2023/0076(COD) | [ParlTrack]

Proposal for a regulation
Recital 1 a (new)

(1a) Whereas it is necessary to put an end to energy policies based on liberalisation of the sector, re-establishing public ownership and strategic state control over the key energy undertakings that have been privatised and restoring high-quality public energy services and national, democratic planning of the development of the energy system on the basis of solidarity and international cooperation;

Amendment 101 #

Proposal for a regulation
Recital 1 a (new)

(1a) Combating market abuses, while helping to scale back speculative practices that can influence the price of electricity paid by final consumers, will not provide answers capable of bringing about a sustained reduction in electricity prices. The fact is that electricity prices are set according to the marginal cost of operating the last power station drawn on, which means that there is a considerable gap between market price and average production cost.

Amendment 102 #

Proposal for a regulation
Recital 1 b (new)

(1b) Strengthening the powers and competences of ACER, in particular as regards investigations, presupposes a considerable increase in its financial and human resources, given the volume and complexity of the data processed. Some national regulators are better staffed than ACER despite having limited geographical jurisdiction. The success of such a reform is therefore based on the resources allocated to ACER in the long term and on sound cooperation between national regulators and ACER. Accordingly, ACER’s human resources should be increased over and above the 30 full-time equivalents initially envisaged.

Amendment 103 #

Proposal for a regulation
Recital 1 b (new)

(1b) Whereas there is an urgent need to protect consumers in the face of rising energy prices and to combat volatility and lack of transparency in the price formation process;

Amendment 104 #

Proposal for a regulation
Recital 1 c (new)

(1c) Whereas the scale of the energy and socio-economic crisis, of which there were already clear signs in the post- pandemic period, demonstrates the urgent need for interventions and measures such as price containment through regulation based inter alia on public and common interest criteria;

Amendment 105 #

Proposal for a regulation
Recital 1 c (new)

(1c) Resource disparities between national regulators call for stepped-up ACER assistance for national regulators which ask for it, in particular in order to conduct investigations under this Regulation.

Amendment 106 #

Proposal for a regulation
Recital 1 d (new)

(1d) Whereas energy price increases have escalated on the wholesale electricity market since 2021, with extremely adverse social and economic consequences;

Amendment 107 #

Proposal for a regulation
Recital 1 e (new)

(1e) Whereas much of the problem of rising energy prices stems from the liberalised market and its speculative nature;

Amendment 108 #

Proposal for a regulation
Recital 1 f (new)

(1f) Whereas there is a need to fundamentally change the marginal pricing system in the day-ahead market, which determines that the most expensive technology – usually gas – sets the price for other forms of energy production; Whereas that pricing system not only fails to guarantee that the impact of fossil fuel prices on electricity bills is reduced, but also aims to safeguard the interests of the large economic groups operating in the sector, in particular by extending the duration of established contracts;

Amendment 109 #

Proposal for a regulation
Recital 2

(2) Financial instruments, including energy derivatives, traded on energy markets are of increasing importance and pose a risk that energy prices will rise, which would have a significant impact on the economy as a whole and on people’s standard of living. Due to the increasingly close interrelation between financial markets and energy wholesale markets, Regulation (EU) No 1227/2011 should be better aligned with the financial market legislation such as Regulation (EU) No 596/2014 of the European Parliament and of the Council17, including with respect to the definitions of market manipulation and inside information respectively. More specifically the definition of market manipulation in Regulation (EU) No 1227/2011 should be slightly adjusted to mirror Article 12 of Regulation (EU) No 596/2014. To that end, the definition of market manipulation under Regulation (EU) No 1227/2011 should be adjusted to capture the entering into any transaction, or issuing any order to trade, but also any other behaviour relating to wholesale energy products which: (i) gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of wholesale energy products; (ii) secures, or is likely to secure, by a person, or persons acting in collaboration, the price of one or several wholesale energy products at an artificial level, or (iii) employs a fictitious device or any other form of deception or contrivance which gives, or is likely to give, false or misleading signals regarding the supply of, demand for, or price of wholesale energy products. _________________ 17 Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC, OJ L 173, 12.6.2014, p. 1.

Amendment 110 #

Proposal for a regulation
Recital 3

(3) The definition of inside information should also be adjusted to mirror 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 instrumen~~wholesale 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. As markets develop and new forms of infractions might emerge, the Commission, having consulted with the Agency and relevant stakeholders, should have the ability, by means of delegated act, to further elaborate the definition of inside information. There should be a contact point at the Agency for market participants seeking clarification on whether or not a specific information would constitute inside information according to this Regulation and the relevant delegated act.

Amendment 111 #

Proposal for a regulation
Recital 3

(3) The definition of inside information should also be adjusted to ~~mirror~~complement 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 instrumen~~wholesale 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 112 #

Proposal for a regulation
Recital 5

(5) Sharing of information between national regulatory authorities and the national competent financial authorities is a central aspect of cooperation and detection of potential breaches in both the wholesale energy markets and the financial markets. In the light of the exchange of information between competent authorities pursuant to Regulation (EU) 596/2014 at national level, national regulatory authorities should share relevant information they receive with national financial and competition authorities. In view of the growing financialisation of the energy sector, national financial authorities should also be given sufficient resources to carry out their tasks.

Amendment 113 #

Claudia GAMON, Morten PETERSEN, Klemen GROŠELJ, Mauri PEKKARINEN

Proposal for a regulation
Recital 6

(6) Where information is not, or no longer, sensitive from a commercial or security viewpoint, or can be published in an aggregated and anonymised format, the European Agency for the Cooperation of Energy Regulators (the ‘Agency’ or ‘ACER’) should be able to make that information available in an accessible format to market participants and the wider public with a view to contributing to enhanced market knowledge. This should include the possibility for ACER to publish information on organised market places, IIPs, RRMs according to applicable data protection laws in the interest of improving transparency of wholesale energy markets and provided it does not distort competition on those energy markets.

Amendment 114 #

Proposal for a regulation
Recital 6 a (new)

(6a) Where information is not, or no longer, sensitive from a commercial viewpoint, the Agency should be able to make its commercially non-sensitive trade database available for scientific purposes, subject to confidentiality requirements, with a view to contributing to enhanced market knowledge. This will help build confidence in the market and foster the development of knowledge about the functioning of wholesale energy markets. The Agency should establish and make publicly available rules on how it will make the information available for scientific and for transparency purposes in a fair and transparent manner.”

Amendment 115 #

Proposal for a regulation
Recital 8

(8) The use of trading technology has evolved significantly in the past decade and is increasingly used on the wholesale energy markets. Many market participants use algorithmic trading and high frequency algorithmic techniques with minimal or no human intervention. The risks arising from these practises should be addressed under Regulation (EU) No 1227/2011. The Commission should consider banning certain practices that pose a risk to Europe’s economic stability and are widening the gulf between the real economy and market value.

Amendment 116 #

Proposal for a regulation
Recital 9 a (new)

(9a) Persons within the private and public sector shall, as according to Directive (EU) No 2019/1937, have effective channels to report breaches of this Regulation confidentially within their organisation or to the Agency and national regulatory authorities, and be fully protected against retaliation.

Amendment 117 #

Proposal for a regulation
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. To avoid double reporting, records of transactions that have been reported by order book provider, should not be subject to reporting by market participants who originated the transaction.

Amendment 118 #

Proposal for a regulation
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 119 #

Proposal for a regulation
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 120 #

Proposal for a regulation
Recital 10 a (new)

(10a) At the EU level, most power is traded outside organised power exchanges, known as 'over the counter' (OTC) trading. OTC wholesale energy contracts lack transparency as they are privately negotiated contracts, and any information concerning them is usually only available to the contracting parties. They create a complex web of interdependence which can make it difficult to identify the nature and level of risks involved. This Regulation lays down conditions for improving the transparency of OTC wholesale energy contracts.

Amendment 121 #

Proposal for a regulation
Recital 11

(11) Inside Information Platforms (IIPs) should play an important role for the effective and timely publication of inside information. It should be mandatory to disclose without undue delay inside information on dedicated IIPs to make the information easily accessible and enhance transparency. To ensure trust in the IIPs they should be authorised and registered. The Agency's supervisory powers over IIPs should be extended to include the power to issue fines and public notices.

Amendment 122 #

Proposal for a regulation
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 ~~establish~~maintain 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 123 #

Proposal for a regulation
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 data protection law. The Agency should also establish a register of all RRMs in the Union. The Agency's supervisory powers over RRMs should be extended to include the power to issue fines and public notices.

Amendment 124 #

Proposal for a regulation
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 125 #

Claudia GAMON, Morten PETERSEN, Klemen GROŠELJ, Mauri PEKKARINEN

Proposal for a regulation
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. Transparency and regulation of the practices of market participants must take precedence over considerations relating to the administrative burden on them.

Amendment 126 #

Proposal for a regulation
Recital 13 a (new)

(13a) The reporting obligations on market participants should be minimised by collecting the required information or parts thereof from existing sources where possible. Market participants are not able to record and report organised market place data with ease, therefore organised market place data should be made available to the Agency by the relevant organised market places or by third parties acting on their behalf.

Amendment 127 #

Proposal for a regulation
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 128 #

Niels FUGLSANG, Erik BERGKVIST

Proposal for a regulation
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 129 #

Proposal for a regulation
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~~. Organised Market Places shall be required to report potential breaches of the obligation to publish inside information related to activities on their marketplace while the Agency shall be responsible for cross platform monitoring. Direct electronic access providers and shared order-book providers should be considered as persons professionally arranging transactions.

