Activities of Zdzisław KRASNODĘBSKI related to 2023/0076(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1227/2011 and (EU) 2019/942 to improve the Union’s protection against market manipulation in the wholesale energy market
Amendments (35)
Amendment 111 #
Proposal for a regulation
Recital 3
Recital 3
(3) The definition of inside information should also be adjusted to mirrorcomplement Regulation (EU) 596/2014. In particular, where inside information concerns a process which occurs in stages, each stage of the process as well as the overall process could constitute inside information. An intermediate step in a protracted process may in itself constitute a set of circumstances or an event which exists or where there is a realistic prospect that they will come into existence or occur, on the basis of an overall assessment of the factors existing at the relevant time. However, that notion should not be interpreted as meaning that the magnitude of the effect of that set of circumstances or that event on the prices of the financial instrumenwholesale energy products concerned must be taken into consideration. An intermediate step should be deemed to be inside information if it, by itself, meets the criteria laid down in this Regulation for inside information.
Amendment 118 #
Proposal for a regulation
Recital 10
Recital 10
(10) To improve the Agency’s market monitoring and make data collection more complete, the current reporting regime needs improvement. The data collected should be expanded to overcome gaps in the data collection and include coupled markets, new balancing markets, contracts for balancing markets and products that have potential delivery in the Union. Organised market places should be required to provide the full order book data set to the Agency. Order book providers should also be designated as persons professionally arranging transactions subject to the obligation to monitor and report suspected breaches.
Amendment 122 #
Proposal for a regulation
Recital 12
Recital 12
(12) To streamline and make the reporting of data to the Agency more effective, the information should be provided through Registered Reporting Mechanisms (RRMs) and the operation of RRMs should be authorised by the Agency. The RRMs should at all times comply with the conditions for authorisation and with data protection law. The Agency should also establishmaintain a register of all RRMs in the Union. The Agency should have the power to withdraw such authorisation in certain cases, while respecting the procedural safeguards pursuant to Articles 14(6) to (8) of Regulation (EU) 2019/942. The withdrawal of an authorisation should not prevent an entity from applying for a new authorisation as RRM with the Agency
Amendment 124 #
Proposal for a regulation
Recital 13
Recital 13
(13) In order to facilitate monitoring to detect potential trading based on inside information and data quality of collected information, the collection of inside information needs to be aligned with the current processes for trade data reporting. Market participants transmitting required data cannot be held responsible for technical problems occurring by IIP. At the same time market participants should be responsible for transmission to IIPs of correct and complete data in a timely manner.
Amendment 127 #
Proposal for a regulation
Recital 14
Recital 14
(14) Persons professionally arranging and executing transactions have the obligation to report suspicious transactions in breach of the provisions on insider trading and market manipulation. To enhance the possibility of enforcement of such breaches, the persons professionally arranging transactions should also have the obligation to report suspicious orders and potential breaches of the obligation to publish inside information. Direct electronic access providers and shared order-book providers should be considered as persons professionally arranging transactions.
Amendment 137 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) National regulatory authorities should be provided with the appropriate financial, human and technical resources, including specialised hardware and software, in order to adequately fulfil tasks assigned to them under this Regulation.
Amendment 141 #
Proposal for a regulation
Recital 20
Recital 20
(20) Market abuse cases involving multiple cross-border elements and market participants established outside the Union are also particularly challenging from an enforcement perspective. The current supervisory set-up is not appropriate for the desired level of market integration. The absence of a mechanism to ensure the best possible supervisory decisions for cross- border cases, where joint action by national regulatory authorities and the Agency currently requires complicated arrangements and where there is a patchwork of supervisory regimes must be addressed. There is therefore a need to set up an efficient and effective supervisory and investigatory regimemechanism for this type of market abuse cases, which at times cannot, due to its Union wide features, be addressed by Member State action alone. The national regulatory authority should take into account the conclusions of the report prepared by the Agency in their own investigative procedures. The procedural guarantees and fundamental rights of the persons concerned should be fully respected by the national regulatory authority according to applicable national law.
