Download pdf - Qanda Remit

Que

Age

est

o

2

ncy for the CoT

1000

ion

on

2nd

ooperation of ETrg Republike

Ljubljana, Slo

s &

REM

Edi

Energy Regula3

ovenia

& An

MIT

tion

ators

nsw

T

n

werss

Cont

1. I1.1.

2. B2.1.2.2.2.3.2.4.integr

3. T3.1.3.2.3.3.3.4.

4. R4.1.4.2.4.3.4.4.4.5.4.6.4.7.4.8.4.9.

5. O5.1.2011

5.2.5.3.5.4.to ful

tents

ntroductio

Questions

Backgroun

What is RE

Who is aff

What are

Why do writy?............

The role of

What is th

Why centr

Will the Ag

What abou

REMIT defi

What is m

What is in

Who is con

What are p

Who is con

What who

Is there a

What shou

Where can

Obligations

I am a ma?...................Obligation

Notificatio

I am a perlfil as of 28

Age

on...............s and answe

d Informa

EMIT?..........fected?........ the benefit

we need an ......................

f the Agen

he role of th

ralise the m

gency pros

ut the Agen

initions.....market abus

nside inform

nsidered an

possible ex

nsidered a

olesale ener

risk of crea

uld I do if I

n I get mor

s and proh

arket partic......................

n to disclose

on to the Ag

rson profes December

ncy for the CoT

1000

Q

.....................

ers (Q&A) o

ation.................................

......................

ts of a grea

EU framew......................

ncy...............he Agency

monitoring a

ecute cases

ncys guida

.....................

se?................mation?........n insider?...xamples of

market par

rgy markets

ating doubl

I become aw

re informati

hibitions f

cipant. Wha......................

e inside info

gency of de

ssionally arr 2011 and


Ljubljana, Slo

2

Questio

.....................

on REMIT........................

.....................

.....................

ater transpa

work for who.....................

.....................

under REM

at the Agen

s of marke

nce on REM

.....................

.....................

.....................

.....................

market ma

rticipant?..ts and produ

le reporting

ware of pot

tion?............for market

at obligation.....................

formation...elayed discl

rranging tra how?..........

Energy Regula3

ovenia

ons an

.....................

.....................

.....................

.....................

.....................

arency in w

olesale ene.....................

.....................

MIT?..............ncy?.............t abuse?....MIT?.................................

.....................

.....................

.....................

anipulation?

.....................

ucts are co

g obligation

tential mar

.....................

t participa

ns do I nee.....................

.....................

losure of in

ansactions. .....................

ators

nd Ans

.....................

.....................

.....................

.....................

.....................

wholesale en

ergy transpa.....................

.....................

.....................

.....................

.....................

.....................

.....................

.....................

.....................

.....................

?........................................

overed by R

ns?...............rket abuse?

.....................

ants.............ed to fulfil a.....................

.....................

side inform

What oblig.....................

swers

....................

.....................

....................

.....................

.....................

nergy tradin

arency and.....................

....................

.....................

.....................

.....................

.....................

....................

.....................

.....................

.....................

.....................

.....................

REMIT?.............................

?..........................................

....................

as of 28 De.....................

.....................

mation?........gations do I.....................

on RE

............4.............4............4.............4.............5ng?.....5

d .............5............5.............5.............6.............6.............6............6.............6.............7.............8.............8.............8.............9...........10...........10...........10..........11cember ...........11...........12...........12I need ...........12

EMIT

6. T6.1.6.2.6.3.6.4.adopt

6.5.

Timeline of

When doe

When and

When doe

What will tion of the

When will

Age

f the imple

es REMIT co

d where do

es data colle

happen in REMIT imp

breaches o

ncy for the CoT

1000

Q

ementatio

ome into fo

market par

ection start

the interimplementing

of REMIT be


Ljubljana, Slo

3

Questio

on................rce and int

rticipants h

t?..................

m phase bet acts?..........e sanctione

Energy Regula3

ovenia

ons an

.....................

to applicatio

have to regi

.....................

tween REMI.....................

ed?...............

ators

nd Ans

.....................

on?..............ister?...............................

ITs entry in.....................

.....................

swers

....................

.....................

.....................

.....................

nto force u.....................

.....................

on RE

..........12...........12...........13...........14ntil the ...........14...........14

EMIT

1.

1.1. This Q&RegulatOctobeAgencyquestioparticipno way

The Agcarryingis updagained feedbacthe Age

Market and thewith Rcomplia

If you h

2.