Amendment 130 #

Proposal for a regulation
Recital 16

(16) In order to obtain an accurate, objective and reliable assessment of the price for LNG deliveries to the Union, the Agency should collect all the LNG market data that are necessary to establish a daily LNG price assessment. The price assessment should be undertaken based on all transactions pertaining to LNG deliveries to the Union. ACER should be empowered to collect this market data from all participants active in LNG deliveries to the Union. All such participants should be obliged to report all of their LNG market data to ACER as close to real time as technologically possible either after the conclusion of a transaction or the posting of a bid or offer to enter into a transaction. The ACER price assessment should comprise the most complete dataset including transaction prices and, as of 31 March 2023, bids and offer prices for LNG deliveries to the Union. The daily publication of this objective price assessment, and of the spread established in comparison to other reference prices on the market in the form of an LNG benchmark, paves the way for its voluntary uptake by market participants as the reference price in their contracts and transactions. Once established, the LNG price assessment and the LNG benchmark could also become a reference rate for derivatives contracts used for hedging the price of LNG or the difference in price between the LNG price and other gas prices. The objective of this revision must be to reduce electricity prices and reduce the EU’s dependence on gas. The use of gas, and in particular LNG, is a major source of greenhouse gas emissions. In order to bolster European sovereignty and mitigate climate change, in line with the objectives of the REPowerEU legislation and the FitFor55 legislative package, reducing the use of gas must remain a key principle of EU energy action. When discharging its duties, and in particular when issuing an opinion, ACER must take this objective into account.

Amendment 131 #

Proposal for a regulation
Recital 16

(16) In order to obtain an accurate, objective and reliable assessment of the price for LNG deliveries to the Union, the Agency should collect all the LNG market data that are necessary to establish a daily LNG price assessment. The price assessment should be undertaken based on all transactions pertaining to LNG deliveries to the Union. ACER should be empowered to collect this market data from all participants active in LNG deliveries to the Union. All such participants should be obliged to report all of their LNG market data to ACER as close to real time as technologically possible either after the conclusion of a transaction or the posting of a bid or offer to enter into a transaction. TWhere ACER finds that an LNG market participant has not submitted required information, it could decide to impose fines. ACER price assessment should comprise the most complete dataset including transaction prices and, as of 31 March 2023, bids and offer prices for LNG deliveries to the Union. The daily publication of this objective price assessment, and of the spread established in comparison to other reference prices on the market in the form of an LNG benchmark, paves the way for its voluntary uptake by market participants as the reference price in their contracts and transactions. Once established, the LNG price assessment and the LNG benchmark could also become a reference rate for derivatives contracts used for hedging the price of LNG or the difference in price between the LNG price and other gas prices.

Amendment 132 #

Proposal for a regulation
Recital 17

(17) Delegation of tasks and responsibilities can be an effective instrument to reduce duplication of tasks, foster cooperation and reduce the burden imposed on market participants. Therefore a clear legal basis should be provided for such delegation. National regulatory authorities should be able to delegate tasks and responsibilities to another national regulatory authority or to the Agency, with the delegates’ prior approval. The Agency should stimulate and facilitate the delegation of tasks and responsibilities by identifying relevant tasks and responsibilities and by promoting best practices. Introducing specific conditions and limiting the scope for the delegation to what is necessary for the effective supervision of cross-border market participants or groups should be possible. Delegations should be governed by the principle of allocating competence to an authority which is best placed to take action on the subject matter.

Amendment 133 #

Proposal for a regulation
Recital 17 a (new)

(17a) In conjunction with financial authorities, combating money laundering must be one of ACER’s priority tasks as part of the process of supervising energy markets.

Amendment 134 #

Proposal for a regulation
Recital 17 b (new)

(17b) To make regulators more effective and restore public confidence in institutions, the rules on performance of duties within national regulators and the Agency must ensure that conflicts of interest are avoided as far as possible. Accordingly, Member States must take firm action regarding the deferral period in connection with the performance of certain duties, in particular within organisations linked to the energy sector;

Amendment 135 #

Proposal for a regulation
Recital 18

(18) A uniform and stronger framework to prevent market manipulation and other breaches of Regulation (EU) No 1227/2011 in the Member States is necessary. Penalties for breaches of that Regulation, in that they are the best way of preventing market abuses, should be proportionate, effective and dissuasive and reflect the type of the breaches, taking into account the ne bis in idem principle. Administrative sanctions, penalty payments and supervisory measures are complementary parts of an effective enforcement regime. A harmonised supervision of the wholesale energy market requires a consistent approach among national regulatory authorities.

Amendment 136 #

Proposal for a regulation
Recital 18 a (new)

(18a) It is essential that compliance with the rules on market abuse be strengthened by the availability of criminal sanctions, which demonstrate a stronger form of social disapproval compared to administrative penalties. Establishing criminal offences for at least serious forms of market abuse sets clear boundaries for types of behaviour that are considered to be particularly unacceptable and sends a message to the public and to potential offenders that competent authorities take such behaviour very seriously.

Amendment 137 #

Proposal for a regulation
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 138 #

Proposal for a regulation
Recital 18 b (new)

(18b) Not all Member States have provided for criminal sanctions for some forms of serious breaches of national law implementing Regulation (EU) 1227/2011. Different approaches by Member States undermine the uniformity of conditions of operation in the internal market and may provide an incentive for persons to carry out market abuse in Member States which do not provide for criminal sanctions for those offences. In addition, there has, to date, been no Union-wide understanding of conduct that is considered to constitute a serious breach of the rules on market abuse. Therefore, minimum rules should be established with regard to the definition of criminal offences committed by natural persons, liability of legal persons and the relevant sanctions. Common minimum rules would also make it possible to use more effective methods of investigation and enable more effective cooperation within and between Member States. The absence of common criminal sanction regimes across the Union creates opportunities for perpetrators of market abuse to take advantage of lighter regimes in some Member States. The imposition of criminal sanctions for market abuse will have an increased deterrent effect on potential offenders.

Amendment 139 #

Proposal for a regulation
Recital 18 c (new)

(18c) The introduction by all Member States of criminal sanctions for at least serious market abuse offences is therefore essential to ensure the effective implementation of Union policy on fighting market abuse.

Amendment 140 #

Proposal for a regulation
Recital 19

(19) To date, the supervision and enforcement of activities under Regulation (EU) No 1227/2011 have been the responsibility of the Member States. Market abuse behaviours are increasingly cross-border in nature, often affecting several Member States. EAlbeit without calling into question the competence and know-how of Member States in this field, the fact is that enforcement action against cross-border market abuses can present jurisdictional challenges relating to the identification of the national regulatory authority that would be best placed to pursue the investigation in question.

Amendment 141 #

Proposal for a regulation
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 ~~regime~~mechanism 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 142 #

Proposal for a regulation
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, on the basis of proper cooperation with national regulators, an efficient and effective supervisory and investigatory regime for this type of market abuse cases, which cannot, due to its Union wide features, be addressed by Member State action alone.

Amendment 143 #

Proposal for a regulation
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 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 in cooperation with the na~~, including by appointing an independent investigating officer within the Agency with powers to conduct on-site inspectionals, re~~gulatory authorities with the purpose of supporting and complementing their enforcement activ~~quest information and conduct interviews. The Agency may carry out such investigations in cooperation with the national regulatory authorities. 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 144 #

Proposal for a regulation
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 145 #

Proposal for a regulation
Recital 21 a (new)

(21a) To fulfil the new obligations assigned to it, in particular those relating to enhanced investigatory and sanctioning powers in cross-border cases, the Agency should have adequate staff and the ability to hire additional personnel, if necessary. For this reason, instead of 25 additional full time equivalent (FTE) indicated in the financial statement, ACER should be able to hire at least 100 FTE. The Agency should be allowed to hire the staff it needs immediately, rather that through a phased approach. Also, the Agency should receive additional budgetary resources to deploy advanced and innovative data analysis tools to detect potential irregular patterns in trading or cross-border allocations.

Amendment 146 #

Proposal for a regulation
Recital 21 b (new)

(21b) There are concerns that excessive delays in handling reports of possible breaches of this Regulation as well as ineffective cooperation between authorities, have impeded or prevented the investigation of cases. Therefore this Regulation should clarify the responsibility of national regulatory authorities to ensure an effective working process in handling reports, including setting a one-year maximum for processing of reports. The Agency should have the possibility to take over investigation where a national regulatory authority is not fulfilling its obligations under this Regulation.

Amendment 147 #

Proposal for a regulation
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 148 #

Proposal for a regulation
Recital 22

(22) The Agency should be empowered to carry out investigations, with the agreement of national authorities, 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, 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 149 #

Proposal for a regulation
Recital 22

(22) The Agency should be empowered to carry out investigations 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~~may closely and actively cooperate with the relevant national regulatory authorities, 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 150 #

Proposal for a regulation
Recital 22 a (new)

(22a) Where ACER finds that an infringement of requirements set out in this Regulation has been committed, it should have the ability to take enforcement measures, including imposing fines and issuing public notices

Amendment 151 #

Proposal for a regulation
Recital 22 b (new)

(22b) The Agency's performance in relation with its objectives, mandate and tasks defined in this Regulation should be periodically evaluated by the Commission. This evaluation, submitted in the form of a report to the European Parliament and the Council, could address the possible need to modify the mandate of the Agency, and the financial implications of any such modification.

