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.
Rezensionen / Stimmen
'The book is a comprehensive source of information regarding REMIT and its history. The prohibitions are thoroughly explained using examples from case rulings, and interactions with other EU legislation are well covered. The authors have done a great job in gathering information to make it accessible for the reader.' -- Christian Giswold, Nord Pool, Norway 'A comprehensive, thoroughly researched compendium on REMIT and other market manipulation rules. A must-read for serious practitioners in the field.' -- Peter Fox-Penner, The Brattle Group, USA 'This book will soon be regarded as an essential source of reference for business, legal practitioners and economists on how REMIT has been implemented in order to ensure that energy markets work effectively and without distortion. Having been at the origin of the proposal for the Regulation, it is privilege for me to endorse a compendium of such a high quality.' -- Sir Philip Lowe, Oxera, Belgium 'This book will be a helpful resource to energy companies, practitioners, regulators, and academics in Europe and the United States. Particularly interesting are the summaries of dozens of decisions by EU national regulators, showing how they assessed market manipulation and insider trading in practice. The authors also address the wider international context, including explaining the regulatory and enforcement roles of the U.S. Federal Energy Regulatory Commission and Commodity Futures Trading Commission.' -- Carol Clayton, formerly Legal Advisor, Federal Energy Regulatory Commission and Partner, WilmerHale, USA 'The REMIT regulation significantly enhances transparency and integrity in wholesale energy markets. This book is a complete and exhaustive analysis of its complex introduction and concrete application, showing how it has contributed to a more stable and efficient energy market across Europe. A "must have" for those active in European energy markets.' -- Luigi de Francisci, The Brattle Group, Italy
Reihe
Sprache
Verlagsort
Zielgruppe
Maße
Höhe: 244 mm
Breite: 169 mm
ISBN-13
978-90-77644-21-8 (9789077644218)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Klassifikation
Edited by John Ratliff, Avocat, Brussels Bar, Belgium and Barrister, Henderson Chambers, UK and Roberto Grasso, International Lawyer and Deputy General Counsel, Columbia Sportswear Company, based in the USA and Switzerland; formerly Counsel, WilmerHale, Brussels, Belgium
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