidanc
by any othey of, demand
e” argumenticle 2(2), litt to the othe
o manipulate
persons thasupply and
apacity, andfalse ordersncluding theundertakingading markereports; andcapacity o
er than thets or is likelys may occud commodity
ude conducion over theve, the effecons; and the
intention oes. However
area, whichn Parliamenmanipulation
could be aesale energy
ce
erd
ntt.
er
e
atdds;es
etd
orelyurty
ctecte
orr,h
ntnay
5.4 Em
The follthereof,in the co
5.4.1
a) Waswhowhein cocrosnotof thwithther
b) Imprat opartcarr
c) Placespeof thmislthatvariaof thwith
5.4.2
a) Marprodeneassorefe
b) Abusignwhodecideliv
Examples manipulati
owing exam and are cuontext of co
False/misle
sh trades: Tolesale enerere the transoncert or cossing/pre-arconstitute m
he relevant the rules oefore the qu
roper matchor nearly at ies. These ied out in co
cing orders ecially into he market peading impprice. The
ant of this tyhe wholesaldrawn in tim
Price posit
rking the clducts at thergy productociated withrence/valua
usive squeenificant influolesale enerisive positiovery or def
of the von
mples of typurrently conontinuous tra
eading tran
This is the prgy productsfer of beneollusion. Thrranged tradmarket mantrading ven
of the tradinuestion of g
hed orders: the same
transactiononformity w
with no inelectronic tparticipant c
pression thae orders arype of markle energy pme.)
tioning
lose: This e close of tt. This prach dates sucation points
ze (also knuence overrgy producton in order fer delivery
various ty
pes of pracsidered notading of wh
nsactions
practice of et where theeficial interehe Agency rdes, could nipulation, pnue. But in mg venue wo
giving the pr
These are time, with
ns constitutewith the rules
ntention of trading systconcerned.
at there is de then withket manipulproduct, bein
practice invthe market
ctice may tah as future/.
nown as “mr the suppt and/or thematerially tof the ins
30/53
ypes of p
ctices couldtably relevaholesale ene
entering intore is no cha
est or markerecognisesbe conside
provided thamost of sucould be suffractice acce
transactionthe same
e market ms of the rele
executing tems, whichThe intent
emand for hdrawn fromation is to png prepared
volves delibin an effor
ake place on/option expi
arket cornely of, or d
e underlyingto distort thtrument/pro
ractice w
d constitute ant for wholeergy produc
o arrangemange in benet risk is onthat certain
ered acceptat they areh cases, coficient in itseepted marke
ns where boprice and q
manipulationevant tradin
them: Thish are highetion is not tor supply om the markplace a smad for that o
berately burt to alter tn any indiviiry dates or
ering”): Thisdemand forg product ofhe price at woduct in ord
Ref:
hich coul
market maesale energcts:
ments for theneficial intenly betweenn more speed market undertaken
onduct of thelf to promoet practice s
oth buy and quantity by unless theg platform (
s involves tr/lower thanto execute of the wholeket before all order to mrder to be e
uying or sehe closing dual tradingquarterly/a
s involves ar, or delivef a derivativwhich otherder to satis
A12-AWMS-0
d constitu
anipulation, gy markets,
e sale or purests or ma parties whcific practicpractices, a
n according e practice inote market istatus does
sell orders different b
ey are legiti(e.g. crossin
the enteringn the previothe order b
esale energthey are e
move the biexecuted if
lling wholeprice of the
g day but isannual portfo
a party or paery mechanve contract rs have to dsfy their ob
04-03-guidanc
ute marke
or attemptin particula
urchase of aarket risk, oho are actingces, such aand thus doto the rule
n conformitintegrity and
s not arise.
are enteredbut colludingmate tradeng trades).
g of ordersous bid/offebut to give ay product a
executed. (Aid/offer priceit cannot be
sale energe wholesales particularlolio or inde
arties with anisms for aexploiting a
deliver, takebligations. (
ce
et
sar
aorgsosyd
dgs
s,era
atAee
yeyx
aaaeIt
shoumarsignene
c) Croswhooneeneof ato taundman
d) Actiomartranwhestoramarplancapa
5.4.3 T
a) Dissinterdonfavoinfor
b) Pumandinforwhopricesells
c) Circbuyexcl
d) Pre-priceothe
uld be noterket tightnenificant influrgy product
ss-market-molesale ener
market witrgy product
a wholesale ake legitimaerlying pro
nipulation.)
ons undertarket forces sportation c
ere a markeage or tran
rket price tont whose maacities, etc.