Amendment 152 #

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a

REGULATION (EU) No 1227/2011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 October
Article 1

2. This Regulation applies to trad~~ing in wholesale energy product~~e in wholesale energy products and should serve to combat the volatility of energy prices and the lack of transparency in the price formation process and to protect consumers in the face of rising energy prices, in particular by setting maximum energy and fuel prices, putting an end to the marginal pricing rule and establishing the value of the real cost of production as the starting point for calculating prices and margins for liquid fuels. This Regulation is without prejudice to the application of Directive (EU) 2014/65, Regulation (EU) 600/2014 and Regulation (EU) 648/2012 as regards activities involving financial instruments as defined under Article 4(1)(15) of Directive (EU) 2014/65 as well as to the application of European competition law to the practices covered by this Regulation.;

Amendment 153 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b a (new)

Regulation (EU) No 1227/2011
Article 1– paragraph 5 a (new)

(ba) The Agency’s Administrative Board shall ensure that the Agency has adequate staff and the ability to hire additional personnel, if necessary, to fulfil the new obligations assigned to it.

Amendment 154 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a – paragraph 1

Regulation (EU) No 1227/2011
Article 2, paragraph 1, point 1 – point (e) new

(e) information conveyed by a client or by other persons acting on the client’s behalf and relating to the client’s pending orders in wholesale energy products, which is of a precise nature, relating directly or indirectly, to one or more wholesale energy products; and which, if it were made public, would be likely to significantly affect the prices of those wholesale energy products;

Amendment 155 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a – paragraph 1

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point e

(e) information conveyed by a ~~clie~~market participant or by other persons acting on the ~~clie~~market participant’'s behalf and relating to the ~~clie~~market 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 156 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a – paragraph 1

Regulation (EU) No 1227/2011
Article 2

“(e) information conveyed by a ~~clie~~market participant or by other persons acting on the ~~clie~~market participant’s behalf and relating to the ~~clie~~market 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 157 #

Marian-Jean MARINESCU

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b

Regulation (EU) 1227/2011
Article 2, paragraph 1, point 1 – subparagraph 5

Amendment 158 #

Proposal for a regulation
Article 1– paragraph 1 – point 2 – point b

Regulation (EU) No 1227/2011
Article 2, paragraph 1, point 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 ~~investor~~market participant would be likely to use as part of the basis of his or her ~~investment~~ decision(s) to enter into a wholesale market transaction or issue an order to trade relating to the wholesale energy market;

Amendment 159 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – subparagraph 5

Amendment 160 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b

Regulation (EU) No 1227/2011
Article 2 – point (1) subparagraph 5a (new)

After consultations with the Agency and relevant stakeholders, the Commission shall be empowered, by means of delegated act, to develop guidelines and to elaborate the definition of inside information. The Agency shall establish a contact point for market participants seeking clarification on whether or not a specific information shall constitute inside information according to this Regulation and the relevant delegated act.

Amendment 161 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b

Regulation (EU) No 1227/2011
Article 2, paragraph 1, point 1 – subparagraph 5a (new)

- For the purposes of paragraph 1, information that has a possible effect on the demand, supply and/or prices of a wholesale energy product, or on the expectations of the demand, supply and/or prices of a wholesale energy product, shall be considered as directly or indirectly related to the wholesale energy product;

Amendment 162 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b

Regulation (EU) No 1227/2011
Article 2, paragraph 1, point 1 – subparagraph 5b (new)

“reasonable market participant’ may encompass different profiles of market participants (e.g. beginner, average, informed, professional market participant) with different trading strategies (e.g. portfolio optimisation, arbitrage, speculative) covering short- term and/or long-term products.

Amendment 163 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c

Regulation (EU) No 1227/2011
Article 2 –paragraph 1– point 2 – point a

(a) entering into any transaction, issuing any order to trade or engaging in any other behaviour relating to wholesale energy products or relevant infrastructure which:

Amendment 164 #

Marian-Jean MARINESCU

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c

Regulation (EU) 1227/2011
Article 2 –paragraph 1– point 2 – point a

(a) entering into any transaction, or issuing ~~any order to trade or engag~~, modifying or withdrawing in any othrder ~~behaviour relating to~~to trade in wholesale energy products which:

Amendment 165 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c

Regulation (EU) No 1227/2011
Article 2 –paragraph 1 – point 2 – point ii

(ii) secures, or is likely to secure , by a person, or persons acting in collaboration, the price of one or several wholesale energy products at an abnormal or artificial level, unless the person who entered into the transaction or issued the order to trade establishes that his reasons for doing so are legitimate and that that transaction or order to trade conforms to accepted market practices on the wholesale energy market concerned; or

Amendment 166 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c a (new)

Regulation (EU) No 1227/2011
Article 2, paragraph 2, point (b)

(c a) paragraph 2, point (b), is replaced by the following: "(b) disseminating information through the media, including the internet, or by any other means, which gives, or is likely to give, false or misleading signals as to the available transmission capacity, or the supply of, demand for, or price of wholesale energy products, including the dissemination of rumours and false or misleading news, where the disseminating person knew, or ought to have known, that the information was false or misleading. When information is disseminated for the purposes of journalism or artistic expression, such dissemination of information shall be assessed taking into account the rules governing the freedom of the press and freedom of expression in other media, unless: (i) those persons derive, directly or indirectly, an advantage or profits from the dissemination of the information in question; or (ii) the disclosure or dissemination is made with the intention of misleading the market as to the supply of, demand for, or price of wholesale energy products; " Or. en (Regulation (EU) No 1227/2011)

Amendment 167 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point e a (new)

Regulation (EU) No 1227/2011
Article 2 – point 2 . letter (c a) new

(ea) giving orders to trade or undertaking transactions at or around a specific time when reference prices, settlement prices and valuations are calculated and lead to price changes which have an effect on such prices and valuations.

Amendment 168 #

Patrizia TOIA

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point f – introductory part

(f) in paragraph (4), points (a) is and (b) are replaced by the following:

Amendment 169 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point f

Regulation (EU) No 1227/2011
Article 2 – paragraph 1– point 4 – point a

(a) all 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;”, including for balancing markets as well as contracts for difference and power purchase agreements;

Amendment 170 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point f

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 point (4), point (a)

(a) contracts for the supply of electricity or natural gas, including LNG market data, 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 171 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point f

Regulation (EU) No 1227/2011
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 172 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point f

Regulation (EU) No 1227/2011
Article 2

(aa) (e) contracts relating to the storage of electricity; (f) derivatives relating to the storage of natural gas;

Amendment 173 #

Patrizia TOIA

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point f a (new)

Regulation (EU) No 1227/2011
Article 2 – paragraph 4 – point b

(f a) Paragraph 4, point b is replaced by the following "(b) derivatives relating to electricity or natural gas produced, traded or delivered in the Union; or derivatives relating to electricity or natural gas which may result in delivery in the Union;”;" Or. en (Regulation 1227/2011)

Amendment 174 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point g

Regulation (EU) No 1227/2011
Article 2 – paragraph 1, point (7)

(7) ‘market participant’ means any person, including transmission system operators, LNG market participant 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 175 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point g

Regulation (EU) No 1227/2011
Article 2 – paragraph 7

(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 176 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point g

Amendment 177 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point h

Regulation (EU) No 1227/2011
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 178 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point h

Regulation (EU) No 1227/2011
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

Regulation (EU) No 1227/2011
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 180 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 16

(16) ‘registered reporting mechanism’ or ‘RRM’ means a person registered under this Regulation to provide the service of reporting details of transactions, including orders to trade, and fundamental data to the Agency ~~on behalf of market participants~~;

Amendment 181 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 1

(~~17) ‘inside information platform’ or ‘IIP’ means a person registered under this Regulation to provide the service of operating a platform~~Does not affect the English version.) Or. for ~~the disclosure of inside information and for the reporting of disclosed inside information to the Agency on behalf of market participants.~~ Justification

Amendment 182 #

Niels FUGLSANG, Erik BERGKVIST

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j Regulation (EU) No 1227/2011

(17) ‘inside information platform’ or ‘IIP’ means a person registered under this Regulation to provide the service of operating a platform for the disclosure of inside information and for the reporting of disclosed inside information to the Agency ~~on behalf of market participants~~.

Amendment 183 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 –paragraph 20

(20) ‘organised market place’ (‘OMP’) means an energy exchange, an energy broker, an energy capacity platform ~~or any other person professionally arranging or executing transactions~~, including shared order book providers but excluding purely bilateral trading where two natural persons enter into each trade on their own account.

Amendment 184 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – point 20

(20) ‘organised market place’ (‘OMP’) means an energy exchange, an energy broker, an energy capacity platform or any other person professionally arranging ~~or executing~~ transactions, including shared order book providers but excluding purely bilateral trading where two natural persons enter into each trade on their own account.

Amendment 185 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 20a (new)

(20a) ‘order book’ means all details of wholesale energy products executed at organised market places including matched and unmatched orders as well as system-generated orders and life cycle events.

Amendment 186 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 20b (new)

(20b) “over the counter (OTC) wholesale energy contract” means a wholesale energy contract the execution of which takes place bilaterally between market participants or via a broker and not on an energy exchange.

Amendment 187 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 22 – Regulation (EU) No. 1227/2011

(22) ‘LNG market data’ means records of bids, offers or transactions for LNG trading ~~with corresponding information as specified in the Commission Implementing Regulation (EU) No 1348/2014~~.