2.1. REMIT and enREMIT

REMIT energy in line though and insfinancia

Introdu

Question&A documetion (EU) Nr 2011 on

y for the Cons. Many pants, stakey provides a

ency also g out their ated from t by the Ageck of markencys webs

participante prohibitio

REMIT, maance system

have any co

Backgr

What is was publis

ntered into introduces,

defining mmanipulatio

introducingmanipulatio

establishindetect and

providing breaches o

prohibits m markets. Twith those adapted fosider tradinal instrume

Age

uction

ns and aent containNo 1227/2 wholesale Cooperation of the qeholder anda legal inter

publishes G tasks undetime to timency and N

ket participsite for the

ts have to ons establisrket particm.

omments o

round I

REMIT? hed in the force 20 , for the fir

market abuson and insi

g the explon and insi

g a new fra deter mar

the enforcof market a

market maThe definiti applying uor wholesang in REMInts and to

ncy for the CoT

1000

Q

answers ns a summ011 of the energy man of Energquestions wd lawyers. rpretation o

Guidance toer REMIT in

me to reflecNRAs in theants and o sake of tra

bear in mished in REcipants sh

on the Q&A

nforma

Official Joudays followst time, a c

se, in the der trading

icit prohibider trading

amework fket manipu

cement of buse rules

anipulation ons of mar

under Direcle energy IT does no which Artic


Ljubljana, Slo

4

Questio

(Q&A) omary of free Europeanarket integgy Regulatowere askeThe Q&A dof REMIT.

o assist Nan a coordinct changinge implemenother stakeansparency

ind that thEMIT. The Aould make

please sen

ation

urnal of thewing its puconsistent E

form of mg, in wholes

ition of mag in wholesa

or the monulation and

the above at national

and tradirket manipuctive 2003/markets. T

ot apply tocle 9 of MA

Energy Regula3

ovenia

ons an

on REMITequently asn Parliamenrity and traors (The Aed during ocument is

ational Regated and c

g market contation of Reholders. Ty.

ey have toAgency rece their ow

nd them to:

e Europeanublication, EU-wide fra

market mansale energy

arket manale energy

nitoring of w insider tra

e prohibitiol level.

ng on insiulation and6/EC (Mark

The prohibit wholesaleD applies.

ators

nd Ans

T sked questnt and of ansparencyAgencys) the past

s directed t

ulatory Autconsistent wonditions aREMIT, inclhe Guidanc

o comply wcommends wn researc

: remit@ac

n Union on i.e. on 28

amework:

nipulation, y markets;

ipulation, a markets;

wholesale eding; and

ons and t

de informad insider traket Abuse Dtions of mae energy p

swers

tions (FAQthe Councy (REMIT) answers toyear by

to the publi

thorities (Nway. The Gnd the expuding throce is publis

with the oblthat in co

ch and se

er.europa.e

8 Decemb8 Decembe

attempted

attempted

energy ma

he sanctio

ation in whading in REDirective oarket maniproducts wh

on RE

) about il of 25 and the o those market

ic but in

NRAs) in uidance

perience ugh the shed on

igations mplying t up a

eu.

er 2011 r 2011.

market

market

rkets to

oning of

holesale EMIT are r MAD), pulation hich are

EMIT

2.2. REMIT marketwithin tEEA maplacing Accordireport dnon-EUabuse p

2.3.

Wholesproducetransmreflect can be

Greatermanipuis thus It also

2.4.

WholesMarket Membe

Only a wholesaprohibitdata is set up gas and

3.

3.1. The Agmonito

As recmonitomarketsystem

Who is aaffects eve

ts within ththe EU or arket partic of ordersingly, the data to the

U and non-Epursuant to

What arenergy t

sale energyers and coission and a fair and drawn from

r transpareulated and crucial in ehelps creat

Why do transpar

sale energy abuse in

er States.

few Membale energy tion of mar not accessa dedicate

d electricity

The rol

What is gency for tring framew

ognised inring at Unts, and the s in the

Age

affected?eryone whohe Union. Itwhether orcipants are to trade, obligations

e Agency acEEA marketo Articles 3

re the betrading?y markets

onsumers, a distributiocompetitive

m market a

ency in whthe price sensuring thting a level-

we needrency any markets one Memb

ber States markets wrket abuse.sible to NRed market iy wholesale

le of the

the rolehe Cooperawork under

n REMIT, tnion level necessary Union. The

ncy for the CoT

1000

Q

? o participatt makes nor not they covered by in one or to registeccording to t participan and 5 of R

enefits of provide as well as n infrastrue interplay buse.

holesale ensignals disthat consum-playing fie

d an EU fnd integr in Europeber State w

have so fawithin their . Most of thAs. On thisintegrity ane markets.

e Agenc

of the Aation of Enr REMIT.

the Agencyas it has expertise ierefore the


Ljubljana, Slo

5

Questio

es in, or wo differenceare professy REMIT if er more wher under R Article 8(1nts. The saREMIT.

