REMIT prohibits market manipulation and insider trading in the wholesale energy markets, as well as imposing several obligations. Both can eventually lead to a sanction.

ACER strongly cooperates with the relevant NRAs to monitor the wholesale energy markets and effectively sanction REMIT breaches.

The table below gives an overview of decisions and sanctions of REMIT breaches:

Note:

Article 3 (insider trading)

Article 4 (non-disclosure of inside information)

Article 5 (actual or attempted market manipulation)

Article 8 (non-reporting of info to ACER)

Article 9 (non-registration)

Penalties for breaches of REMIT are imposed at national level in line with Article 13 of REMIT. 

Article 18 of REMIT establishes that the rules on penalties for breaches of Article 3 and 5 of REMIT are established by the Member States. The implementation regime is therefore different across Member States and some breaches of REMIT may be sanctioned under national provisions. Please consult the sources for the status of the proceedings and more information on the Decisions.

* This amount includes both the (i) fine and (ii) confiscated profit.​​​

** The fines expressed in other currency than EURO are converted in EURO using the ECB exchange rate on the day of the Decision.

ACER ensures that national regulatory authorities (NRAs) carry out potential REMIT breach case reviews and investigations in a coordinated and consistent way.

This is why ACER cooperates closely with NRAs, the European Securities and Markets Authority (ESMA), the competent financial market authorities of the Member States and, where appropriate, national competition authorities. ACER has also established strong links with major organised market places and engages in international cooperation​.

ACER's involvement in market abuse cases – through triaging and reviewing cooperation needs – has been steadily intensifying and becoming more and more frequent.

ACER interacts on REMIT cases more than 500 times per year, mostly by reviewing documents and processing requests ensuring a coordinated and consistent approach.

ACER's coordination activities on REMIT breach cases, combined with the NRAs' strong commitment, have already delivered visible results. 

Fines for over 75 million EUR were imposed to sanction market abuse in wholesale energy markets across the whole EU. 

​​​REMIT protects the integrity of wholesale electricity and gas markets by reducing instances of market abuse and increases the EU consumers' confidence in market outcomes. 

Market abuse can be either market manipulation or insider trading.

REMIT prohibits market participants to engage in or attempt market manipulation​. This includes performing fa​​​lse or misleading transactions, price positioning which secures or attempts to secure the price at an artificial level, as well as transactions involving fictitious devices or deception, and the dissemination of false and misleading information.

REMIT prohibits using or disclosing inside information​ or recommending other persons to use inside information – with few strict exemptions. ​

When you suspect a breach of REMIT, do not hesitate to report this through the Notification Platform​.

The first figure shows the stock of potential REMIT breaches under assessment by NRAs at the end of each year.

The second figure shows the type of REMIT breaches reported to or by the Agency as a percentage over the total number of potential REMIT breaches reported.

The map shows the number of ongoing potential REMIT breach cases under assessment per Member State.

When a REMIT breach is found in the European wholesale energy markets, the final decision of enforcing the REMIT breach lies with the relevant national regulatory authority (NRA). ACER facilitates the delivery of consistent case-related decisions  from the European NRAs in a coordinated way.

This decentralised approach fosters the prohibitions of market manipulation and insider trading, the obligations to publish inside information, to report data, to register as a market participant, to report suspicious behaviour as well as to have mechanisms in place to detect suspicious market behaviours.

ACER ensures the REMIT breach case reviews and investigations occur in a harmonised way. The Agency also coordinates with the European Securities and Market Authority (ESMA), financial authorities, competition and other relevant authorities.​

​Case coordination is currently achieved via:

• Specific coordination activities​ (mostly case meetings and exchanges of information)

• Large-scale coordination meetings​

• ACER Guidance​

• The provision of appropriate and secure IT infrastructure

The European Commission's Implementing Regulation (2014) set the conditions to uniform the implementation of the data reporting obligation.

The Implementing Regulation indicates the:

• list of contracts and derivatives, including orders to trade, which are to be reported under Article 8 of REMIT,

• minimum thresholds for the reporting of transactions, as well as the list of contracts to be reported only upon a reasoned request from ACER,

• uniformed rules on the information reporting to be provided under Article 8 of REMIT,

• timing and form in which the information is to be reported.​​

Since 2015, ACER has provided all reporting parties with guidance on how to report transactions, including orders to trade and fundamental data.

The documents are available in the REMIT reporting guidance section of the REMIT Documents page, and are updated on a periodic basis to ensure the harmonisation of data reporting and to reflect any new developments of the energy market design.​​