Amendment 188 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 24

~~(24) ’LNG price assessment’ means the determination of a daily reference price for LNG trading in accordance with a methodology to be established by ACER.~~deleted

Amendment 189 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)

Regulation (EU) No 1227/2011
Article 3 – paragraph (–1)

(2a) in Article 3, before Paragraph (1) the following paragraph (-1) is inserted: “(-1) Member States shall take the necessary measures to ensure that insider trading as referred to in Paragraphs 1 to 4 of this article constitutes a criminal offence at least in serious cases and when committed intentionally.”

Amendment 190 #

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EU) No 1227/2011
Article 3, paragraph 1, subparagraph 1a (new)

The use of inside information by cancelling of orders or amending ~~an order~~or modifying an existing order, the establishment of links or dependencies between orders, or any other action relating to entering into transactions or issuing orders concerning a wholesale energy product to which the information relates, where the order was placed before the person concerned possessed the inside information, shall also be considered to be insider trading.;

Amendment 191 #

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – introductory part

Regulation (EU) No 1227/2011
Article 4 – paragraph (–1)

(4) Article 4 is amended as follows: (-a) in Article 4, before paragraph 1 the following paragraph (-1) is inserted: “(-1) Member States shall take the necessary measures to ensure that failure to disclose inside information as referred to in paragraphs 1 to 7 constitutes a criminal offence at least in serious cases and when committed intentionally."

Amendment 192 #

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a

Regulation (EU) No 1227/2011
Article 4 – Regulation (EU) No. 1227/2011

Market participants shall disclose the inside information through IIPs. The IIPs shall ensure that the inside information is made public in a manner which enables fast access, including access through a clear application programming interface. and complete, correct and timely assessment of the information by the public.; IIPs shall be solely responsible, and legally liable, for disclosing the received data and making it available to the Agency

Amendment 193 #

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a

Regulation (EU) No 1227/2011
Article 4 – paragraph 1 – sub–paragraph 2

Market participants shall disclose the inside information through IIPs. The IIPs shall ensure that the inside information is made public without undue delay in a manner which enables easy, free of charge and fast access, including access through a clear application programming interface. and complete, correct and timely assessment of the information by the public.;

Amendment 194 #

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a

Regulation (EU) No 1227/2011
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

Regulation (EU) No 1227/2011
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 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
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 197 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a (new), 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, including access through a clear application programming interface. 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 sources.

Amendment 198 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
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 ~~source~~IIPs.

Amendment 199 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph 3

3. The inside information made public by an IIP in accordance with paragraph 2 shall include, at least, the following details depending on the type of inside information: (a) the message ID and event status; (b) the publication date, the time and the start and stop of the event; (c) the market participant name and the market participant identification; (d) the bidding or balancing zone concerned; (e) and, where applicable: (a) the type of unavailability and the type of event; (b) the unit of measurement; (c) the unavailable, the available and the installed or technical capacity; (d) the reason for the unavailability; (e) the fuel type; (f) the affected asset or unit and its identification code.deleted

Amendment 200 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a (new), paragraph 3, letter (d a) new

(da) the type of information (e.g. unavailability, forecast, actual use);

Amendment 201 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4 a

3a. 4. Within 12 months of the date of entry into force of the revised Regulation, the list set out in paragraph 3 shall be supplemented by a delegated act on the basis of an opinion from the Agency.

Amendment 202 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
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

Regulation (EU) No 1227/2011
Article 4a – paragraph 4 – subparagraph 3

The IIP shall have ~~syste~~mechanisms in place that can quickly and effectively check inside information reports for completeness, identify omissions and obvious errors, and request ~~re-transmiss~~correction of any such erroneous reports.

Amendment 204 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph – 4a (new)

4a. Where ACER finds that an IIP has committed an infringement of requirements provided for in paragraphs 1 to 3 of this article, it shall take one or more of the following actions: (a) adopt a decision requiring the person to bring the infringement to an end; (b) adopt a decision imposing fines with a maximum amount of EUR 200 000 or the corresponding value in the national currency in the Member States whose currency is not the euro; (c) issue public notices.

Amendment 205 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph 4a (new)

4a. In Article 4a, the following paragraph 4a is added after paragraph 4: Where the Agency finds that an IIP has committed one of the infringements of requirements provided for in paragraphs 1 to 4 of this article, it shall take one or more of the following actions: (a) adopt a decision requiring the person to bring the infringement to an end; (b) adopt a decision imposing fines with a maximum amount of EUR 200 000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency; (c) issue public notices.

Amendment 206 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4 a

(d) has seriously ~~and systematically~~ infringed this Regulation.

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

Regulation (EU) No 1227/2011
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 209 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph 6

The Commission shall, by means of ~~implementing~~delegated acts, specify by 1 April 2024:

Amendment 210 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph 6 – sub–paragraph 1

The Commission shall, by means of ~~implementing~~delegated acts, specify:

Amendment 211 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4 a

The Commission shall, by means of ~~implementing~~delegated acts, specify :

Amendment 212 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph 6, point (c)

Amendment 213 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

(ca) the rules of procedure for the exercise of the supervisory power to impose fines, including provisions on the rights of the defence, temporal provisions, and the collection of fines or periodic penalty payments, and the limitation periods for the imposition and enforcement of fines.”

Amendment 214 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph 6 – sub–paragraph 1 – point c a (new)

(ca) the mechanisms to exercise the Agency’s supervisory power to impose fines, including provisions on the collection of fines or periodic penalty payments, the rights of the defence and temporal provisions for the imposition and enforcement of fines, and

Amendment 215 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph 6 – sub–paragraph 1 – point c b (new)

(cb) a minimum threshold for applying the public disclosure obligation to wholesale energy market participants pursuant to Article 4(1).

Amendment 216 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph 6 – sub–paragraph 2

Those ~~implementing~~delegated acts shall be adopted in accordance with the examination procedure referred to in Article 21(2) by no later than1 April 2024.;

Amendment 217 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4 a

Those ~~implementing~~delegated acts shall be adopted in accordance with the examination procedure referred to in Article 21(2).”;

Amendment 218 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph 6 a

6a. The Agency shall develop by [one year after entry into force of this Regulation] and operate a platform serving as a sector-specific electronic access point for inside information disclosed in accordance with Article 4(1) of this Regulation.

Amendment 219 #

Proposal for a regulation
Article 1 – paragraph 1 – point 5 a (new)

(5a) before the first paragraph of Article 5, the following paragraph (-1) is added: (-1) Member States shall take the necessary measures to ensure that market manipulation as referred to in paragraph 1 constitutes a criminal offence at least in serious cases and when committed intentionally.

Amendment 220 #

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 1227/2011
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 221 #

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 1227/2011
Article 5a – paragraph 4a

4a. This article does not apply to transmission system operators.

Amendment 222 #

Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1227/2011
Article 6a (new)

(6a) New Article 6a is added: "Article 6a Criminal penalties for natural persons 1. Member States shall take the necessary measures to ensure that the offences referred to in Articles 3 to 5 are punishable by effective, proportionate and dissuasive criminal penalties in serious cases and when committed intentionally. 2. Member States shall take the necessary measures to ensure that such offences referred to in Articles 3 and 5 are punishable by a maximum term of imprisonment of at least four years. 3. Member States shall take the necessary measures to ensure that such offences referred to in Article 4 is punishable by a maximum term of imprisonment of at least two years.

Amendment 223 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 6 b (new)

Regulation (EU) No 1227/2011
Article 6b (new)

(6b) New Article 6b is added: Article 6b Liability of legal persons 1. Member States shall take the necessary measures to ensure that legal persons can be held liable for offences referred to in Articles 6a (1) committed for their benefit by any person, acting either individually or as part of an organ of the legal person, and having a leading position within the legal person based on: (a) a power of representation of the legal person; (b) an authority to take decisions on behalf of the legal person; or (c) an authority to exercise control within the legal person. 2. Member States shall also take the necessary measures to ensure that legal persons can be held liable where the lack of supervision or control, by a person referred to in paragraph 1, has made possible the commission of an offence referred to in Articles 3 to 5 for the benefit of the legal person by a person under its authority. 3. Liability of legal persons under paragraphs 1 and 2 shall not exclude criminal proceedings against natural persons who are involved as perpetrators, inciters or accessories in the offences referred to in Articles 3 to 5.

Amendment 224 #

Proposal for a regulation
Article 1 – paragraph 1 – point 7

Regulation (EU) No 1227/2011
Article 7, paragraph 1

1. ACER shall monitor trading activity and available transmission capacities in wholesale energy products to detect and prevent trading based on inside information and market manipulation or attempts thereof. It shall collect the data for assessing and monitoring wholesale energy markets as provided for in Article 8.;

Amendment 225 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)

Regulation (EU) No 1227/2011
Article 7, paragraph 3

~~The Agency~~(7 a) in Article 7, paragraph 3 is replaced by the following "The Agency, in cooperation with national regulatory authorities, shall at least on an annual basis submit a report to the Commission on ~~its~~their activities under this Regulation, on its implementation and, in particular, on the application of Articles 3, 4, 5, 7, 13a, 13g, 13h and 18 and make this report publicly available. In such reports the Agency shall assess, inter alia, the operation and transparency of different categories of market places and ways of trading and may make recommendations to the Commission as regards market rules, standards, and procedures which could improve market integrity and the functioning of the internal market. It may also evaluate whether any minimum requirements for organised markets could contribute to enhanced market transparency. Reports may be combined with the report referred to in Article 11(2) of Regulation (EC) No 713/2009. " Or. en (Regulation (EU) No 1227/2011)

Amendment 226 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7a

~~Tasks and powers of ACER to carry out price assessments and benchmarks~~deleted

Amendment 227 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7a – paragraph 1

1. As a matter of urgency, ACER shall produce and publish a daily LNG price assessment starting no later than 13 January 2023. For the purpose of the LNG price assessment, ACER shall systematically collect and process LNG market data on transactions. The price assessment shall where appropriate take into account regional differences and market conditions.deleted

Amendment 228 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7c – paragraph 1

1. LNG market participants shall submit ~~daily~~ to ACER the LNG market data in accordance with the specifications set out in the Commission Implementing Regulation (EU) No 1348/2014~~, in a standardised format, through a high- quality transmission protocol, and as close to real-time as technologically possible before the publication of the daily LNG price assessment (18:00 CET)~~.