f a great

key price investmencture. It is between s

ergy markorted. Tran

mers pay theld for all m

framewority? e are increwill likely a

ar succeed own bordehe transacts basis, thend transpar

cy

Agency unergy Regu

y is best both a Un the operae Agency

Energy Regula3

ovenia

ons an

whose condue whether osional inveentering in

holesale enREMIT with 1) and (5) ome holds f

ter trans

signals wnt decisionss thereforesupply and

kets reducensparency e fair price

market parti

ork for w

easingly inlso affect t

ed in orgaers. Tradingtions are ne Europeanrency fram

under REulators play

placed to nion-wide ation of elehas been

ators

nd Ans

uct affects,or not the stors. Alsoto transactergy mark the compof REMIT afor the proh

sparency

which affecs in produc essential demand, a

es the risk in wholesa

e for their gicipants.

wholesale

nterlinked athe price o

nising the g venues oot reported

n Union judmework at U

EMIT? ys a centra

carry outview of e

ectricity andtasked w

swers

, wholesaleperson is r non-EU an

tions, includkets in theetent NRA lso applies hibitions of

y in whol

ct the choction facilitthat these and that no

that markle energy mgas and ele

e energy

across the of energy i

monitoringften have nd and fundadged it esseUnion level

al role in t

t efficient electricity ad gas markith collecti

on RE

e energy resident nd non-ding the e Union. and to to such market

esale

oices of ties and signals o profits

kets are markets ectricity.

y

Union. in other

g of the no clear amental ential to for the

the new

market and gas kets and ng and

EMIT

screeniassessminvestig

3.2. Wholestypicallwith a hdeterreto avoiinsteadmarket

3.3. No. Invto NRAwhich Rauthori

3.4. Under and enfis publiunderstis publi

The Aggo beyreflect the impother s

4.

4.1. The defelectrichave be

The folwhich rmarket

1.

ng wholesament of agation.

Why censale energyy see only holistic view

ence of abuid double rd provide tt.

Will the vestigation As. MemberREMIT enteties the ne

What abREMIT, theforcement shing non-tanding on shed at the

encys Guidyond the Achanging mplementatiotakeholders

REMIT

What is finitions in

city marketsecome exp

lowing sevrelate to int manipulat

Insider trainformation

Age

ale marketanomalous

ntralise t markets a a part of tw of the masive markereporting ohe Agency

Agency of market r States haered into focessary pow

bout the e Agency istasks in a binding Gu how the de Agencys

dance doesAgencys comarket condon of REMITs.

definit

market REMIT are s. Market alicitly prohi

en types onsider tradiion:

ding when;

ncy for the CoT

1000

Q

t transactioevents, b

the monare becominthese markarkets is thet practicesof market py with a co

prosecu abuse casead until 29orce) to adwers to enf

Agencys responsibcoordinate

uidance, dirdefinitions a website for

s not constompetence.ditions and T, including

ions

abuse? based on tabuse meanbited with

f behaviouing, the las

en an insid


Ljubljana, Slo

6

Questio

on data acbefore not

itoring ang increasikets. A cenherefore ess. In additioparticipantsomplete set

ute caseses and pro

9 June 201apt their leforce REMIT

s guidanle to ensurd and cons

rected to NRand provisir sake of tr

itute a lega The Guida the experig through t

the definitins insider dthe entry in

r may amost four ma

er trades,

Energy Regula3

ovenia

ons an

cross the Etifying sus

at the Agngly interlitralised apsential to eon, a centras active in t of data o

s of markosecution of13 (eighteeegislation inT.

nce on Rre that NRAsistent wayRAs, which on in REMI

ransparency

al interpretance is upence gainethe feedbac

ons in MADdealing andnto force of

ount to market manip

or tries to

ators

nd Ans

EU and perpicious ca

gency? nked acrosproach to m

ensure effecalised data several Mon the EU

ket abusf market p

en months n order to

REMIT? As carry ouy. In this co aims at prIT are apply.

tation of REpdated fromed by the Agck of marke

D, but tailod market mf REMIT.

rket abusepulation, in

trade, on

swers

rforming ases to NR

ss the Unionmarket moctive detect collection w

Member Sta wholesale

se? articipants from the dgive their

ut their moontext, the roviding a clied. The G

EMIT as thim time to gency and et participa

red to the manipulation

, the first tcluding att

the basis o

on RE

n initial RAs for

n. NRAs onitoring tion and will help ates will energy

are left date on national

onitoring Agency common uidance

s would time to NRAs in

ants and

gas and n, which

three of tempted

of inside

EMIT

2.

3.

4.

5.

