Journal of Energy & Natural Resources Law ( IF 1.800 ) Pub Date : 2020-11-30 , DOI: 10.1080/02646811.2020.1841400 Liebrich M Hiemstra
Energy companies trading in derivatives which have a value based on an energy product (‘energy trading’) are subjected to a fragmented regulatory framework. They are supervised by a multitude of authorities on a national and European level. These authorities cooperate horizontally (between EU agencies or between national regulatory authorities – NRAs) or vertically (between EU agencies and NRAs) and in a formal and informal way. They share information on energy trading to detect market abuse. This article aims to provide insight on the effectiveness of supervisory activities within the energy trading landscape. In doing so, the obligation for energy companies to report fundamental data on the derivatives they trade in is used for illustrative purposes and explained in light of the European Market Infrastructure Regulation (EMIR), the Markets in Financial Instruments Directive and Regulation (MiFID II and MiFIR) and the regulation on wholesale energy market integrity and transparency (REMIT). The article finishes with a conclusion which advocates the necessity of information sharing and professional secrecy in the current regulatory landscape and intends to contribute to a discussion on the effectiveness of information sharing within an international context.
中文翻译:
能源交易和主管之间的信息交换:分散的监管和信息共享的有效性
能源公司交易的衍生品具有基于能源产品的价值(“能源交易”),需要遵守分散的监管框架。他们受到国家和欧洲各级当局的监督。这些机构合作水平(欧盟机构之间或国家监管当局之间-费率协议)或垂直(欧盟机构之间以及NRAs)以及正式和非正式的方式。他们共享有关能源交易的信息,以发现市场滥用情况。本文旨在提供有关能源交易领域内监管活动有效性的见解。这样做时,能源公司报告其交易衍生品的基本数据的义务仅用于说明目的,并根据《欧洲市场基础设施法规》(EMIR),《金融工具市场法规》(MiFID II和MiFIR)以及关于批发能源市场完整性和透明度的法规(REMIT)。