Amendment 229 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7c – paragraph 2

2. The Commission may adopt implementing acts specifying the point in time by which LNG market data is to be submitted before the daily publication of the LNG price assessment as referred to in paragraph 1. Those implementing acts shall be adopted in accordance with the examination procedure referred to inLNG market data are reported to the Agency consistently with the provision of Article 298.

Amendment 230 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7c – paragraph 3

3. ~~Where appropriate, ACER shall, after consulting the Commission, issue guidance on~~In order to allow LNG market data reporting, the following fields are added to Commission Implementing Regulation 1348/2014 Annex "DETAILS OF REPORTABLE CONTRACTS" for Table 1, Table 2, Table 3 and Table 4:

Amendment 231 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7c – paragraph 3a

(a) the details of the information to be reported, in addition to the current details of reportable transactions and fundamental data under Implementing Regulation (EU) No 1348/2014, including bids and offerscommodity type LNG; and

Amendment 232 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7c – paragraph 3b

(b) ~~the procedure, standard and electronic format and the technical and organisational requirements for submitting data to be used for the provision of the required LNG market data.~~of delivery; and

Amendment 233 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7c – paragraph 3

3a. vessel ID.

Amendment 234 #

4. LNG market participants shall submit the required LNG market data to ACER free of charge and through the reporting channels established by ACER~~, where possible~~ for REMIT and, using already existing and available procedures.

Amendment 235 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7c – paragraph 4a

4a. By [1 year following the entry into force of the Regulation], the Commission shall, after consulting the Agency, submit a report to the European Parliament and to the Council reviewing the LNG market participants’ double-reporting of LNG market data for the purposes of the LNG price assessment and benchmark and market monitoring under Regulation (EU) No 1227/2011 (REMIT). Subject to the conclusions of that report, the Commission may adopt an implementing act in accordance with the examination procedure referred to in Article 21(1).

Amendment 236 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7c – paragraph 4 a (new)

4a. Where ACER finds that an LNG market participant has not submitted information required under paragraph 1 of this article, the Agency may adopt a decision to impose a fine.

Amendment 237 #

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 1227/2011
Article 7c – paragraph 4 b (new).

4b. The Commission shall, by means of delegated act and no later than 1 March 2024, define the mechanism to exercise the Agency’s supervisory power to impose fines referred to in article 4a.

Amendment 238 #

Patrizia TOIA

Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point -a (new)

Regulation (EU) No 1227/2011
Article 8 – paragraph 1

(-a) Paragraph 1 is amended as follows: "Market participants, or a person or authority listed in points (b) to (f) of paragraph 4 on their behalf, shall provide the Agency with a record of wholesale energy market transactions, including orders to trade. The information reported shall include the precise identification of the wholesale energy products bought and sold, the price and quantity agreed, the dates and times of execution, the parties to the transaction and the beneficiaries of the transaction and any other relevant information. Periodically, market participants shall provide the total exposure by products and by party, including those transactions that occur over the counter. While overall responsibility lies with market participants, once the required information is received from a person or authority listed in points (b) to (f) of paragraph 4, the reporting obligation on the market participant in question shall be considered to be fulfilled. " Or. en (Regulation (EU) No 1227/2011)

Amendment 239 #

Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point d – point i

Regulation (EU) No 1227/2011
Article 8 – point d

(d) an organised market place, a trade- matching system or other person professionally arranging ~~or executing~~ transactions;

Amendment 240 #

Niels FUGLSANG

Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)

Regulation (EU) No 1227/2011
Article 8 – paragraph 1b (new)

(9a) All parties carrying out imbalance settlement shall make imbalance settlement information available for the Agency for all market participants to be used for market monitoring purposes.

Amendment 241 #

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 1227/2011
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 242 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 1227/2011
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 , that controls and executes trading activities related to European wholesale energy markets in one of the Member States in which they are active, and register with the national regulatory authority of that Member State.”;

Amendment 243 #

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 1227/2011
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 , that controls and executes trading activities related to European wholesale energy markets in one of the Member States in which they are active, and register with the national regulatory authority of that Member State.;

Amendment 244 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 1227/2011
Article 9 – paragraph 1 – sub–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~~ shall declare an office that controls and executes trading a ~~third country shall declare an office , in a~~ctivities related to European wholesale energy markets in one of the Member State in which they are active and register with the national regulatory authority of that Member State.;:

Amendment 245 #

Proposal for a regulation
Article 1 – paragraph 1 – point 10 a (new)

Regulation (EU) No 1227/2011
Article 9 – paragraph 3

(10 a) In Article 9, paragraph 3 is replaced by the following: "National regulatory authorities shall transmit the information in their national registers to the Agency in a format determined by the Agency. The Agency shall, in cooperation with those authorities, determine that format and shall publish it by 29 June 2012. Based on the information provided by national regulatory authorities, the Agency shall establish a European register of market participants. National regulatory authorities and other relevant authorities shall have access to the European register. Subject to Article 17, the Agency ~~may decide to~~shall make the European register, or extracts thereof, publicly available provided that commercially sensitive information on individual market participants is not disclosed. " Or. en (Regulation (EU) No 1227/2011)

Amendment 246 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
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

Regulation (EU) No 1227/2011
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

Regulation (EU) No 1227/2011
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

Regulation (EU) No 1227/2011
Article 9a – paragraph 3 – subparagraph 5

RRMs shall have ~~syste~~mechanisms 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-transmiss~~correction of any such erroneous reports.

Amendment 250 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9a – paragraph 3a

3a. Where the Agency finds that an RRM has committed one of the infringements of requirements provided for in paragraphs 1 to 3 of this Article, it shall take one or more of the following actions: (a) adopt a decision requiring the person to bring the infringement to an end; (b) adopt a decision imposing fines with a maximum amount of EUR 200 000 or, in the Member States whose currency is not the Euro, the corresponding value in the national currency; (c) issue public notices.

Amendment 251 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9 a – paragraph 3 a (new)

3a. Where ACER finds that an RRM has committed one of the infringements of requirements provided for in paragraphs 1 to 3 of this Article, it shall take one or more of the following actions:(a) adopt a decision requiring the person to bring the infringement to an end; (b) adopt a decision imposing fines with a maximum amount of EUR 200 000 or the corresponding value in the national currency in the Member States whose currency is not the euro; (c) issue public notices.

Amendment 252 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
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

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 254 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9a – paragraph 5

The Commission shall by means of ~~implementing~~delegated acts specify by 1 April 2024:

Amendment 255 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9a – paragraph 5 – sub–paragraph 1

The Commission shall by means of ~~implementing~~delegated acts specify :

Amendment 256 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9a –paragraph 5 – sub–paragraph 1 – point a

(a) the means by which an RRM shall comply with the information obligation referred to in paragraph 1; ~~and~~

Amendment 257 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9a – paragraph 5, point (a)

(a) the means by which an RRM shall comply with the information obligation referred to in paragraph 1; ~~and~~

Amendment 258 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9a – paragraph 5, point (b)

(b) the concrete organisational requirements for the implementation of paragraphs 2 and 3.; and

Amendment 259 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9a – paragraph 5, point (b a)

(ba) the rules of procedure for the exercise of the supervisory power to impose fines, including provisions on the rights of the defence, temporal provisions, and the collection of fines or periodic penalty payments, and the limitation periods for the imposition and enforcement of fines.

Amendment 260 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9a – paragraph 5 – sub–paragraph 1 – point b a (new)

(ba) the mechanism to exercise the supervisory power to impose fines, including provisions on the collection of fines or periodic penalty payments, the rights of the defence and temporal provisions for the imposition and enforcement of fines.

Amendment 261 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9a – paragraph 5 – sub–paragraph 2

Those ~~implementing~~delegated acts shall be adopted in accordance with the examination procedure referred to in Article 21(2) by no later than 1 April 2024.”;

Amendment 262 #

Claudia GAMON, Morten PETERSEN, Mauri PEKKARINEN

Proposal for a regulation
Article 1 – paragraph 1 – point 12 – point b Regulation (EU) No 1227/2011

“(1a) National regulatory authorities shall establish mechanisms to share information they receive in accordance with Article 7(2) and Article 8 with the competent financial market authorities, the national competition authorities, the national tax authorities and EUROFISC and other relevant authorities at national level. Before establishing such mechanisms, the national regulatory authority shall consult with the Agency and with those parties. Accordingly, combating tax fraud shall be an Agency priority.”;

Amendment 263 #

Proposal for a regulation
Article 1 – paragraph 1 – point 13 – point b

Regulation (EU) No 1227/2011
Article 12 – paragraph 2

2. SThe Agency shall contribute to the establishment of a common Union energy data strategy. It shall develop and maintain a reference centre of information on EU wholesale energy market data. For the purpose of improving market transparency, 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 laws.”; The Agency may make its commercially non-sensitive trade database available for scientific purposes, subject to confidentiality requirements. Information shall be published or made available in the interest of improving transparency of wholesale energy markets and provided it is not likely to create any distortion in competition in those energy markets. The Agency shall disseminate information in a fair manner according to transparent rules which it shall draw up and make publicly available. The Agency may cooperate in areas of common interest with those supervisory authorities in countries which are not members of the Union and international organisations which can provide data, information and expertise, methodologies of data collection, analysis and assessment which are of mutual interest and which are necessary for the successful completion of the Agency’s work.