Transactio
semination rnet, or by e with the in
ourable to trmation.
mp and dumthen und
rmation aboolesale enee and are as out at the
cular tradingorder is be
ludes comp
-arranged tes upon wher dealers f
d that the pss, but thaence over tt by itself co
manipulatiorgy producth a view to t in anotherenergy de
ate advantaoducts as t
aken by peof supply acapacity, anet participannsportation o higher levarginal cost, that would
ons involvin
of false oany other
ntention of the position
mp: This pradertaking fuout the whorgy producattracted intinflated pric
g: The proceing placed petition.
trading: Thehich they hafrom the ma
proper interaat this is nthe supply
onstitute ma
n: Trading t on a relateimproperly
r market. Anrivative to dage of diffetraded in d
ersons that and demandnd demand nt decides capacity, w
vels, e.g. nt is lower thd result in a
ng fictitiou
or misleadimeans (in moving the n held or a
actice involvurther buyiolesale enet. Other mato purchasice.
cess of execat the exac
e practice ave agreed arket, to ga
31/53
action of sunot of itselof, demand
arket manip
on one med market. influencing
n example mdistort the prences in th
different loc
artificially cd, including(“physical wnot to offewithout jusot offering
han the spotbnormal hig
s devices/
ing marketsome jurisdprice of a w
a transactio
ves taking ang activityergy producarket particng the who
cuting a sect same tim
of two comin advanceain a tax ad
upply and def market m
d for, or deliulation.)
market to imThis practi
g the price omight be theprice of the he prices ocations - “a
cause priceg actual avawithholdingr on the m
stification anon the mart prices, misgh prices.
deception
t informatiodictions thiswholesale eon planned
a long posity and/or dct with a vicipants are olesale ener
ll order withme. The acti
mmodity de. Pre-arrangdvantage, o
Ref:
emand can manipulationivery mecha
mproperly pce involvesof the samee trading inderivative
of wholesalearbitrage” -
es to be at ailability of ”): This is foarket all thnd with therket, withoususing infra
on through s is known
energy prodby the per
tion in a whisseminatiniew to incremisled by
rgy product
h the knowlon is consid
ealers tradiged tradingor both. As
A12-AWMS-0
and often dn. Nor doeanisms for
position thes undertakine or a relate the underlycontract. (Te energy de- would no
a level notproduction
or example e availablee intention ut justificatioastructure, t
media, inas “scalpin
uct in a direrson dissem
olesale eneng misleadeasing the the resultin
t. The mani
ledge that adered illega
ng with ea is designeda result, p
04-03-guidanc
does lead toes having aa wholesale
e price of ang trading ined wholesaleying producTransactionerivatives oot constitute
t justified b, storage othe practice productionto shift the
on, a powetransmissio
ncluding theng”): This iection that iminating the
ergy producing positiveprice of the
ng effect opulator then
an offsettingal because
ach other ad to exclude
pre-arranged
ce
oae
anects
ore
yore
n,e
ern
esse
cteenn
git
ated
tradcrosnotof thof thpromprac
5.4.4
This typwithoutmisleadshould Regulatresult th
a) Sprepoststatemaror mimprfor dimpooffic
b) Othemanimprphysa co
5.5 C
The afomanipumarketscooperaindicatioREMIT.
Thesewholesa
ing is illegssing/pre-arconstitute m
he relevant he practice mote markectice status
Dissemina
pe of marknecessarily
ding impressbe disclosetion’s definihat the mark
eading falseting informaements aborket. The pemisleading aression. Spdisseminatiortant that cial channel
er behavionipulation wression throsical comm
ommodity or
Conclusion
orementionelation are s made by ate in the imon for poss
consideratiale energy m
gal. The Arranged tradmarket mantrading venin conform
et integrity adoes not ar
ation of fals
ket manipuly undertakision by failied. For exaition of “insket is likely
e/misleadination via intout a wholeerson spreaand is diss
preading falng informatmarket pas.
our designewould coveough meanodity stocksr the deliver
ns
ed exampleinspired byfinancial m
mplementatiible signals
ons apply markets.