Amendment 144 #
Proposal for a regulation
Recital 21
Recital 21
(21) The investigation of breaches of this Regulation with a cross-border dimension should be carried out through a uniform process at Union level. Complexity of cross-border cases and the need to ensure sufficient resources for such cases may requires involvement of the Agency, in particular in more integrated energy market. Since the entry into force of Regulation (EU) No 1227/2011, the Agency has gained significant experience in monitoring and collecting relevant data on the wholesale energy markets in the Union to ensure their integrity and transparency. Building on this experience, the Agency should be empowered to carry out investigations to fight against the breaches of the provisions of Regulation (EU) No 1227/2011. The Agency should carry out such investigations inupon a request from and in close cooperation with the national regulatory authorities with the purpose of supporting and complementing their enforcement activities. Equally, in the context of an investigation by the Agency, where necessary, relevant national regulatory authorities should cooperate amongst each other in assisting the Agency.
Amendment 147 #
Proposal for a regulation
Recital 22
Recital 22
(22) The Agency should be empowered to carry out investigations upon a request from national regulatory authorities concerned by conducting on-site inspections and by issuing requests for information to the persons under investigations, in particular where the suspected breaches of Regulation (EU) No 1227/2011 have a clear cross-border dimension. In undertaking the on-site inspections and in issuing requests for information to the persons under investigations, the Agency should closely and actively cooperate with the relevant national regulatory authorities who requested the Agency assistance, which in turn should provide the Agency with full assistance, including where a person refuses to be subject to the inspection or to provide the requested information. It is important that the procedural guarantees and fundamental rights of the persons concerned of the persons subject to the Agency’s investigations are fully respected. The confidentiality of the information submitted by the persons subject to the investigation should be safeguarded exchanged in accordance with applicable Union data protection rules.
Amendment 155 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a – paragraph 1
Article 1 – paragraph 1 – point 2 – point a – paragraph 1
Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point e
Article 2 – paragraph 1 – point e
(e) information conveyed by a cliemarket participant or by other persons acting on the cliemarket participant’'s behalf and relating to the cliemarket participant’'s pending orders in wholesale energy products, which is of a precise nature, relating directly or indirectly, to one or more wholesale energy products;
Amendment 159 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – subparagraph 5
Article 2 – paragraph 1 – subparagraph 5
For the purposes of paragraph 1, information which, if it were made public, would be likely to significantly affect the prices of those wholesale energy products shall mean information a reasonable investormarket participant would be likely to use as part of the basis of his or her investment decision(s) to enter into transaction or to issue an order to trade;
Amendment 171 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point f
Article 1 – paragraph 1 – point 2 – point f
Regulation (EU) No 1227/2011
Article 2 – paragraph 4 – point a
Article 2 – paragraph 4 – point a
(a) contracts for the supply of electricity or natural gas where delivery is in the Union or contracts for the supply of electricity or natural gas which may result in delivery in the Union;”;
Amendment 176 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point g
Article 1 – paragraph 1 – point 2 – point g
(7) ‘market participant’ means any person, including transmission system operators and persons professionally arranging or executing transactions when trading on their own account, who enters into transactions, including the placing of orders to trade, in one or more wholesale energy markets; ”;
Amendment 177 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point h
Article 1 – paragraph 1 – point 2 – point h
Regulation (EU) No 1227/2011
Article 2 – paragraph 8a
Article 2 – paragraph 8a
(8a) 'person professionally arranging or executing transactions' means a person professionally engaged in the reception and transmission of orders for, or in the execution of transactions in, wholesale energy products;”;
Amendment 179 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j
Article 1 – paragraph 1 – point 2 – point j
Regulation (EU) No 1227/2011
Article 2 – paragraph 16
Article 2 – paragraph 16
(16) ‘registered reporting mechanism’ or ‘RRM’ means a person registered under this Regulation to report or to provide the service of reporting details of transactions, including orders to trade, and fundamental data to the Agency on its own behalf or on behalf of market participants;
Amendment 194 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a
Article 1 – paragraph 1 – point 4 – point a
Regulation (EU) No 1227/2011
Article 4 – paragraph 1 – subparagraph 3
Article 4 – paragraph 1 – subparagraph 3
Market participants shall disclose the inside information according to thresholds included in Regulation (EC) No 714/2009 or (EC) No 715/2009, or guidelines and network codes adopted pursuant to those Regulations. National regulatory authorities could set lower thresholds if it is justified by size of the national market in a given Member State
Amendment 195 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 1
Article 4a – paragraph 1
1. IIPs shall register with the Agency. An IIP shall only operate after the Agency has assessed whether that IIP complies with the requirements of this Article and has authorised the operation. The register of IPIPs shall be publicly available and shall contain information on the services for which the IIP is registered. The Agency shall regularly review the compliance of IIPs with this Regulation. Where the Agency has withdrawn a registration in accordance with paragraph 5, that withdrawal shall be published in the register for a period of five years from the date of withdrawal or until the date when IIP re-registers with the Agency after rectifying the reasons of its withdrawal.