Amendment 264 #

Proposal for a regulation
Article 1 – paragraph 1 – point 13 – point b

Regulation (EU) No 1227/2011
Article 12 – paragraph 2 – sub–paragraph 1

2. Subject to Article 17, ACER ~~may~~shall decide to make publicly available ~~parts of the~~ information which it possesses in an accessible format, including information regarding the trading of over the counter wholesale energy contracts, power purchase agreements and contracts for difference, 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 laws.”;

Amendment 265 #

Proposal for a regulation
Article 1 – paragraph 1 – point 13 – point b

Regulation (EU) No 1227/2011
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 266 #

François-Xavier BELLAMY

Proposal for a regulation
Article 1 – paragraph 1 – point 14

Regulation (EU) 1227/2011
Article 13

[...] d e [...] l e t e d

Amendment 267 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point a

Regulation (EU) No 1227/2011
Article 13 – paragraph 1

National regulatory authorities shall ensure National regulatory authorities shall ensure that the prohibitions set out in Articles 3 that the prohibitions set out in Articles 3 and 5 and the obligations set out in Articles and 5 and the obligations set out in Articles 4, 8, 9 and 15 are applied. 4, 7c, 8, 9 and 15 are applied.

Amendment 268 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point a

Regulation (EU) No 1227/2011
Article 13 – paragraph 1 – sub–paragraph 4 – point c a (new)

(ca) by request of the Agency where its initial assessments have provided robust information to recommend exercising those powers

Amendment 269 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point a

Regulation (EU) No 1227/2011
Article 13 – paragraph 1

Where appropriate, the national regulatory authorities may exercise their investigatory powers in collaboration with organised markets, trade-matching systems or other persons professionally arranging ~~or executing~~ transactions as referred to in point (d) of Article 8(4).;

Amendment 270 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 3

Amendment 271 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
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, ~~the Agency may carry out investigation~~or upon a request from the European Parliament, the Council or the Commission, or on its own initiative, the Agency may carry out investigations into a particular type of activity or type of product or type of conduct aiming to assess potential threats to the integrity and transparency of wholesale markets by exercising the powers conferred onto it by and in accordance with Articles 13a ~~and~~to 13bk.

Amendment 272 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 3

Amendment 273 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) 1227/2011
Article 13 – paragraph 3

Amendment 274 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation 1227/2011
Article 13 – paragraph 3

Amendment 275 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 3

Amendment 276 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 4

4. The Agency may exercise its powers to ensure that the prohibitions set out in Article 3 and Article 5 ~~and the obligations set out in Article 4~~ are applied where:

Amendment 277 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 4

4. The Agency may exercise its powers to ensure that the prohibitions set out in Article 3 and Article 5 ~~and the obligations set out in Article 4~~ are applied where:

Amendment 278 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 4

4. The Agency ~~may~~shall exercise its powers to ensure that the prohibitions set out in Article 3 and Article 5 and the obligations set out in Article 4 are applied where:

Amendment 279 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation 1227/2011
Article 13 – paragraph 4

4. The Agency may exercise its ~~power~~actions to ensure that the prohibitions set out in Article 3 and Article 5 and the obligations set out in Article 4 are applied where:

Amendment 280 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation 1227/2011
Article 13

~~(a) acts are being or have been carried out on wholesale energy products for delivery in at least three Member States; or~~deleted

Amendment 281 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 4, point (a)

(a) acts related to the allegation are being or have been carried out on wholesale energy products for delivery in at least three Member States; or

Amendment 282 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13

(a) acts are being or have been carried out on wholesale energy products for delivery in at least t~~hree~~wo Member States; or

Amendment 283 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 4 – point a

(a) acts are being or have been carried out on wholesale energy products for delivery in at least t~~hree~~wo Member States; or

Amendment 284 #

(aa) at the request of a national regulator; or

Amendment 285 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation 1227/2011
Article 13

(b) acts are being or have been carried on wholesale energy products for delivery in at least two Member States and at least one of the natural or legal persons who is carrying or carried out these acts is resident or established in a third country but registered pursuant to Article 9(1); ordeleted

Amendment 286 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b Regulation (EU) No 1227/2011

(b) acts are being or have been carried on wholesale energy products for delivery in at least two Member States ~~and at least one of the natural or legal persons who is carrying or carried out these acts is resident or established in a third country but registered pursuant to Article 9(1)~~or one Member State plus a third country; or

Amendment 287 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 4, point (b)

(b) acts related to the allegation are being or have been carried on wholesale energy products for delivery in at least two Member States and at least one of the natural or legal persons who is carrying or carried out these acts is resident or established in a ~~third country but registered pursuant to Article 9(1)~~nother Member State or in a third country; or

Amendment 288 #

Amendment 289 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 4 – point c

(c) the competent national regulatory authority, without prejudice to the derogations referred to in Article 16(5), does not immediately take the necessary measures in order to comply with the request from the Agency referred to in Article 16(4)(b); ordeleted

Amendment 290 #

Mauri PEKKARINEN

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13, paragraph 4, point c

(c) the competent national regulatory authority, without prejudice to the derogations referred to in Article 16(5), ~~does not immediately take the necessary measures in order to comply with the~~has ended an investigation referred to in Article 16(4)(b) without concluding whether a breach has taken place; or (c1) an investigatory group as referred to in Article 16(4)(c), had ended an investigation without concluding whether a breach has taken place; or (c2) the competent national regulatory authority has request ~~from~~ed the Agency to take over an investigation referred to in Article 16(4)(b); or

Amendment 291 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation 1227/2011
Article 13, paragraph 4, point c

(c) the competent national regulatory authority, without prejudice to the derogations referred to in Article 16(5), does not ~~immediately~~ take the necessary measures within a reasonable timeframe in order to comply with the request from the Agency referred to in Article 16(4)(b) in cases involving a cross-border dimension; or

Amendment 292 #

Patrizia TOIA, Robert HAJŠEL, Niels FUGLSANG, Carlos ZORRINHO

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13

(c) the competent national regulatory authority, without prejudice to the derogations referred to in Article 16(5), ~~doe~~has not ~~immediately take the necessary measures in order~~duly substantiated its refusal to comply with the request from the Agency referred to in Article 16(4)(b); or

Amendment 293 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) 1227/2011
Article 13, paragraph 4, point (c a) new

(ca) the competent national regulatory authority requests ACER to exercise its powers in acts that, even if not falling in points c), have a cross-border dimension.

Amendment 294 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 4 – point d

~~(d) the relevant information as defined in Article 2(1) of this Regulation is likely to significantly affect the prices of wholesale energy products for delivery in at least three Member States.~~deleted

Amendment 295 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation 1227/2011
Article 13

(d) the relevant information as defined in Article 2(1) of this Regulation is likely to significantly affect the prices of wholesale energy products for delivery in at least three Member States. The competent national regulatory authority requests ACER to exercise its powers in acts that, even if not falling in points c), have a cross-border dimension.

Amendment 296 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 4, point (d)

(d) the ~~relevant information as defined in Article 2(1) of this Regulation is likely to significantly affect the prices of wholesale energy products for delivery in at least three Member States~~competent national regulatory authority requests the Agency to exercise its powers in acts, even if not falling within points a), b) or c).

Amendment 297 #

(d) the relevant information as defined in Article 2(1) of this Regulation is likely to significantly affect the prices of wholesale energy products for delivery in at least t~~hree~~wo Member States.

Amendment 97 #

Claudia GAMON

Draft legislative resolution
Citation 2

having regard to Article 294(2), Article 194(2) and Article 1~~94(2)~~14 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C9 0050/2023),

Amendment 98 #

Proposal for a regulation
Citation 1

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 194(2) and Article 114 thereof,

Amendment 99 #

Proposal for a regulation
Recital 1

(1) Open and fair competition in the internal markets for electricity and for gases and ensuring a level playing field for market participants requires integrity and transparency of wholesale energy markets. Regulation (EU) No 1227/2011 of the European Parliament and of the Council establishes a comprehensive framework (‘REMIT’) to achieve this objective. To enhance the public’s trust in functioning energy markets and to protect the Union effectively against market abuse or attempts of market manipulation, Regulation (EU) No 1227/2011 should be amended to further increase insufficient transparency and strengthen monitoring capacities as well as to ensure more effective investigation and enforcement of potential cross-border market abuse cases addressing the shortcomings identified in the current framework.

source: 749.145

2023/06/09 ECON 48 amendments...