Agency condes, couldnipulation, pnue applicaity with the and thereforise.
se and mis
lation involving any acng to prope
ample, a maide informato be misle
ng informatioernet or iss
esale energading the ineminating tse/misleadition to userrticipants a
ed to spreaer a coursens other thas to create rable into a
es of the vay the NRAmarket authion of REMs of market
until more
32/53
nsiders thatbe conside
provided thable to their rules of the
ore the que
leading inf
ves dissemcompanyingerly disclosearket partication” fails td.
on through suing a presgy product wnformation kthe informaing informars of an orgare able to
ad false/me of conduan the meda misleadincommodity
arious typesAs’ own exphorities, witIT. The examanipulatio
e experienc
t certain mered acceptat they areconduct. B
e trading veestion of giv
formation
mination of g transactioe a price seipant with ito properly
the mediass release wwhich is adknows or ouation in ordeation througganised ma
rely on in
isleading inuct designedia. An exang impressiy futures co
s of practicperiences ah whom th
amples can on in whole
ce is gaine
Ref:
more specifted market undertaken
But in most oenue would ving the pra
false and on. This coensitive piecnformation disclose th
: This involwhich contamitted to trught to haver to createh an officia
arket is partformation d
nformation:ed to give ample mighon as to thentract.
ces which cand the ex
he Agencytherefore c
esale energ
ed about m
A12-AWMS-0
fic practicepractices, a
n according of such casbe sufficien
actice acce
misleading ould includece of informwhich wou
hat informat
ves behaviains false orading on ave known the a false orally recognisticularly serdisseminatio
This typefalse and
ht be the me supply or
could constxperiences and NRAs
currently be y markets a
market man
04-03-guidanc
es, such aand thus doto the rule
ses, conducnt in itself topted marke
informatioe creating amation whiculd meet thetion with the
our such ar misleading
an organisedhat it is falser misleadingsed channerious as it ion via suc
e of markemisleading
movement odemand fo
titute markein financiawill closelytaken as a
according to
nipulation in
ce
sos
cto
et
nahee
sgdegelsh
etg
ofor
etalyno
n
More getheir tecconcerncompet
The Agnon-bin
enerally, thechnical andning markeition author
ency will coding Guida
e Agency cd economicet power erities, as fore
onstantly rence if consi
considers thc constraintexercise. Teseen by R
eview its Gidered appr
33/53
hat market pts in a way
The cooperREMIT, mus
Guidance onropriate.
participantsy to complyration of thst be unders
n market m
Ref:
' behavioury with comhe Agencystood in this
anipulation
A12-AWMS-0
r must be copetition law
y and NRAs respect.
and publis
04-03-guidanc
oherent witw, especiallAs with the
sh a revised
ce
hye
d
6 A
Article 4mannermarketor for wwhole o
6.1 I
The obl2(7) of respectmarket obligatiomarketthey corespons
Article 4employenormal3(1)(b)and effereceivinfrom law4(3) of participaREMIT.
6.2 E
In genedissemiof insidethe Agemost eff
As regainterim
pplication
4(1) of REMr inside infoparticipant
whose operaor in part.
Introductio
ligation to dREMIT. Hof the marparticipant
on is not oparticipant
ontrol of fosible, either
4(3) of REed by, or acourse of tof REMIT.
ective disclong the informw, regulatioREMIT is
ants in relat
Effective p
ral, inside innated to ase informatioency of effefective.
ards disclosphase, cons
of the obli
MIT obligesormation wconcerned
ational matt
on
disclose insHowever, thket participat’s parent nly related or the respor whose in whole or
MIT extendcting on bethe exerciseIf so, that
osure of thamation hasn, articles oconsideredtion to pare
public discl
nformations wide a pubon through ective and t
sing inside siders the fo
gation to d
s market pawhich they
, or its pareters that m
side informahe disclosuant’s own bundertakingto inside in
pective undeoperationa
r in part.