6.

7.

4.2. Article informarelates,it were energy

In its nAgencythe definforma

Improper dinside infonormal cou

Recommenrecommenacquire orrelates;

False/misleor is likely price of wh

Price positto secure, several whentered inreasons foconforms concerned;

Transactiontrade, whcontrivance

Disseminatconveys a the person

What is 2 of REMI

ation of a , directly or made pub products.

non-bindingy considers finition of ination shou

Informatio(EC) No 7codes adopto in the Cannexed to

Informatioconsumptioand use offacilities, a

Age

disclosure oormation tourse of the

nding on ding or indr dispose

eading tran to give, faholesale ene

ioning tra by a persholesale ento the tra

or doing soto accept

;

ns involvinich employe; and

tion of falsfalse or mi doing this

inside inT defines (1) preciser indirectly,blic, would

g Guidance that, in vienside informld currently

n which is 714/2009 apted pursu

Commissiono Regulatio

n relating ton or transf LNG facilind;

ncy for the CoT

1000

Q

of inside ino another exercise of

the basis ducing anotof wholesa

nsactions lse or mislergy produ

ading, or pson, or pernergy produnsaction o

o are legitimted marke

g fictitious ys fictitiou

se and missleading im knows the

nformatiinside infoe nature, , to one or be likely to

on the appew of the cmation in ty be primar

required tand (EC) Nant to thos Regulationn (EC) No 7

to the capamission of ities, includ


Ljubljana, Slo

7

Questio

formation person, u

f their emp

of inside ther personale energy

trading, oeading signcts;

placing ordersons actinucts at an r issued thmate and tet practice

devices/deus devices

leading infompression ae informatio

on? ormation b(2) which more wholo significan

plication of current limhe wholesarily underst

o be madeNo. 715/20se Regulatin (EU) No 5714/2009;

acity and u electricity ding planne

Energy Regula3

ovenia

ons an

where annless suchloyment, p

informatin, on the by products

or placing onals as to t

ers to tradeg in collab artificial lehe order tthat that ts on the

eception or any o

ormation about a whoon to be fal

by means has not blesale ener

ntly affect t

the definitited experiale energy tood in rela

e public in 009, includions. This i543/2013,

use of facilor natural ged or unpla

ators

nd Ans

n insider imh disclosurerofession o

on wheasis of insi to which

orders to tthe supply

e, which seboration, thevel, unleso trade esransaction wholesale

trading, orother form

giving ouolesale enese or misle

of the folloeen made

rgy productthe prices o

ion of insidences withmarket, th

ation to:

accordanceding guidelincludes infwhich ame

ities for prgas or relatanned unav

swers

mproperly de is madeor duties;

ere an inside informa that info

rade, whichof, demand

ecures or ahe price of ss the persstablishes t or order te energy

r placing or of decep

ut informatiergy produceading.

owing four public, (3ts (4) and wof those wh

de informat the applice notion of

e with Regines and nformation r

ends the gu

roduction, sted to the cvailability o

on RE

discloses in the

sider is ation, to rmation

h gives, d for, or

ttempts f one or son who that his to trade market

rders to ption or

ion that ct where

criteria ) which which, if holesale

tion, the cation of f inside

ulations network referred

uidelines

storage, capacity of these

EMIT

Experieon the

These cinformaaforeminside i

Furtherexperiewill evo

4.3. Accordifollowinproduct

4.4. The Agwhich cregulattherefoenergy gained

More gcoherencompetAgencyunderstand pub

4.5. Article transmorders

Informatioregulatory likely to ha

ence will shprices of on

consideratiation in wentioned tnformation

r guidance ence on theolve over ti

Who is cing to Arting personsts (insider)

members undertakin

persons wi

persons wiprofession

persons wh

persons wh

What arencys noncould constors own

ore be take markets a about mar

generally, tnt with thtition law, y and NRAtood in thisblish a revi

Who is c2(7) of REission syst to trade, in

Age

n which is provisionsave a signif

how which ne or more

ons apply holesale eransparenc

n rules.

on this se applicatiome.

