ERGEG consultation on legislative proposals for market abuse

ERGEG consultation (31 pages, PDF) on its draft response to European Commissions questions about the control of market abuse in electricity and gas.

The proposed response includes:

CESR and ERGEG are of the view that the Commission should consider developing and evaluating proposals for a basic, tailor-made market abuse framework in the energy sector legislation for all electricity and gas products not covered by [Directive 2003/6/EC on insider dealing and market manipulation (market abuse)], particularly in the physical markets. Such legal framework should address the abusive practices observed or potentially applied by market participants on electricity and gas markets. Market conduct rules of Nordic Power Exchange Nord Pool could – in some aspects – serve as a model, although it is not a legal framework. Any new legal framework should take into account the specificities of the electricity and gas markets with regard to any misuse of information and support cooperation appropriate for regional markets.

Responses by Friday 29 August 2008.

For further information or advice please contact Franck Latrémolière.

Filed under Electricity, ERGEG, Gas.

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