ds the discehalf of, a me of their emmarket par
at informatio a duty of
of associatiod to mean, ent undertak
osure
should be dblic as possplatforms htimely discl
informationollowing du
34/53
disclose ins
articipants topossess inent undertaarket partic
ation lies wire obligatio
business or g or relatenformation ertakings ow
al matters
losure obligmarket partimployment,rticipant oron. Howeveconfidentialon or contrain contrary
kings or rela
disclosed insible. This isas its meritosure, this
n effectivelyual approach
side inform
o publicly d respect ofking or rela
cipant or un
ith the markon relates facilities, b
ed undertain respect wns, but alsthat mark
gation of Aicipant rece, professionperson sha
er, this paraglity, regardlacts. The limy, that no sated undert
n a manner s why the Ats and why,disclosure
y, the Agenh for disclos
Ref:
mation
disclose in f business
ated undertandertaking i
ket participanot only tout also to inking. In adof businessso in respeet participa
Article 4(1) eiving the inn or duties aall ensure sgraph doesess of whemitation of tsuch exceptakings acc
ensuring thAgency belie
in the follomechanism
ncy, currensure mecha
A12-AWMS-0
an effectiveor facilities
aking, ownss responsib
ant accordio inside infnside informddition, thes or facilitieect of insideant or und
of REMIT nside informas referred simultaneous not apply iether such dthis exceptiption applieording to A
at it is capaeves that thowing underm is consid
ntly and at anisms:
04-03-guidanc
e and timels which thes or controlble, either in
ng to Articleformation i
mation of thee disclosurees which thee informationdertaking i
to a personmation in the
to in Articleus, completeif the personduty deriveon to Article
es to markeArticle 4(1) o
able of beinge disclosurerstanding b
dered as the
least for a
ce
yesn
eneeens
neeenseetof
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n
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d
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7 It shou
if platformsTransmissioenergy excwith Regulanetwork coinformation in relevant REMIT, suaccordancenetwork cocomplete adisclosure the market discloses itransparencIn addition,accessible
if adequatethrough a pallowed, at information mechanismlevel of tranInformationdisseminateinformationdiscriminatopublished iEnglish only
less of wheant’s websthe followin
the captionMessage”
a subject he
the name a
if applicable
if applicable
the time anoutages
ld be noted t
s for the don Systemhanges (e.gations (EC
odes adopte to discloserules and r
uch publicae with Reguodes adopand effectivof further inparticipant’nside inforcy platform the Agencinformation
e transpareplatform forleast for a
which theym is chosennsparency a shall thereed to as w shall be ory, user-fn the officiay.
ether the infite and witng informati
n “Publicatio
eading that
and contact
e, the name
e, the balan
nd date of t
that accordin
disclosure m Operatorsg. Nord Poo) No 714/2ed pursuane should useregulations,ation of inulation (EC)pted pursuave public dinside informs website isrmation in will decrea
cy believes for all mark
ncy platformr the discloan interim py possess o, it is impo
across the Eefore be diswide a publ
disclosed friendly anal language
formation isthout prejuion:
on accordin
summarise
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the relevan
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35/53
of inside is7 (TSOs) ol Spot, EEX2009 and (t to those e such discl, or by the nside infor) No 714/20ant to thosclosure. S
mation. This not necesa timely
ase the orgathat the us
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d quantifiae(s) of the
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ng to Artic
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n of the mar
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or market ar
nt occurrenc
2(7) of REMI
nformation (e.g. RTE
X TransparEC) No 71Regulationlosure mechcompetent
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ose RegulaSuch platfos means th
ssary if a tramanner. Tanisationalse of transpants.
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rket participa
spective as
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IT, TSOs are
Ref:
exist, for E-UFE tranrency platfo15/2009, incs, market phanisms, if NRA. Accocluding in
C) No 715/2ations, conrms shouldhat a simultansparency he possibiburden on parency pla
or simultaneation, markerwise spec
However, of inside infort the dissemnsuring tha
ding the mepant free er. The inember Stat
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A12-AWMS-0
instance osparency irm etc.), in cluding guiparticipantsnot otherwi
ording to Araggregate
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ous transa
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give reasona
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nipulation
signals, wharket manipmined by pd to price se
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ch are financDirective.
