Full Description
This book addresses EU law on market manipulation, insider trading and the obligation to disclose inside information on wholesale electricity and gas markets in Europe, focussing on the EU REMIT Regulation. It provides in depth commentary on the articles of the Regulation and situates it within the wider legal, economic and political context.
Key Features:
Analyses the political and legislative road to the EU REMIT Regulation
Outlines the law and administrative practice on energy market abuse
Explores the relationship between REMIT and the EU Market Abuse Regulation
Highlights economic considerations in market manipulation
Describes the latest amendments to REMIT in 2024
Compares similar REMIT rules in the UK and energy market manipulation rules in the US
Covers more than 50 published decisions across Europe, including in France, Hungary, Italy, the Netherlands, Spain and the UK
This book provides clear and practical guidance for in-house counsel of energy companies participating in EU or UK electricity and gas markets, as well as scholars, law firms and practitioners advising on energy matters. It may be useful also, as an independent view of the subject, to enforcing regulators such as the EU Agency for the Cooperation of Energy Regulators, national energy regulatory authorities, members of the European Commission and the European Securities and Markets Authority.
Contents
CONTENTS
About the editors xxi
PART 1 BACKGROUND
1 Introduction to 'Energy market manipulation and insider trading in Europe - REMIT' 3
2 The road to REMIT 9
3 ACER 53
PART 2 REMIT: COMMENTARY AND CASES
4 Scope, definitions, technical updating, and final provisions (Articles 1, 2, 6, 20, 21, 22) 71
5 Prohibition on insider trading (Article 3) 99
6 Obligation to publish inside information (Article 4) 153
7 Prohibition of market manipulation (Article 5) 235
8 Market surveillance and data collection (Articles 7, 8, 9, 10) 409
9 Obligations of persons professionally arranging or executing transactions (Article 15) 453
10 Cooperation at EU and Member State level (Article 16) 473
11 Enforcement, appeals, and penalties (Articles 13, 14, 18) 493
12 Procedural requirements (Articles 11, 12, 17) 531
13 International relations (Article 19) 545
PART 3 INTERACTION WITH OTHER EU LAWS
14 REMIT and EU financial markets law 559
15 REMIT and competition law 607
16 MAR and energy trading 691
PART 4 UK, US, AND ECONOMIC PERSPECTIVES
17 REMIT in the United Kingdom 717
18 Energy market manipulation in the United States 753
19 Market manipulation economics considerations 817
PART 5 REMIT II
20 Amendments to REMIT in 2024 879