considercle 3(2) o

s who poss:

of the adg;

th holdings

th access t or duties;

ho have acq

ho know, o

re possibn-binding gtitute markexperience

en as indicccording toket manipu

the Agencheir techniespecially s with thes respect. Tsed Guidan

considerMIT states

tem operatn one or mo

ncy for the CoT

1000

Q

required ts at Union ficant effect

kind of othe wholesale

until morenergy mar

cy requirem

subject willon of REMIT

ed an inof REMIT, tsess inside

dministrativ

s in the cap

to the infor

quired such

r ought to

ble examuidance pr

ket manipules and thecating posso REMIT. Thulation in w

y considercal and econcerning

e competitiThe Agencynce if consid

ed a ma that a mators, who eore wholesa


Ljubljana, Slo

8

Questio

to be disclo or nationat on the pri

er informa electricity

e experiencrkets. The ments is cu

l be providT is gained

sider? the prohibe informati

ve, manag

pital of an u

rmation thr

h informatio

know, that

mples of movides exalation and e experienible signalshese consid

wholesale en

rs that maconomic c

g market pon authoriy will reviewdered appr

rket partarket particenters intoale energy

Energy Regula3

ovenia

ons an

osed in accal level, inces of who

tion is likel products if

ce is gained Agency burrently es

ded by the, as the de

ition of inion in rela

gement or

undertaking

rough the e

on through

it is inside

market mmples of thwhich are

nces in fins of markederations anergy mark

arket particonstraints power exerities, as fow its Guidaropriate.

ticipant?cipant meo transactio markets;

ators

nd Ans

cordance wnsofar as tlesale ener

ly to have f made pub

d about thbelieves thasential to

e Agency efinition of

sider tradiation to a

superviso

g;

exercise of

criminal ac

informatio

manipulahe various inspired by

nancial maet manipulapply until m

kets.

cipants' bein a way

cise. The coreseen byance on ma

? eans any ons, includi

swers

with other this informrgy product

a significanblic.

he notion oat respect avoid brea

as soon a inside info

ng applieswholesale

ory bodies

their emplo

ctivity; and

on.

ation? types of py Europeanarkets. Theation in whmore exper

ehaviour my to compcooperationy REMIT, market manip

person, ining the pla

on RE

legal or ation is ts.

nt effect

of inside of the

aches of

as more rmation

to the energy

of an

oyment,

d

practices energy

ese can holesale rience is

must be ply with n of the must be pulation

ncluding acing of

EMIT

In its Gmarketin one o

The cruthe entenergy

4.6.

Wholeswholesafacilitiethrough

REMIT on whic

Guidance tot participanor more wh

Energy traArticle 2(3functions: natural gacarrying opurchase o

Producers 2009/72/Esupplying company;

Shippers o

Balance re

Wholesale Article 2(29

Final custo2(27) of Dconsumptioconsumptiohis total comarkets;

TransmissiDirective 2

Storage sDirective20

LNG syste2009/73/E

Investmen

ucial criteriotering into markets.

What whREMIT?

sale energyale energys and oveh brokers.

applies to ch wholesa

Age

o the NRAsts under R

holesale en

ding comp5) of Directransportatas undertaut at least

of natural g

of electriciC and Artheir prod

f natural ga

sponsible e

customers9) of Direct

omers in theDirective 20on capacityon of a finaonsumption

on system2009/72/EC

system o009/73/EC;

em operatoC, and

t firms in t

on for the transactio

holesale markets in

y markets er-the-coun

wholesale le energy p

ncy for the CoT

1000

Q

s, the AgenREMIT if entergy marke

anies in thctive 2009/tion, supplyaking purst one of thas, includin

ty or naturrticle 2(1) duction to

as;

entities;

in the metive 2009/7

e meaning 009/73/EC,y of 600 GWal custome

n capacity i

operators C and Direct

perators ;

ors (LSOs)

he meaning

assessmenons, includi

energy

nclude bothinclude, in

nter (OTC)

energy maproducts ar


Ljubljana, Slo

9

Questio

ncy considetering into ets:

e meaning/72/EC cary, or purchsuant to Ahe followinng LNG;

ral gas in t of Directtheir in-h

aning of A73/EC;

of Article 2, acting as Wh or mor

er takes plas the sum

(TSOs) itive 2009/7

(SSOs) i

) in the m

g of Article

t of whetheing the pla

markets

h commoditnter alia, r transactio

arkets, whie traded.

Energy Regula3

ovenia

ons an

ers at least transaction

of electricrrying out aase of elecArticle 2(1

ng function

the meanintive 2009/house trad

rticle 2(8)

2(9) of Dire a single ere per yearace in marof his cons

n the me73/EC;

n the me

meaning of

4(1) No 1

er a compaacing of or

s and pro

ty marketsregulated mons and b

ch means

ators

nd Ans

t the followns, includin

city undertat least ontricity, and1) of Dires: transpo

ng of Article/73/EC, incing unit o

of Directiv

ective 2009economic er for gas orkets with i

sumption ca

eaning of

eaning of

f Article 2

of Directive

any is a marders to tr

oducts a

and derivamarkets, mbilateral co

any marke

swers

wing personng orders to

aking pursne of the fo in the mea

ective 2009ortation, su

e 2(2) of Dcluding pror energy

e 2009/72/

9/72/EC andentity, that r electricitynterrelatedapacity in a

Article 2

Article 2

2(12) of D

e 2004/39/

arket particrade, in wh

re cover

ative markemultilateral ontracts, d

t within th

on RE

ns to be o trade,

suant to ollowing aning of 9/73/EC upply or

Directive roducers

trading

/EC and

d Article have a y. If the d prices, all those

2(4) of

2(10) of

Directive

/EC.