Amendment 18 #

Proposal for a regulation
Recital 2

(2) Financial instruments, including energy derivatives, traded on energy markets are of increasing importance. Due to the increasingly close interrelation between financial markets and energy wholesale markets, Regulation (EU) No 1227/2011 should be better aligned with the financial market legislation such as Regulation (EU) No 596/2014 of the European Parliament and of the Council17 , including with respect to the definitions of market manipulation and inside information respectively. More specifically the definition of market manipulation in Regulation (EU) No 1227/2011 should be slightly adjusted to mirror Article 12 of Regulation (EU) No 596/2014. To that end, the definition of market manipulation under Regulation (EU) No 1227/2011 should be adjusted to capture the entering into any transaction, or issuing any order to trade, but also any other behaviour relating to wholesale energy products which: (i) gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of wholesale energy products; (ii) secures, or is likely to secure, by a person, or persons acting in collaboration, the price of one or several wholesale energy products at an artificial level, or (iii) employs a fictitious device or any other form of deception or contrivance which gives, or is likely to give, false or misleading signals regarding the supply of, demand for, or price of wholesale energy products. However, the scope of this Regulation should not overlap with sectoral financial markets regulation. Therefore, financial instruments as defined in Directive 2014/65/EU of the European Parliament and of the Council17a , should be carved out from the scope. _________________ 17 Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 12.6.2014, p. 1). 17a Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).

Amendment 19 #

Proposal for a regulation
Recital 5

(5) Sharing of information between national regulatory authorities and the national competent financial authorities is a central aspect of cooperation and detection of potential breaches in both the wholesale energy markets and the financial markets. In the light of the exchange of information between competent authorities pursuant to Regulation (EU) 596/2014 at national level, national regulatory authorities should share relevant information they receive with national financial and competition authorities, as well as with the European Agency for the Cooperation of Energy Regulators (ACER) and ESMA.

Amendment 20 #

Proposal for a regulation
Recital 5 a (new)

(5a) ACER and ESMA should closely coordinate in their supervisory activities, including, but not limited to, on issues arising from the adoption of this Regulation, in order to ensure that the most complete data sets are available to and that action can be taken as needed by the European or national regulatory authorities or competent financial authorities, as applicable. ACER and ESMA should particularly explore arrangements in order to ensure that the flow of information between them and national regulatory authorities and competent financial authorities is unobstructed, and that they can have, at all times, an overview of the energy markets in the Union.

Amendment 21 #

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a

Regulation (EU) No 1227/2011
Article 1 – paragraph 2

2. This Regulation applies to trading in wholesale energy products~~. This Regulation is without prejudice to the application of Directive (EU) 2014/65, Regulation (EU) 600/2014 and Regulation (EU) 648/2012 as regards activities involving~~ which are not financial instruments as defined ~~under~~in Article 4(1)(15) of Directive (EU) 2014/65 ~~as well as~~. This Regulation is without prejudice to the application of European competition law to the practices covered by this Regulation.

Amendment 22 #

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a

Regulation (EU) No 1227/2011
Article 1 – paragraph 2

2. This Regulation applies to trading in wholesale energy products. Articles 3, 5, 5a and Article 9(1) of this Regulation shall not apply to wholesale energy products which are financial instruments and to which Article 2 of Regulation (EU) No 596/2014 applies. This Regulation is without prejudice to the application of Directive (EU) 2014/65, Regulation (EU) 600/2014, Regulation (EU) No 596/2014 and Regulation (EU) 648/2012 as regards activities involving financial instruments as defined ~~under~~in Article 4(1)(15) of Directive (EU) 2014/65 as well as to the application of European competition law to the practices covered by this Regulation.

Amendment 23 #

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a

Regulation (EU) No 1227/2011
Article 1 – paragraph 2

2. This Regulation applies to trading in wholesale energy products. Articles 3, 5, 5a and 9(1), second subparagraph of this Regulation shall not apply in relation to wholesale energy products which are financial instruments and to which Article 2 of Regulation (EU) No 596/2014 applies. This Regulation is without prejudice to the application of Directive (EU) 2014/65, Regulation (EU) No 596/2014, Regulation (EU) 600/2014 and Regulation (EU) 648/2012 as regards activities involving financial instruments as defined ~~under~~in Article 4(1), point (15), of Directive (EU) 2014/65 as well as to the application of European competition law to the practices covered by this Regulation.

Amendment 24 #

Michiel HOOGEVEEN

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a

Regulation (EU) No 1227/2011
Article 1 – paragraph 2

2. This Regulation applies to trading in wholesale energy products. This Regulation is without prejudice to the application of Directive (EU) 2014/65, Regulation (EU) No 596/2014, Regulation (EU) 600/2014 and Regulation (EU) 648/2012 as regards activities involving financial instruments as defined ~~under~~in Article 4(1)(15) of Directive (EU) 2014/65 as well as to the application of European competition law to the practices covered by this Regulation.

Amendment 25 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c

Regulation (EU) No 1227/2011
Article 2 – point 2 – point (a) – introductory part

(a) entering into any transaction, ~~issu~~placing any order to trade or engaging in any other behaviour relating to wholesale energy products which:

Amendment 26 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c

Regulation (EU) No 1227/2011
Article 2 – point 2 – point a – point ii

(ii) secures, or is likely to secure , by a person, or persons acting in collaboration, the price of one or several wholesale energy products at an artificial level, unless the person who entered into the transaction or issued the order to trade establishes that his reasons for doing so are legitimate and that that transaction or order to trade conforms to accepted market practices on the wholesale energy market concerned; or

Amendment 27 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c

Regulation (EU) No 1227/2011
Article 2 – point 2 – point a – subparagraph ii – second subparagraph (new)

(iia) unless the person who entered into the transaction or placed the order to trade establishes that his reasons for doing so are legitimate and that that transaction or order to trade conforms to accepted market practices on the wholesale energy market concerned; or (This text should come as a separatae subparagraph after points (i) and (ii) as it applies to both points.)

Amendment 28 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point d

Regulation (EU) No 1227/2011
Article 2 – point 2 – point c a (new)

(ca) “trading in spot and derivatives energy markets leading to false price signals as well as the build up of asset bubbles”;

Amendment 29 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 17

Amendment 30 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 18

(18) ‘algorithmic trading’ means trading in wholesale energy products, which are not financial instruments as defined in Article 4(1), point (15), of Directive (EU) 2014/65, where a computer algorithm automatically determines individual parameters of orders to trade such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited human intervention or no such intervention at all, not including any system that is only used for the purpose of routing orders to one or more organised market places or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post- trade processing of executed transactions;

Amendment 31 #

Martin SCHIRDEWAN, José GUSMÃO

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 18

(18) ‘algorithmic trading’ means trading in wholesale energy products which are not financial instruments where a computer algorithm automatically determines individual parameters of orders to trade such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited human intervention or no such intervention at all, not including any system that is only used for the purpose of routing orders to one or more organised market places or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post- trade processing of executed transactions;

Amendment 32 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 18 a (new)

(18a) ‘high-frequency algorithmic trading technique’ means an algorithmic trading technique characterised by: (a) infrastructure intended to minimise network and other types of latencies, including at least one of the following facilities for algorithmic order entry: co- location, proximity hosting or high-speed direct electronic access; (b) system-determination of order initiation, generation, routing or execution without human intervention for individual trades or orders; and (c) high message intraday rates which constitute orders, quotes or cancellations;

Amendment 33 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 18 a (new)

(18a) ‘asset bubble’ means the decoupling from the physically available electricity and gas in the market from the trade volumes contracted;

Amendment 34 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 18 b (new)

(18b) “over the counter (OTC) wholesale energy contract” means a wholesale energy contract the execution of which takes place bilaterally between market participants or via a broker and not on an energy exchange;

Amendment 35 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – Point 19

(19) ‘direct electronic access’ means an arrangement whereby a member, participant or client of an organised market place allows another person to use its trading code so the person may electronically transmit orders to trade relating to a wholesale energy product, which is not a financial instrument as defined in Article 4(1), point (15), of Directive 2014/65/EU, directly to the organised market place, including arrangements which involve the use by a person of the infrastructure of the member, participant or client, or any connecting system provided by the member, participant, or client, to transmit the orders to trade (direct market access) and arrangements whereby such an infrastructure is not used by a person (sponsored access);

Amendment 36 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 19

(19) ‘direct electronic access’ means an arrangement whereby a member, participant or client of an organised market place allows another person to use its trading code so the person may electronically transmit orders to trade relating to a wholesale energy product which is not a financial instrument directly to the organised market place, including arrangements which involve the use by a person of the infrastructure of the member, participant or client, or any connecting system provided by the member, participant, or client, to transmit the orders to trade (direct market access) and arrangements whereby such an infrastructure is not used by a person (sponsored access);

Amendment 37 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 20

(20) ‘organised market place’ (‘OMP’) means an energy exchange, an energy broker, an energy capacity platform or any other person professionally arranging or executing transactions, including shared order book providers but excluding trading venues as defined in Article 4(1), point (24), of Directive 2014/65/EU and purely bilateral trading where two natural persons enter into each trade on their own account.

Amendment 38 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 21

(21) ‘LNG trading’ means ~~bids, off~~entering into any transactions, including orders tor tra~~nsactions for~~de on an organised market place, relating to the purchase or sale of LNG: (a) that specify delivery in the Union; (b) that result in delivery in the Union; or (c) in which one counterparty re- gasifies the LNG at a terminal in the Union.

