· Not complying with the obligation to report transactions may raise suspicion on a potential market abuse and may determine additional investigation and sanctions
Shall report to the Agency and, at their request, to national regulatory authorities for each storage facility following information through a joint platform:
(1) the technical, contracted and available capacity of the storage facility
(2) amount of gas stored at the end of the gas day, injections and withdrawals
(3) planned and unplanned unavailability announcements of the storage facility including the time of the announcement and the capacities concerned.
These information shall be made available not later that the following working day, and the information related to point 3, including their update, shall be published as soon as these become available.
Tracking the effect of an information on the price
· The same information type had in the past an effect on the price
· Existing analyst reports or publications and opinions of specialists indicating that this type of information may impact on the price
· The market participant or another person has previously classified this type of information as inside information
It is worth mentioning that these are only indicators and must not be taken as final for the interpretation of information. The market participant may choose if the information is an inside information and has to be made public. Experience will highlight the variety of information and ACER believes that the definition of inside information shall evolve in time.
In order to comply with the obligations under REMIT the following measures have to be taken: existing informational flow has to be identified, the processes to comply with REMIT are adapted, internal procedures are implemented in compliance with the structure of the company.
The REMIT conformity manual could be structured as follows:
A. Identify the existing informational flow, information management and the inside information at the company, adapting the processes of the informational flow :
Identification and interpretation of inside information
Detailed list of potential inside information
Identification of potential sources of information
Preparing an information control procedure to establish the information type and the automated measures related to their administration (quarantine, publication, etc.)
Identifying the affected persons
Defining the duties of the REMIT responsible person and the authority to make decisions
Defining general responsibilities and authority to make decisions
Preparing the regulation on publishing inside information and the communication procedures
Presenting the informational flows and connections
B. Procedures for the company related to the restrictions for preventing market manipulation
Identify the risk and the place where possible abuses may occur and define the market manipulation attempt and the use of inside information ;
Elaborate and implement internal procedures to clearly define how to identify and tackle potential abuses;
Define the market manipulation attempts and the sanctions applied therefore
C. Elaborate the action plan in case of potential inspections of the NRA
D. Full description of the transaction reporting obligations
Create systems that ensure ad hoc, unplanned, periodical, planned reporting
Define the content of the reported data, the proper reporting channels, the reporting moment
Setting organizational and technical measures to transmit data
Personalize processes and include in the job description of each employee (who, what, where, how and when is information managed)
E. Accreditation procedure as RRM in order report transactions on behalf of own clients (upon request)
Considering the importance of reporting, the complexity and the risks related to nonfulfillment of obligations, our company has internal and control procedures to ensure an accurate, precise and full data reporting.
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.
Information shall be deemed to be of a precise nature if it indicates a set of circumstances which exists or may reasonably be expected to come into existence, or an event which has occurred or may reasonably be expected to do so, and if it is specific enough to enable a conclusion to be drawn as to the possible effect of that set of circumstances or event on the prices of wholesale energy products;
· information which is required to be made public in accordance with Regulations 714/and 715/2009, including guidelines and network codes adopted pursuant to those Regulations;
· information relating to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas, including planned or unplanned unavailability of these facilities;
· information which is required to be disclosed in accordance with legal or regulatory provisions at Union or national level, market rules, and contracts or customs on the relevant wholesale energy market, in so far as this information is likely to have a significant effect on the prices of wholesale energy products;
· other information that a reasonable market participant would be likely to use as part of the basis of its decision to enter into a transaction relating to, or to issue an order to trade in, a wholesale energy product.
Information on transparency versus inside information:
Information on transparency is usually periodical, planned and subject to Reg. 714/2009 EC and 715/2009/EC.
Inside information is considered to occur ad hoc and may impact on the wholesale energy price.
Information has to be made public either by means of the transparency platform or by other means, irrespective of who is making it public (the market participant or a third party) as long as it reaches the public. It has to reach the “target public” (here the energy market participants) at the same time so that they can equally benefit from it (sectorial publicity).
MARKET MANIPULATION examples:
1. Entering into any transaction or issuing any order to trade in wholesale energy products which:
· gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of wholesale energy products;
· secures or attempts to secure, by a person, or persons acting in collaboration, the price of one or several wholesale energy products at an artificial level, unless the person who entered into the transaction or issued the order to trade establishes that his reasons for doing so are legitimate and that that transaction or order to trade conforms to accepted market practices on the wholesale energy market concerned;
· employs or attempts to employ a fictitious device or any other form of deception or contrivance which gives, or is likely to give, false or misleading signals regarding the supply of, demand for, or price of wholesale energy products
2. Disseminating information through the media, including the internet, or by any other means, which gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of wholesale energy products, including the dissemination of rumours and false or misleading news, where the disseminating person knew, or ought to have known, that the information was false or misleading.
3. When information is disseminated for the purposes of journalism or artistic expression, such dissemination of information shall be assessed taking into account the rules governing the freedom of the press and freedom of expression in other media, unless:
· those persons derive, directly or indirectly, an advantage or profits from the dissemination of the information in question;
· the disclosure or dissemination is made with the intention of misleading the market as to the supply of, demand for, or price of wholesale energy products;
Romgaz, as producer, supplier, operator of the storage system, distributor, beneficiary of transmission contracts, acting both on and outside the organized market for natural gas and electricity shall have to make a complex reporting.
ANRE, designated by the Agency, supports market participants on matters related to registration and compliance with REMIT regulations.
ANRE is in close connection with ACER and is responsible for the investigations it has to perform in case ACER detects suspicious activities.