When inside information is "made public" under REMIT


 

Article 2(1) of REMIT defines "inside information" as information of a precise nature, which relates, directly or indirectly, to one or more wholesale energy products, which, if it were made public, would be likely to significantly affect the prices of those wholesale energy products, however, which has not been made public so far.

 

The European energy sector regulator ACER Agency underlines in its guidelines that, in general, inside information is deemed to be public knowledge if such information has been made available to the broad trading public, i.e. an unspecified number of individuals.

In this regard it is irrelevant who made the inside information public. No distinction is made as to whether the inside information were made public by the market participant or by any other party.


It's the ACER's opinion it is sufficient, but also required, that inside information is made available simultaneously to the broad trading public, ensuring equal access to the information since any interested market participant may apprise themselves of the inside information (a concept referred to as "sectoral publicity").

This can be the case, for example, if a generally accessible electronic system for the dissemination of information is used, but does not require publication in the media. Hence, publishing inside information within an energy exchange information service or news board available only to selected participants does not satisfy the requirement of informing the broad trading public.


In this context the ACER has considered real-time power data services, i.e. companies measuring real-time production at different power plants and selling these data to subscribers of the service. The Agency deems that the information provided through such services is considered to be publicly available as soon as the information is published by the provider.

 

The Agency has not found any indication that these services are not available to everyone who wishes to subscribe to them. However, the Agency highlights that a market participant responsible for disclosing the information may be holding inside information even though part of the information is published through a real-time service. Any information such as the cause of the incident, the duration etc. which are not published by the provider of real-time services could still to be considered as inside information (if that information is or subsequently becomes known to the market participant). Therefore market participants should not only rely on such service providers to publish inside information on their behalf.

 

 

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Last Updated on Tuesday, 22 March 2016 00:29
 

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