Regulatory Framework

One Platform - Three Regulations

The EEX Transparency Platform is an effective solution for the timely disclosure and forwarding of inside information. It serves data reporting to several entities according to European and national rules that minimises customers’ efforts to follow further regulatory and technical changes. Data submission is possible for the following regulations:

REMIT

(EU) No.1227/2011

 
  • Disclosure of inside information for business and facilities of any size
  • Effective and timely data publication
  • Automatic data forwarding to authorities such as ACER, E-Control, ElCom
 

EU Transparency Regulation

(EU) No. 543/2013

 
  • Minimal effort for market participants as data reported under REMIT is used for compliance with EU Transparency Regulation
  • Automatic data forwarding to ENTSO-E according to article 4, 7, 14, 15 and 16
  • EEX is an approved data provider of ENTSO-E
 

MAR

(EU) No. 596/2014

 
  • Disclosure of inside information
  • Supporting EAMP's by fulfilling all relevant MAR obligations (Insider lists, Managers’ transactions, Managers’ lists) in cooperation with EQS Group
  • Active data distribution to relevant media
  • Disclosure under REMIT qualifies as compliant disclosure under MAR if published on a platform and actively distributed to the media
 

Regulation on Wholesale Energy Market Integrity and Transparency

EU REMIT 1227/2011

In article 4 fig. 1, REMIT requires all market participants to disclose inside information in respect of business or facilities:

 „Market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part.”

Article 1 fig. 1 defines inside information as follows:

“ ‘inside information’ means information of a precise nature which has not been made public, which relates, 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.”

Article 4 fig. 1 sentence 1 provides a qualitative specification of the scope of the inside information to be published:

“Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities.”

With the purpose of providing more clarity, the Agency for the Cooperation of Energy Regulators (ACER) states in its Guidance (4th Edition) on page 29:

"Regardless of whether indicative thresholds are applied by market participants, NRAs should ensure that market participants are aware that a planned or unplanned change in the capacity or output of any size at a facility for production, storage, consumption or transmission of natural gas or electricity may constitute inside information if it meets the criteria outlined in Article 2 (1) of REMIT."

Regardless of whether current or future inside information is actually available, all market participants are obliged to specify a place for the disclosure of inside information (REMIT article 9). Regulatory authorities require a far-reaching accessibility of data, which publication on individual websites cannot fulfill.

Currently, ACER sees a major issue in market participants using their own website for public disclosure. The Agency also reiterates the stated objective to centralise all REMIT inside information disclosure on Inside Information Platforms (IIPs). In its REMIT Quarterly issue No. 11 / Q4 2017, ACER strongly recommends the use of IIPs. ACER does not collect web feeds directly from Market Participants’ websites.

EU Transparency Regulation

EU 543/2013

REMIT Art. 2 fig. 1 also refers to the EU-Transparency Regulation. Market participants are to ensure the forwarding of data to ENTSO-E in respect of the installed capacity, actual generation and information relating to the unavailability of generation, storage and consumption units.

Market Abuse Regulation

EU MAR 596/2014

Article 17 fig. 2 of the Market Abuse Regulation requires emission allowance market participants to disclose inside information:

"An emission allowance market participant shall publicly, effectively and in a timely manner disclose inside information concerning emission allowances which it holds in respect of its business, including aviation activities […] or installations […] which the participant concerned […] in whole or in part. With regard to installations, such disclosure shall include information relevant to the capacity and utilisation of installations, including planned or unplanned unavailability of such installations."

Our Service

EEX collects, publishes and submits fundamental data and inside information across countries, commodities and the value chain on behalf of market participants. Various measures protect the data from being manipulated. Validation checks support reporting companies to achieve the highest data quality to the benefit of regulatory compliance. Inside information is released to the marketplace immediately which serves in efficient trading decisions, to the benefit of all market participants.

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Transparency Support Team

T:  +49 341 2156 233
E: support@eex-transparency.com