Amendment 39 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1– point 24a (new)

(24a) ‘benchmark’ means any index that is not a benchmark as defined in Article 3(1), point (29), of Regulation (EU) 596/2014 and that is periodically or regularly determined by the application of a formula to, or on the basis of, the underlying wholesale energy products, including estimated prices, by reference to which the amount payable under a wholesale energy product or a contract relating to a wholesale energy product, or the value of a wholesale energy product, is determined;

Amendment 40 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 25

(25) ‘LNG benchmark’ means ~~the determination of a spread between the daily LNG price assessment and the settlement price for the TTF Gas Futures front-month contract esta~~a benchmark, as defined in point (25a(new)), with regard to LNG trading and published by IACE ~~Endex Markets B.V. on a daily basis.;~~R.

Amendment 41 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 25a (new)

(25a) ‘benchmark’ means any index by reference to which the amount payable under a wholesale energy product or a contract relating to a wholesale energy product, or the value of a wholesale energy product, is determined, whereas that wholesale energy product is not a financial instrument.

Amendment 42 #

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j

Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 25b (new)

(25b) ‘financial instrument’ means those instruments specified in Section C of Annex I of Directive 2014/65/EU;

Amendment 43 #

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EU) No 1227/2011
Article 3 – paragraph 1 – subparagraph 2

The use of inside information by cancelling orders or amending ~~an order concerning a~~ or modifying an existing order, the establishment of links or dependencies between orders, or any other action relating to entering into transactions of issuing orders, concerning a wholesale energy product to which the information relates, where the order was placed before the person concerned possessed the inside information, shall also be considered to be insider trading.;

Amendment 44 #

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a

Regulation (EU) No 1227/2011
Article 4 – paragraph 1 – subparagraph 2

Market participants shall disclose the inside information through IIPs. The IIPs shall ensure that the inside information is made public in a manner which enables fast access, including access through a clear application programming interface. and complete, correct and timely assessment of the information by the public.; Liability for the provision of inside information received by the IIPs to the Agency is therefore attributed to the IIPs.

Amendment 45 #

Martin SCHIRDEWAN, José GUSMÃO

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 1227/2011
Article 4a – paragraph 4a (new)

4a. Where ACER finds that an IIP has committed an infringement of requirements provided for in paragraphs 1 to 3 of this Article, it shall take one or more of the following actions: (a) adopt a decision requiring the person to bring the infringement to an end; (b) adopt a decision imposing fines with a maximum amount of EUR 200 000 or the corresponding value in the national currency in the Member States whose currency is not the euro; (c) issue public notices.

Amendment 46 #

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 1227/2011
Article 5a – paragraph 1

1. A market participant that engages in algorithmic trading shall have in place effective systems and risk controls suitable to the business it operates to ensure that its trading systems are resilient and have sufficient capacity, are subject to appropriate trading thresholds and limits and prevent the sending of erroneous orders to trade or the systems otherwise functioning in a way that may create or contribute to a disorderly market. The market participant shall also have in place effective systems and risk controls to ensure that the trading systems comply with this Regulation and with the rules of an organised market place to which it is connected. The market participant shall have in place effective business continuity arrangements to deal with any failure of its trading systems and shall ensure its systems are fully tested and properly monitored to ensure that they meet the requirements laid down in this paragraph. The use of high-frequency algorithmic trading techniques shall be prohibited.

Amendment 47 #

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 1227/2011
Article 5a – paragraph 1

1. A market participant that engages in algorithmic trading shall have in place effective systems and risk controls suitable to the business it operates to ensure that its trading systems are resilient and have sufficient capacity, are subject to appropriate trading thresholds and limits and prevent the sending of erroneous orders to trade or the systems otherwise functioning in a way that may create or contribute to a disorderly market or unnecessary market volatility. The market participant shall also have in place effective systems and risk controls to ensure that the trading systems comply with this Regulation and with the rules of an organised market place to which it is connected. The market participant shall have in place effective business continuity arrangements to deal with any failure of its trading systems and shall ensure its systems are fully tested and properly monitored to ensure that they meet the requirements laid down in this paragraph.

Amendment 48 #

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 1227/2011
Article 5a – paragraph 2 – subparagraph 3

The market participant shall arrange for records to be kept for a period of 10 years in relation to the points referred to in this paragraph and shall ensure that those records are sufficient to enable its national regulatory authority to monitor compliance with this Regulation.

Amendment 49 #

Martin SCHIRDEWAN, José GUSMÃO

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 1227/2011
Article 5a – paragraph 2 – subparagraph 3

The market participant shall arrange for records to be kept in relation to the points referred to in this paragraph for at least five years and shall ensure that those records are sufficient to enable its national regulatory authority to monitor compliance with this Regulation.

Amendment 50 #

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 1227/2011
Article 5a – paragraph 3 – subparagraph 1

3. A market participant tshatll be prohibited from providesing direct electronic access to an organised market place ~~shall notify the competent authorities of its home Member State and the Agency accordingly~~.

Amendment 51 #

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 1227/2011
Article 5a – paragraph 3 – subparagraph 3

The market participant shall arrange for records to be kept for a period of 10 years in relation to the matters referred to in this paragraph and shall ensure that those records be sufficient to enable its national regulatory authority to monitor compliance with this Regulation.

Amendment 52 #

Enikő GYŐRI

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 1227/2011
Article 5a – paragraph 4a (new)

4a. This Article does not apply to transmission system operators.

Amendment 53 #

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 1227/2011
Article 5b (new)

Article 5b Technical updating of the definition of an asset bubble 1. The Commission shall be empowered to adopt a delegated act in accordance with Article 20 in order to further specify the definition of an asset bubble. 2. The delegated acts referred to in paragraph 1 shall take into account at least: (a) the total value of the energy physically consumed at EU level, as compared to the total annual volume of OTC and exchange-traded energy derivative positions held by EU counterparties; (b) the share of OTC and exchange- traded energy derivative contracts that are physically delivered on the expiry date in the total volume of energy derivative contracts traded by EU counterparties.

Amendment 54 #

Proposal for a regulation
Article 1 – paragraph 1 – point 7

Regulation (EU) No 1227/2011
Article 7 – paragraph 1

1. ACER shall monitor trading activity in wholesale energy products, including OTC transactions, as well as in emission allowances and in oil and coal markets to detect and prevent trading based on inside information and market manipulation or attempts thereof, as well as to analyse links between such trading and the events occuring in the related energy product markets. It shall collect the data for assessing and monitoring wholesale energy markets as provided for in Article 8.;

Amendment 55 #

Proposal for a regulation
Article 1 – paragraph 1 – point 7

Regulation (EU) No 1227/2011
Article 7 – paragraph 1a (new)

1a. The Agency shall have access to information on the physical reality of grids, pipelines and storage facilities, in order to allow it to proceed to market design, identify bottlenecks, codify capacities and agree on algorithms for grid availability that would ensure fully transparent market conditions

Amendment 56 #

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 1227/2011
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~~in a Member State in which they are active.;

Amendment 57 #

Proposal for a regulation
Article 1 – paragraph 1 – point 11

Regulation (EU) No 1227/2011
Article 9a – paragraph 3a (new)

Amendment 58 #

(da) acts are being or have been carried out on wholesale energy products, which in the assessment of the Agency, are likely to have or have had a significant detrimental impact on the functioning of the internal energy market.

Amendment 59 #

Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b

Regulation (EU) No 1227/2011
Article 13 – paragraph 7

7. Upon completion of its actions taken to exercise its powers pursuant to paragraph 4, the Agency shall draw up a report. The report shall be made public taking into account confidentiality requirements. If the Agency concludes that a breach of this Regulation took place, it shall inform the national regulatory authorities of the Member State or Member States concerned accordingly and require that the breach be dealt with in accordance with Articles 18. The Agency ~~may~~shall recommend certain follow-up to the relevant national regulatory authorities, and, where necessary, inform the Commission.;

Amendment 60 #

Proposal for a regulation
Article 1 – paragraph 1 – point 15

Regulation (EU) No 1227/2011
Article 13a – paragraph 1

1. The Agency shall prepare and conduct on-site inspections in close cooperation with the relevant authorities of the Member State concerned and, where it deems it necessary, with ESMA.

Amendment 61 #

Proposal for a regulation
Article 1 – paragraph 1 – point 15

Regulation (EU) No 1227/2011
Article 13a – paragraph 4

4. In sufficient time before the inspection, the Agency shall give notice of the inspection to the national regulatory authority and other concerned authorities of the Member State where the inspection is to be conducted. ~~Inspections under this Article shall be conducted provided that the relevant authority has confirmed that it does not object to those inspections.~~

Amendment 62 #

Proposal for a regulation
Article 1 – paragraph 1 – point 16

Regulation (EU) No 1227/2011
Article 15 – paragraph 1

Any person professionally arranging or executing transactions in wholesale energy products who reasonably suspects that an order to trade or a transaction, including any cancellation or modification thereof, whether placed or executed on or outside a trading venue, might breach Article 3, 4 or 5 shall notify the Agency and the relevant national regulatory authority without further delay, and no later than four weeks from the occurency of the breach.

Amendment 63 #

Proposal for a regulation
Article 1 – paragraph 1 – point 16

Regulation (EU) No 1227/2011
Article 15 – paragraph 2 – introductory part

PAny persons professionally arranging or executing transactions in wholesale energy products shall establish and maintain effective arrangements, systems and procedures to:

Amendment 64 #

Proposal for a regulation
Article 1 – paragraph 1 – point 16

Regulation (EU) No 1227/2011
Article 15 – paragraph 2 – point b a (new)

(ba) prevent, detect and report suspicious orders and transactions;

Amendment 65 #