Amendment 196 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 1a
Article 4a – paragraph 1a
1a. IIPs that have been authorised as Registered Information Services in accordance with Article 11 of the REMIT Implementing Acts and included in ACER list of IIPs at the date of entry into force of this Regulation shall be treated as compliant and registered as IIPs
Amendment 198 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 2
Article 4a – paragraph 2
2. An IIP shall have adequate policies and arrangements in place to make public the inside information required under Article 4(1) as close to real time as is technically possible, on a reasonable commercial basis. The information shall be made available for all purposes free of charge. The IIP shall efficiently and consistently disseminate such information in a way that ensures fast access to the inside information, on a non-discriminatory basis and in a format that facilitates the consolidation of the inside information with similar data from other sourceIIPs.
Amendment 199 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 3
Article 4a – paragraph 3
Amendment 202 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 4 – subparagraph 2
Article 4a – paragraph 4 – subparagraph 2
An IIP shall have sound security mechanisms in place designed to guarantee the security of the means of transfer of inside information, minimise the risk of data corruption and unauthorised access and to prevent inside information leakage before publication. The IIP shall maintain adequate resources and have back-up facilities in place in order to offer and maintain its services at all times.continuously, except during limited periods of required technical maintenance
Amendment 203 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 4 – subparagraph 3
Article 4a – paragraph 4 – subparagraph 3
The IIP shall have systemechanisms in place that can quickly and effectively check inside information reports for completeness, identify omissions and obvious errors, and request re-transmisscorrection of any such erroneous reports.
Amendment 207 #
If the Agency concludes that any of the conditions referred to above occurred, it shall have the power to issue decisions requiring the IIP to implement appropriate remedies within a specified time limit. If the IIP does not comply with the decision by the end of the set time limit, the registration is withdrawn. In case of such a decision, the Agency shall also indicate the right to appeal the decision before the Agency’s Board of Appeal and to have the decision reviewed by the Court of Justice in accordance with Articles 28 and 29 of Regulation (EU) 2019/942. The Agency may also lay down obligations to enable compliance with the decision to be monitored.
Amendment 208 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 5 – subparagraph 2
Article 4a – paragraph 5 – subparagraph 2
When the registration has been withdrawn, the IIP concerned shall inform all market participants associated with it about the Agency’s decision in order to allow them the possibility to make needed arrangements with other IIPs to ensure orderly substitution including the transfer of data to other IIPs and the redirection of reporting flows to other IIPs.
Amendment 220 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 1227/2011
Article 5a – paragraph 4
Article 5a – paragraph 4
4. This article does not apply to transmission system operators and is without prejudice to obligations under Directive (EU) 2014/65.”;
Amendment 241 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 1227/2011
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Market participants entering into transactions which are required to be reported to ACER in accordance with Article 8(1) shall register with the national regulatory authority in the Member State in which they are established or resident. Market participants resident or established in a third country shall declare an office , in a Member State in which they are active and register with the national regulatory authority of that Member State. If a market participant residing or established in the third country is active in several Member States, it may choose in which Member State it will declare an office and with which regulatory authority it will register;
Amendment 246 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 1227/2011
Article 9a – paragraph 1 – subparagraph 2a
Article 9a – paragraph 1 – subparagraph 2a
RRMs that have been authorised in accordance with the existing rules laid down in Art. 11 of REMIT Implementing Act 1348/2014 shall be considered as compliant and authorised in accordance with this article.