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market but esly prohibits
ctions
usive nor cther a trans
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of potential
ts before t
changes in a significan
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cial instrume
Ref:
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applies theire a regulansaction waanipulative either an ors attempts a
comprehenssaction giveplied using sactions meds for suspi
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A12-AWMS-0
e concept oator to demoas executedbehaviour
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04-03-guidanc
of attemptedonstrate thad. Howeverand there iplaced, or a
manipulation
ould only bendications o
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extent to wnificant buynges in the
mitted to trad
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extent to ersals in a sactions in ht be asso
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extent to whort time spersed;
extent to wes in a wherally the roved before
extent to wcific time wrice change
extent to wconomic aeasing the ch greater ition.
llowing nonlves to conto trade arment of ficti
rning wholese 2003/124/E
which ordeying or selle price of thding on a tra
actions undet admitted to
which ordshort periothe relevan
ociated withding on a tra
which orderspan in the t
which ordersholesale enrepresentate they are e
which ordershen referenes which ha
which persand counte
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re examineditious device
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ers to tradeling positioe wholesaleading venue
ertaken leao trading on
ers to tradod and repnt wholesal
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s to trade gtrading ses
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s to trade ance prices, save an effec
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ve list of sket manipud by persoes or any o
products whicarket Abuse
44/53
e given or on in a whe energy pre;
ad to no chn a trading v
de given opresent a sle energy pt changes e;
iven or transion and le
given changuct admitteorder boo
are given orsettlement p
ct on such p
cution of trariggering aabling a marate tradin
signals, whlation, may
ons professther form of
ch are financDirective.
transactionholesale enroduct or a
ange in bevenue;
or transactisignificant pproduct on tin the price
nsactions unead to a pri
ge the repreed to tradink available
r transactioprices and v
prices and v
ades that oa manipulatarket partic
ng activity
hich shouldy be taken iionally arraf deception
cial instrume
Ref:
ns undertaknergy produrelated wh
eneficial ow
ons undertproportion othe trading e of a who
ndertaken aice change
esentationng on a tre to market
ons are undvaluations a
valuations;
on a stand-tion by decipant to suvia a larg
not neceinto accounanging trans
or contriva
nts, see Artic
A12-AWMS-0
ken by persuct lead toolesale ene
nership of
taken incluof the dailyvenue con
olesale ene
are concentwhich is s
of the bestading venut participan
ertaken at are calculat
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ssarily be nt when transactions rence9:
cle 5 of imple
04-03-guidanc
sons with ao significanergy produc
a wholesale
ude positiony volume ocerned, and
ergy produc
trated withinubsequentl
t bid or offeue, or morents, and are
or around ated and lead
is would belowering oy profit to ated accrued
deemed insactions o
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ementing
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ny
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7.4 M
Any persuspectwithoutavailablnotifyingmanipubecome
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7.5 T
Personsbefore creportinthe Ageaspectsplace binforma
7.5.1 T
Article 1energy
ether ordersowed by dised to them;
ether orderssame per
ommendatiorest.
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rson profests that a trafurther delae at the timg persons lation. All re
es available
tion to thene, provideent authorit
ency consitions if thernces in fin’s website ation of whic
The obliga
s making sucontacting tg obligation
ency would s of the tray telephonetion can be
The duty to
15 of REMITproducts w
s to trade semination
s to trade arsons or pons which
reporting s
ssionally arransaction may of all releme of notifi
suspect themaining infe.
competened that in thty.
ders that itre were a s
nancial marand urges
ch has to be
tions of pe
uspicious trthe competen consider texpect tha
nsaction ane if appropr supplied su
o establish
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given or tof false or
re given or persons linare errone
suspicious
ranging tranight breach
evant informication, the hat the traformation s
t authority he latter cas
t would assstandard rerkets, thereNRAs to ad
e forwarded
ersons prof
ransactions ent authoritythat) there
at NRAs recnd all relatriate, givingubsequently
h and maint
that “any peably suspec
45/53
transactionsmisleading
transactionnked to thous or bias
s transactio
nsactions inh Article 3 omation availa
notificationansaction mshall be prov
can be efse, written c
sist those sporting form
efore recomdopt it for s to the Age
fessionally
reports do y. If the casis a need toceive notificed informa
g the basic y.
tain effecti
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s undertak information
ns are undehem prodused or dem
ons
n wholesaleor 5 of REMable. Wheren shall inclumight consvided to the
ffected by confirmation
subject to thmat for doinmmends ussuspicious tency without
y arranging
not need tose is one foro alert the ccations as tion becomdetails and
ve arrange
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ken by persn by the sa
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mail, electrn is provide
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g transactio
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me known. d reasons fo
ements and
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A12-AWMS-0
sons are pme persons
persons beseminate rinfluenced
oducts whotify the come relevant inst the reasoder dealingt authority a
ronic mail, ed upon req
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ons
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ossible, eveThis contacor suspicion
d procedur
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04-03-guidanc
preceded os or person
efore or afteresearch oby materia
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telecopy oquest by the
rt suspiciouased on the
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or persons ang transacti
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The duty to
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fer of title (owning the ding to REM
a hub-by-hueceiving higlsewhere (e
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r delay. Persh and maiThe regulatject to this
he requiremdance drawents to idection.
