REMIT Coordination and enforcement Martin Godfried Head of the Market Surveillance and Conduct Department 3 rd Market integrity and Transparency Forum Ljubljana, 5 September 2019
Introduction: Market abuse under REMIT Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency (REMIT) Using inside info to trade or trying to trade Disclosing inside info to 3 rd parties Insider Trading Recommending 3 rd parties to trade based on this inside info False/Misleading Signals Market Price Positioning Manipulation Transactions involving Fictitious Devices/Deception Attempted Market Dissemination of False or Manipulation Misleading Information 2
Introduction: Tasks between NRAs and ACER Union wide market monitoring* ACER Coordinating conduct activities from NRAs National Investigation** Regulatory Authorities Enforcement (NRAs) NRAs and ACER coordinate their monitoring, investigations and enforcement activities to consistently deliver on the objectives of REMIT. In particular, NRAs have been provided by their Member State the required investigatory and enforcement powers to enforce REMIT. 3 * NRAs may monitor markets at national level. ** ACER may providing operational assistance to NRAs, upon their request, regarding REMIT investigations.
Figure 1: Wholesale Energy Market Surveillance at ACER 70-80 million/month records of transactions and orders to trade reported to the Agency 10,000-12,000/month anomalous events identified through automatic screening based on bespoke alerts 1,000-1,200/month manually assessed anomalous events 60-80/month suspicious events notified to NRAs 4 Source: ACER (2019).
Do you have any suspicion on a breach of REMIT? You can notify the Agency and the relevant NRA(s) through the Notification Platform: https://www.acer-remit.eu/np/home 5
The Agency has been using several means to ensure coordination and consistency The Agency ensures that NRAs carry out their tasks under REMIT in a coordinated and consistent way • ACER Guidance and Guidance Notes • Coordination meetings with in-depth topical presentations • Cross notification obligations • Request NRAs any information related to the suspected breach • Request NRAs to commence an investigation of the suspected breach, and to take appropriate action to remedy any breach found • To establish and coordinate an investigatory group 6
2019 started in line with 2018 – 34 new cases so far Figure 2: Number potential REMIT breach cases reported Number of potential REMIT breach cases to/by the Agency reported to/by the Agency 102 85 48 40 33 2015 2016 2017 2018 2019 Year of notification Note: Includes all notifications received/sent by the Agency in the course of the year. Includes all potential breaches of Articles 3, 4, 5, 8, 9 and 15 of REMIT. Source: Case Management Tool (CMT). 7 Source: ACER (2019). Note: Until 8 May 2019.
Deliver credible deterrence: market abuse sanction decisions of breaches of Articles 3 and 5 of REMIT NRA, Type Market Decision date Member of Fine Status Source Participant State REMI Article Iberdrola 24 November 2015 CNMC (ES) EUR 25,000,000 Under appeal Link Generación S.A.U. 5 Article 05 October 2018 CRE (FR) VITOL S.A. EUR 5,000,000 Under appeal Link 5 DKK 1,104,000 Prosecutor/DUR Article Energi Danmark 30 October 2018 (app. EUR Final Link (DK) A/S 5 147,000)* Galp Gas Natural, Article 28 November 2018 CNMC (ES) EUR 80,000 Under appeal Link S.A. 5 Multienergía Article 28 November 2018 CNMC (ES) EUR 120,000 Under appeal Link Verde, S.L.U. 5 Prosecutor/DUR Article 153,000 DKK (app. 21 December 2019 Neas Energy A/S Final Link (DK) 5 EUR 20,400)* EUR 150,000 and Uniper Global Article fines of EUR 1,500 Commodities SE + 20 February 2019 BNetzA (DE) Final Link 5 and EUR 2,000 for Two traders each trader. 8 Source: ACER (2019). Note: Please consult the sources for the status of the proceedings and more information on the Decisions. * This amount includes both the (i) fine and (ii) confiscated profit.
Thank you for your attention Thank you for your attention www.acer.europa.eu
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