cipant is holesale

red by

ets. The trading

irect or

e Union

EMIT

Accordicontrac

a)

b)

c)

d)

Contraccustomdistribugreaterguidancthe Age

The prowholesaappliestradingadmissthe tranthe procollectio

4.7. REMIT Where reportineffectiv

The AgESMA, nationa

4.8.

If you contact

4.9. For mhttp://wlatest vansweralso inf

ing to Articts and deri

contracts fUnion;

derivativesthe Union;

contracts rand

derivatives

cts for the mers are noution of eler than 600 ce on the aencys Guid

ohibitions oale energy , i.e. who on a reguion to tradnsaction its

ohibitions oon and mo

Is therehas been data is rep

ng channevely monito

gency closethe Europe

al financial

What shabuse? become awt us using t

Where cmore informwww.acer.eversion of rs to many formation a

Age

cle 2(4) oivatives, irr

for the su

s relating t

relating to

s relating to

supply andot wholesalectricity or GWh per yapplication dance to NR

of insider tr products wlesale ene

ulated markding on sucself actuallyf insider tranitoring ap

a risk odesigned

ported undls as mucr the whole

ely cooperaean Securiregulators

hould I d

ware of potthe followin

can I getmation abeuropa.eu/Q&A documof the REM

about:

ncy for the CoT

1000

Q

of REMIT, respective o

upply of el

to electricit

the transp

o the transp

d distributiole energy natural gayear shall of the defi

RAs.

rading and which are firgy producket in at lech a markey takes plaading and ply to all ki

f creatinto ensure

der the EU ch as possesale energ

tes with Eties and Mas appropr

o if I be

tential marg email ad

t more inbout REMIremit/Pagement on R

MIT related


Ljubljana, Slo

10

Questio

wholesale of where an

lectricity o

ty or natur

ortation of

portation o

on of electproducts. Hs to final cbe treated nition of w

market manancial inscts which ast one Meet has beence on that market mainds of who

ng double that there financial rsible for cgy markets.

U financial Markets Autriate).

come aw

ket abuse, dress: mar

nformatioIT, pleasees/default.aREMIT. On queries we

Energy Regula3

ovenia

ons an

energy prnd how the

r natural g

ral gas prod

electricity

f electricity

ricity or naHowever, ccustomers as wholesholesale en

anipulation struments aare financ

ember Statn made, irr market. Thanipulation.olesale ene

e reporte are no degulation, collecting t.

regulatorsthority) and

ware of p

we would rket.abuse@

on? e visit ouaspx wherethe webpa

e received s

ators

nd Ans

roducts meey are trade

gas where

duced, trad

or natural

y or natural

atural gas fcontracts fowith a conale energy nergy prod

under REMand to whiccial instrume, or for wrespective his exempt The REMITrgy produc

ing obligdouble repthe Agencythe inform

s, both at td at the n

potential

like to [email protected]

ur webpage you will bges you w

so far. You

swers

eans the foed:

delivery is

ded or deliv

gas in the

gas in the

for the use or the supsumption c products. ucts is prov

MIT do not ach Article 9 ments admwhich a req

of whetherion only apT obligationts.

gations? orting obligy will use

mation requ

the EU levational lev

l market

ar about itpa.eu

ges availabe able to fwill be able

will be able

on RE

ollowing

s in the

vered in

e Union;

Union.

of final ply and capacity Further vided in

apply to of MAD itted to uest for r or not pplies to ns, data

gations. existing

uired to

el (with el (with

t

. Please

able at find the to find e to find

EMIT

If you dto help

We havask youquerieswill not

REMIT

REMIT

The iss

Practica

Your in

(if you view)

5.

5.1.