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ency considbs operate
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MIT Article ub basis. Cghly aggrege.g. at an Ex
eir behalf mr as they are
ders indepeliance office
eaches of tmpliance inintain such
spicious tr
t the notificae-by-case baction. The y be suspicmay not nec
46/53
rsons profeintain effection and its requiremen
ment clearlys on experntify breach
ctive arrangerson profestrading venu
ders that noseparately
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Certain hubsated data wxchange).
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ransactions
ation regimbasis whereindications cious even
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ms.
s
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Ref:
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d procedurrranging traergy exchan
TSO operaSO.
can be cona person pthat the de
nable to coce details), w
ed as beingmarkets.
ance deparkers as besarket abusearket legisla
n by REMITreasonable
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A12-AWMS-0
ansactions id procedurees do not dntify such t
they comparkets as tos of market
res to identiansactions inges and br
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nsidered a professionalepth of data onduct survwith marke
persons pr
rtments in st practicese. Applicabation may
T requires te grounds foefore neitheof the indic
cause it mat
04-03-guidanc
in wholesalees to identifydeal with theransactionsply with thi
o what might abuse and
ify breachen wholesalerokers.
s hub, but
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veillance (foet monitoring
rofessionall
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8.1 I
Accordiset out phase uand enfRegulatof theirimplemewholesa
8.2 A
Accordiaccepte
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Accordithat arecompetewith thethe conaccordincommodderivativ
The AgREMIT:
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pplication
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ng to Articlein Articles 3until data coforcement ption and per existing entation of ale energy m
ccepted M
ng to Recited market p
2(2)(a)(ii) ag in the fin/EC of the Erket manipue a legitimaproduct.
ng to Article reasonabent authorit
e procedurencept of accng to Articledity derivaves accordi
gency conc
the AMPs ander REMITngly, new Acommodity
ly, the samn practices out in whol
of the imp
on
e 13(1), firs3 and 5 andollection acpowers arenalties accopowers, inthe Third Emarkets are
arket Pract
tal 27 of REractices.
nd (3)(a)(ii)ancial serv
European Pulation (marate way for
le 1(5) of Dbly expectety in accord
e laid down cepted mare 1(2) of D
atives markng to Article
cludes the
accepted byT, but AMPAMPs maymarkets.
me way finand activitiesale energ
lementatio
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e aimed at w
tices (AMP
EMIT, the A
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Directive 20ed in one dance within Article 17rket practicirective 200
kets woulde 1(1) of Di
following a
y competenPs under REy be establi
nancial maes; also thegy markets
47/53
on of prohib
raph, of REtion set out Article 8 of ted at natio
rticle 18 of tthose pow
kage, to enswith the ent
Ps) regime
Agency’s gu
stipulate thwhich are
and of the Cand which
articipants t
003/6/EC, ‘Aor more figuidelines
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as regards
nt authoritieEMIT are noshed unde
arket authoe Agency w. “Activities”
bitions of m
EMIT, NRAsin Article 4the Regula
onal level athe Regulatwers confesure that mary into force
uidance sho
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Council of 2may be ad
to secure a
Accepted minancial maadopted b
ective 2003/her apply ir in relation o be mad3/6/EC.