Amendment 247 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 1227/2011
Article 9a – paragraph 1 – subparagraph 5
Article 9a – paragraph 1 – subparagraph 5
The Agency shall establish a register of all RRMs in the Union. The register shall be publicly available and shall contain information on the services for which the RRM is authorised and it shall be updated on a regular basis. Where the Agency has withdrawn an authorisation of an RRM in accordance with paragraph 4, that withdrawal shall be published in the register for a period of five years from the date of withdrawal or until the date when RRM re-register with the Agency after rectifying the reasons of its withdrawal.
Amendment 248 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 1227/2011
Article 9a – paragraph 3 – subparagraph 2
Article 9a – paragraph 3 – subparagraph 2
RRMs shall operate and maintain effective administrative arrangements designed to prevent conflicts of interest with its clients. In particular, an RRM that is also an OMP or market participant shall treat all information collected REMIT reporting in a non- discriminatory way and shall operate and maintain appropriate arrangements to separate different business functions.
Amendment 249 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 1227/2011
Article 9a – paragraph 3 – subparagraph 5
Article 9a – paragraph 3 – subparagraph 5
RRMs shall have systemechanisms in place that can effectively check transaction reports for completeness, identify omissions and obvious errors caused by the market participant, and where such error or omission occurs, to communicate details of the error or omission to the market participant and request re-transmisscorrection of any such erroneous reports.
Amendment 252 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 1227/2011
Article 9a – paragraph 4 – subparagraph 1a
Article 9a – paragraph 4 – subparagraph 1a
If the Agency concludes that any of the conditions, referred to above, occurred, it shall have the power to issue decisions requiring the RRM to implement appropriate remedies within a specified time limit. If the RRM does not comply with the decision by the end of the set time limit, the authorisation is withdrawn. In such a decision, the Agency shall also indicate the right to appeal the decision before the Agency’s Board of Appeal and to have the decision reviewed by the Court of Justice in accordance with Articles 28 and 29 of Regulation (EU) 2019/942. The Agency may also lay down obligations to enable compliance with the decision to be monitored.
Amendment 253 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
An RRM whose authorisation has been withdrawn shall immediately inform all market participants associated with it about the Agency’s decision in order to allow them the possibility to make needed arrangements with other RRMs to ensure orderly substitution including the transfer of data to other RRMs and the redirection of reporting flows to other RRMs.
Amendment 265 #
Proposal for a regulation
Article 1 – paragraph 1 – point 13 – point b
Article 1 – paragraph 1 – point 13 – point b
Regulation (EU) No 1227/2011
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
2. Subject to Article 17, ACER may decide to make publicly available parts of the information which it possesses, provided that commercially sensitive information on individual market participants or individual transactions or individual market places are not disclosed and cannot be inferred. ACER shall not be prevented from publishing information on organised market places, IIPs, RRMs according to applicable data protection according to applicable data protection laws.”; laws, excluding commercially sensitive elements.”;
Amendment 272 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b
Article 1 – paragraph 1 – point 14 – point b
Regulation (EU) No 1227/2011
Article 13 – paragraph 3
Article 13 – paragraph 3
3. In order to fight against breaches of the provisions of this Regulation, to support and complement the enforcement activities of the national regulatory authorities, and to contribute to a uniform application of this Regulation throughout the Union, upon a request of one or more regulatory authorities of concerned Member States, the Agency may carry out investigations by exercising the powers conferred onto it by and in accordance with Articles 13a and 13b.
Amendment 289 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b
Article 1 – paragraph 1 – point 14 – point b
Regulation (EU) No 1227/2011
Article 13 – paragraph 4 – point c
Article 13 – paragraph 4 – point c