Regulation (EU) No 1227/2011 of the European Parliament and of the Council on Wholesale Energy Market Integrity and Transparency ("REMIT") entered into force on 28 December 2011. The Regulation is the first attempt to regulate EU trading in energy products which is not purely financial. REMIT introduces two fundamental prohibitions, on insider trading and market manipulation, and a series of disclosure and other obligations on companies active in the wholesale markets for electricity and gas in the EEA, which the Agency for Cooperation of European Regulators ("ACER") has been developing since, in consultation with various stakeholders. This book aims to offer a detailed yet clear guide for practitioners and in-house counsel faced with these issues, drawing on the available texts and experience so far. The book provides commentary on the Regulation, article by article and places it in the legal, economic and political context. In addition, the book describes the relationship between the REMIT and the European financial regulations, such as MAD, EMIR, MiFID II and MiFIR, which inspired its drafting. The book explains the interplay between the REMIT and EU Competition law with regard to the concept of market abuse and the obligation to disclose inside information. The book then provides an overview of the rules governing the trading on wholesale energy products in the United States, their scope, functioning, enforcement and a comparison with the corresponding provisions of the REMIT. A chapter is also dedicated to the economics behind the rules on market manipulation. Finally, the book contains a short discussion of the EU Commission's draft proposal for a Regulation on Indices Used as Benchmarks in Financial Instruments and Financial Contracts and its possible implications for the energy industry. This first edition of the book will be expanded periodically in further editions, as the case-law and practice develops.
Arvustused
The book is a comprehensive source of information regarding REMIT and its history. The prohibitions are thoroughly explained using examples from case rulings, and interactions with other EU legislation are well covered. The authors have done a great job in gathering information to make it accessible for the reader. -- Christian Giswold, Nord Pool, Norway A comprehensive, thoroughly researched compendium on REMIT and other market manipulation rules. A must-read for serious practitioners in the field. -- Peter Fox-Penner, The Brattle Group, USA This book will soon be regarded as an essential source of reference for business, legal practitioners and economists on how REMIT has been implemented in order to ensure that energy markets work effectively and without distortion. Having been at the origin of the proposal for the Regulation, it is privilege for me to endorse a compendium of such a high quality. -- Sir Philip Lowe, Oxera, Belgium This book will be a helpful resource to energy companies, practitioners, regulators, and academics in Europe and the United States. Particularly interesting are the summaries of dozens of decisions by EU national regulators, showing how they assessed market manipulation and insider trading in practice. The authors also address the wider international context, including explaining the regulatory and enforcement roles of the U.S. Federal Energy Regulatory Commission and Commodity Futures Trading Commission. -- Carol Clayton, formerly Legal Advisor, Federal Energy Regulatory Commission and Partner, WilmerHale, USA The REMIT regulation significantly enhances transparency and integrity in wholesale energy markets. This book is a complete and exhaustive analysis of its complex introduction and concrete application, showing how it has contributed to a more stable and efficient energy market across Europe. A must have for those active in European energy markets. -- Luigi de Francisci, The Brattle Group, Italy
CONTENTS
PART I BACKGROUND
1 Introduction to Energy Market Manipulation and Insider Trading in Europe
REMIT 2
John Ratliff and Roberto Grasso
2 The road to REMIT 7
John Ratliff and Álvaro Mateo Alonso
3 ACER 50
Mariia Shulha and John Ratliff
PART II REMIT: COMMENTARY AND CASES
4 Scope, definitions, technical updating, and final provisions (Articles 1,
2, 6, 20, 21, 22) 66
John Ratliff and Roberto Grasso
5 Prohibition on insider trading (Article 3) 93
John Ratliff and Roberto Grasso
6 Obligation to publish inside information (Article 4) 146
John Ratliff and Roberto Grasso
7 Prohibition of market manipulation (Article 5) 225
John Ratliff and Roberto Grasso
8 Market surveillance and data collection (Articles 7, 8, 9, 10) 398
John Ratliff and Roberto Grasso
9 Obligations of persons professionally arranging or executing transactions
(Article 15) 441
John Ratliff and Roberto Grasso
10 Cooperation at EU and Member State level (Article 16) 461
John Ratliff and Roberto Grasso
11 Enforcement, appeals, and penalties (Articles 13, 14, 18) 480
John Ratliff and Roberto Grasso
12 Procedural requirements (Articles 11, 12, 17) 518
John Ratliff and Roberto Grasso
13 International relations (Article 19) 531
John Ratliff and Roberto Grasso
PART III INTERACTION WITH OTHER EU LAWS
14 REMIT and EU financial markets law 542
Álvaro Mateo Alonso and John Ratliff
15 REMIT and competition law 588
John Ratliff and Roberto Grasso
16 MAR and energy trading 671
Marilena Nteve and John Ratliff
PART IV UK, US, AND ECONOMIC PERSPECTIVES
17 REMIT in the United Kingdom 695
John Ratliff
18 Energy market manipulation in the United States 730
H. David Gold and Mark C. Kalpin
19 Market manipulation economics considerations 794
Shaun D. Ledgerwood and Dan Harris
PART V REMIT II
20 Amendments to REMIT in 2024 877
John Ratliff and Mariia Shulha
Edited by John Ratliff, Avocat, Brussels Bar, Belgium and Barrister, Henderson Chambers, UK and Roberto Grasso, International Lawyer and Deputy General Counsel, Columbia Sportswear Company, based in the USA and Switzerland; formerly Counsel, WilmerHale, Brussels, Belgium
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