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s accordingot limited tor REMIT, in
rities have ill distinguis” would cov
Ref:
market abu
s shall ensu4 thereof areation applieaccording ttion apply, Nerred to tharket integre of REMIT
ould addres
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a favourable
market pracarkets and by the Com/6/EC. Unden relation tto the infoe public c
Market Pr
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consistentsh between ver different
A12-AWMS-0
use
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s inter alia
practices suArticle 1(5) 2003 on ins
at Directive ie price for
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ractices (AM
ve 2003/6/Eepted marker concerning
tly made apractices a
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04-03-guidanc
prohibitionn the interimnvestigator13(2) of theld make usethe nationansparency o
the issue o
uch as thoseof Directive
sider dealingis amendeda wholesale
ns practicepted by theaccordance
e 2003/6/ECmanipulatiohich users o
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the decisiol specificitiece which o
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owing non-ssessing pa
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the need toforces of sdemand bytransactionsbe acceptedthe degree efficiency: Maccepted th
ay be undover the wa
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question of g
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with financiaecific pract
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a process therefore, aent authoritA has a duthe Agency
bligation onhed in a sta
been recognss.
list of factoactices in wh
arency of rket practic
market pract is, the mos might fo
d markets. Sompetent au
d the operademand: Mthe opportte higher risetent authorhe relevantctices whiceducing the
48/53
uch as arbtivities are h
o qualify fort ways. If ththe questio
e “activity” iscompetent ablanket AM
al market autices, suchrket practiceng to the r
of such casewould be s
practice acc
constitutesare primarilyty considersuty to consy prior to di
n the Agencandard ACEnised and
ors shall beholesale en
the relevaces by matice can be re likely it ir structuraSuch practiuthorities;
ation of maMarket practunities forsks for marrities; t market prah enhance
em;
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r the statushe activity ison of giving s carried ouauthority woP status w
uthorities onh as crossie status, surules of thees, conductsufficient in
cepted mark
s an AMP y the respons is an AMPsult, both nisclosing ancy to coordiER format ahave unde
e taken into nergy marke
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accepted bs not to bel reasons ices should
arket forcesctices inhibitr other market integrity
actice has liquidity an
Ref:
dging and d executed
s of AMPss carried ouit accepted
ut in a way ould be prepwould neith
n their consing/pre-arraubject to th
e relevant ot of the pra
n itself to prket practice
or not is ansibility of iP, may not nationally any market pinate and pand a link pergone the
account byets:
practice tipants is cby compete accepted. be less tra not be in t
s and the ting the int
arket particy and are,
an impact ond efficiency
A12-AWMS-0
short selliin the mark
. An “activiut in a way
d market prawhich wou
pared to acher be mea
siderations anged tradehe conditionorganised mctice in conromote marstatus wou
a matter ofndividual Nbe viewed
and with othpractices thapublish the Aprovided to
requisite n
y competen
to the whcrucial for nt authoritieHowever, p
ansparent tthemselves
proper inteeraction of
cipants to therefore, l
on market y are more
04-03-guidanc
ng. “Markeket.
ity” such awhich doe
actice statuld constitutecept it as ananingful no
of the issuees or grosn that these
market placenformity witrket integrity
uld not arise
f national oNRAs and so
as such byher relevanat they haveAMPs on itthe nationa
national and
nt authoritie
ole marketconsidering
es. The lespractices onthan simila
s considered
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to which tharket and emarket situa
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airness ando normal ma
ties shouldarket practic
ently considusers of
sale energyt national fin
of inside ine RIS requi
public congreed on w
of inside inetition law ad upon by thncy;
of national/wholesale g
y the compe
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e relevant pulated or n
investigatiowhether the
market abusey related ma
eristics of tesale energy
bserved bymarket in
lesale energ
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analyse thce.
ders the apwholesale
y products fnancial mar
nformation trements msultation an
with relevant
nformation and notified he national
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49/53
practice takrket participed by that p
practice forot, in the re
on of the re relevant me, or codes arkets within
he relevanty products t
y competentntegrity, whgy markets:
et practicesy because th
by market y and mark
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r the integrielevant wh
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ount the tract properly
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Agency.
A12-AWMS-0
ading mechaand in a tim
tly or indireergy produc
ice by anyhed rules ore market in
ether it is rmarket par
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med to be ueviously acc
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04-03-guidanc
anism of themely manne
ectly, relatedct within the
y competenr regulationn question o
regulated orticipants.
pted markee continued
nacceptablecepted by it;
not to create
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ation to themade publicoordination
on platformtent NRA(s
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er to complational leveand notified
formation icipants and
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The Agetowardsrequiremshould participa
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8.4 P
When Mtake all Regulatmay cobut alsocompetediscloseAgency4(2) of market obligatio
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50/53
t participandisclosure existing Thctice exam
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A12-AWMS-0
ear compliaand the fur
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04-03-guidanc
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