|ACER narrows premises for disclosing REMIT inside information on market participant's own websites|
|Wednesday, 14 August 2013 09:27|
Market participants may disclose REMIT inside information on their own website either as a fall-back option or simultaneously to a disclosure of inside information through an inside information platform, however, the updated regulatory guidelines appear to treat the publication of inside information on the market participant's own website as an interim measure, allowed only under multiple conditions and unless otherwise specified.
1. Transparency platforms
ACER in its guidelines (Guidance on the application of Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency - updated on 22 April 2013) expressed a clear preference for discharging an obligation to publish inside information under REMIT through transparency platforms (for instance operated by Transmission System Operators), "if such platforms exist". If a transparency platform is used which discloses inside information in a timely manner, ACER considers a simultaneous publication on the market participant's website not necessary.
2. Market participants' websites
The publication of inside information on the market participant's own website has been allowed by ACER, under some conditions however.
The condition precedent pursuant to ACER guidelines thereunder market participant is allowed to publish inside information on its website is that the adequate transparency platforms do not yet exist.
If the said condition is not met, the publication of inside information on the market participant's own website may be effected simultaneously to a publication through a platform - thus as a additional publication channel.
Hence, market participants may disclose inside information on their own website either as a fall-back option or simultaneously to a disclosure of inside information through an inside information platform, however, regulatory guidelines appear to treat the publication of inside information on the market participant's own website as an interim measure, moreover, allowed only unless otherwise specified.
Other regulatory requirements for using market participant's website as a REMIT inside information publication channel:
a) format of the publication:
- facilitating the consolidation of the information with similar data from other sources;
b) fees for making inside information available - free of charge;
c) language of the publication: official language(s) of the relevant Member State and in English or in English only;
d) social media use: only as additional sources not replacing website publications.
3. Responsibility for transparency platform delays or technical failures
On the occasion of explaining the role and mutual interrelations of transparency platforms and market participants' websites in fulfilling the obligation to publish inside information under REMIT, the European energy market regulator has also made an important clarification on the scope of market participants' responsibility for transparency platform delays or technical failures.
In that regard ACER acknowledged the two key facts:
1) that market participants are responsible for the disclosure of inside information,
2) they do not have influence on the operation of transparency platforms.
Accounting for the above circumstances, the ACER believes that market participants are not responsible for temporary technical problems of such platforms fulfilling the RIS requirements.
The crucial determination made by ACER in that regard is that if the information was transmitted to the transparency platform in time, the market participant should therefore not be charged for having breached the obligation to disclose inside information.
If technical problems persist, however, market participants have to use other platforms or their own website instead.
Although delayed disclosure of inside information due to technical problems of transparency platforms does not imply a breach of the disclosure obligation, the market participant is not allowed to trade based on that information as long as it is not available to the market.