As of 2subjectmannerinformathe pro

REMIT bac

ACERs gui

Important

o Delao Sus

trano Use

REMIT upc

Expert Gro

The registr

do not find you with a

ve designedu to subms we receivt provide a

T query for

Article

ue

al example

terpretatio

are asking

Obligat

I am a mfulfil as

28 Decembt to the obr; (2) notifation. The pohibition of

Age

kground;

dance for N

information

ayed publicspicious transactions; aer guide for

oming Activ

oups; and

ration of ma

an answeran ad hoc a

d a format it your quee within a detailed de

rm

n

ACERs

tions an

market p of 28 Deber 2011, wbligation tofy ACER anprohibition insider trad

ncy for the CoT

1000

Q

NRAs;

n for marke

cation of innsaction reand r the above

vities;

arket partic

r to your qunswer whe

which will ery using treasonable

escription o

[please t

[please t

[please texample

[please tpossible

nd proh

participanecemberwith the eno (1) publind compete of market ding also ca


Ljubljana, Slo

11

Questio

et participa

side informeporting for

forms.

cipants.

uestion on en this is po

help us tothe form be time, we of the issue

type here t

type here a

type here a you are re

type here y the interpr

hibition

nt. What 2011? ntry into fosh inside ent NRAs imanipulatioame into ef

Energy Regula3

ovenia

ons an

ants. This in

mation formrm for pers

our REMITossible.

o assist youbelow. Whi will not be.

he article t

a detailed d

a detailed deferring to]

your interprretation of y

s for m

t obligat

orce of REMinformationn case of on, attempffect as of 2

ators

nd Ans

ncludes:

; sons profes

T webpages

u with yourle we aim

e able to he

he issue is

escription o

escription o

retation andyour legal a

market p

ions do I

MIT, marken in an effdelayed pu

pted market28 Decemb

swers

ssionally ar

s, we will be

r query. We to answerelp you wh

related to]

of the issue

of a practic

d whether iadviser ]

particip

I need to

et participafective andublication ot manipulatber 2011.

on RE

rranging

e happy

e kindly r all the ere you

]

e]

cal

is

ants

o

ants are d timely of inside tion and

EMIT

5.2. Accordidiscloserespectundertathat ma

Such dproductto the cthese fnotions

5.3.

In ordedelayednotificaadoptio

The Aginformathis inf(EC) Nothe ACEmarket

5.4.

As of 2arrangieffectivsuspicio

The AgsuspiciotherefoNRAs. T

6.

6.1. REMIT Decemfor maprofess

Obligatiing to the ge in an efft of busineaking or rearket partic

isclosure shtion, storagcapacity anfacilities. Ins of effectiv

Notificatinformat

er to assistd publicatiation templaon by all NR

gency foresation mainlformation (o 714/2009ER websitet-participan

I am a pobligatiohow? 28 Decembng transac

ve arrangeon of marke

gency consous transa

ore has deThe relevan

Timelin

When dowas publisber, the prket partic

sionally arra

Age

on to disgeneral rulfective and

ess or facilielated undecipant or un

hall includege, consumnd use of LNn its guidave and time

tion to thtion? those maron of insate, based RAs.

sees to coly electroni(e.g. for in9 and (EC) at http://wts.aspx

person pons do I

ber 2011, ctions (e.g. ments to et abuse.

siders that ctions if tveloped annt electroni

ne of th

oes REMshed in thprohibitionscipants to anging tran

ncy for the CoT

1000

Q

sclose ine of Articled timely mities whichertaking, owndertaking

e informatiomption or trNG facilitiesnce to NRA

ely public di

he Agen

rket particiide inform on the exp

llect the nically, espenformation 715/2009www.acer.e

rofessio need to

with the e energy exidentify br

it would here were n electronic template

he imple

IT comee Official J

s of insiderpublish in

nsactions to


Ljubljana, Slo

12

Questio

nside infoe 4(1) of Rmanner insi the markwns or conis responsi

on relevantransmissions, includingAs, the Ageisclosure of

cy of del

pants who mation, theperiences in

notification ecially whe to be pub). The releveuropa.eu/

nally arr fulfil as

entry into fxchanges anreaches; (2

assist thos a standac template is available

ementa

e into forJournal of r trading anside informo establish

Energy Regula3

ovenia

ons an

ormationEMIT, markide informaet participantrols or foble, either

t to the capn of electricg planned oency providf inside info

layed dis

are subjece Agency n financial m

of such dn there ar

blished in avant electrremit/Page

ranging ts of 28 D

force of REnd brokers)2) notify N

se subject rd reportine to repore on the AC

ation

rce and ithe EU on

nd market mation andand mainta

ators

nd Ans

n ket participation whichant concer

or whose op in whole o

pacity and city or natuor unplannedes its undormation.

sclosure

ct to the ohas devel

markets, an

delayed pure data staaccordanceronic temples/Importan

transactecember

EMIT, pers) are obligeNRAs in ca

to the obng format rt suspiciouCER websit

nto appln 8 Decem manipulatd the obligain effectiv

swers

pants shall h they posned, or itsperational r in part.

use of facilural gas ored unavailaderstanding

of insid

bligation toloped a snd recomm

blication ondards rela

e with Regate is avaint-informat

tions. Whr 2011 a

sons profesed to (1) ease of rea

bligation tofor doing

us transacte.

