The 1227/2011 EU REMIT Regulation (Regulation on Wholesale Energy Markets Integrity and Transparency) has been in force since 28 December 2011. On 18 December 2014, the Implementing Regulation EU 1348/2014 was published in the Official Journal of the European Communities, which specifies the application of Articles 8 (2) and 8 (6) of the REMIT Regulation (Implementation Instructions). These Regulations can be found in the European Legislation / Internal Energy Market
The REMIT Regulation creates a stable regulatory framework for wholesale energy markets at European Union level whereby:
It is absolutely forbidden to use confidential information in the course of trade and any manipulation or attempted manipulation of the market.
Effective and timely disclosure of confidential information by market participants is required.
Transaction companies are required to submit transaction data.
Procedures for detecting suspicious behavior are established.
The REMIT Regulation creates a very important framework for identifying and penalizing cases of market manipulation across Europe. This helps consumers, industry and other stakeholders to trust that wholesale energy prices are transparent, fair and competitive as required in a well-functioning market.
CERA, in cooperation with the Agency for the Cooperation of Energy Regulators (ACER) and other European National Regulatory Authorities (NRAs), implements procedures for identifying and investigating cases of insider trading and market manipulation in both domestic and regional level.