lication?mber 2011.ion, the ob

gation for e arrangem

on RE

publicly ssess in s parent matters

lities for related

ability of g of the

e

o report standard ends its

f inside ating to ulations lable on tion-for-

hat nd

ssionally establish asonable

o report so and

tions to

? On 28

bligation persons

ments to

EMIT

detect authori

Within determi.e. byenforceinfringe

The timtiming comitolNRAs sentry in

Provis

6.2. No lateimplemthey shparticip

Accordito the nto be re

market abties came i

6 months ined a form

y 28 Juneement powements of R

ming of enof the adology procedshall establnto force of

ional time

When aner than th

menting actshall keep upants starts

ing to Articnational reeported to

Age

buse and tointo force.

of the entmat for thee 2013, Mwers to NREMIT.

try into foption of thdure. Withilish nationaf the implem

eline of RE

nd wherehree months, NRAs shup to dates.

le 9(4) of Rgulatory authe Agency

ncy for the CoT

1000

Q

o notify re

try into fore registratioMember StRAs and

orce of thee implemen 3 monthsal registersmenting ac

EMIT imple

e do marhs after thall establis, so that a

REMIT, maruthority priy in accorda


Ljubljana, Slo

13

Questio

easonable s

rce of REMon of marktates shouput in pla

remainingnting acts s of the ens of markects, data co

ementatio

rket parthe date osh national at the late

rket particior to enterance with A

Energy Regula3

ovenia

ons an

suspicious

MIT, i.e. byket participuld have ace rules

g provisionby the Eurtry into for

et participallection und

n:

ticipantson which t registers st by then

pants shallring into a Article 8(1)

ators

nd Ans

cases to n

y 28 June ants, and assigned on penalt

s of REMITropean Comrce of the ints. Withinder REMIT

s have tothe Commof market

n, the regis

submit thetransaction.

swers

national reg

2012, the within 18 minvestigatoties applic

T depends mmission fomplementinn 6 monthsstarts.

o registeission adoparticipantstration of

e registratin which is r

on RE

gulatory

Agency months, ory and able to

on the ollowing ng acts, s of the

er? pts the

ts which market

on form required

EMIT

6.3. Data coimplem

6.4.

Since tfundamacts, thinto forof REMpublic s

NRAs mrecord-potentiprofessparticip

6.5. Rules oStates June 2necessa

When doollection is

menting acts

What wientry intimplemethe monito

mental datahe Agencysrce of the RMIT from Nsources.

may norma-keeping obal infringe

sionally arrpant. NRAs

When won penaltiesin national013 at theary means

Age

oes data due to sts.

ill happeto force enting acring activit in accordas market mREMIT impleNRAs and f

lly requestbligations foment of thanging tras have to in

will breacs applicable law. Withi

e latest, Me and power

ncy for the CoT

1000

Q

a collectitart six mo

en in the until thects? ties under ance with A

monitoring aementing afrom perso

t wholesaleor market phe prohibitnsactions a

nform the A

ches of Re to infringein 18 montember Statrs to investi


Ljubljana, Slo

14

Questio

on start?onths after

interim e adoptio

REMIT areArticle 8 ofactivities inacts reliesons profess

e energy daparticipantstions of maccording tAgency abo

REMIT beements of Rths followintes should igate suspic

Energy Regula3

ovenia

ons an

? the Europ

phase bon of the

e based onf REMIT ann the interims on notificsionally arr

ata in ad-hs. This may

market abusto Article 1ut any such

e sanctioREMIT have

ng the entry have empcious cases

ators

nd Ans

pean Comm

between e REMIT

n the collecnd the relevm phase cations of sranging tra

oc cases oy particularse is signa15 of REMIh cases sig

oned? e to be stipy into forcepowered ths under REM

swers

mission ado

REMITs

ction of travant implemi.e. until thuspected bansactions

on the basisrly be the called by a IT or by a nalled to th

pulated by Me of REMITeir NRAs wMIT.

on RE

opts the

s

ade and menting he entry breaches

and on

s of the case if a person market hem.

Member , i.e. by with the

EMIT

Howevethe sanmarketof brea

er, already nctioning oft participanches of ma

Age

with the ef market pats may see

arket abuse

ncy for the CoT

1000

Q

entry into foarticipants ek the prote rules unde


Ljubljana, Slo

15

Questio

orce of REMin breach o

tection of ter REMIT by

Energy Regula3

ovenia

ons an

MIT, tradinof market aheir interesy other ma

ators

nd Ans

g venues mabuse rulesst through arket player

swers

may have fs under REMthe courts

rs.

on RE

foreseen MIT and in case

EMIT