Within the REMIT regulations, certain exemptions apply to insider trading. There are also rules recognising delays to publishing certain inside information. We explain these below.
Exemption to insider trading
Under Article 3(4)(b) of REMIT, the prohibition on insider trading does not apply to:
“transactions entered into by electricity and natural gas producers, operators of natural gas storage facilities or operators of LNG import facilities the sole purpose of which is to cover the immediate physical loss resulting from unplanned outages, where not to do so would result in the market participant not being able to meet existing contractual obligations or where such action is undertaken in agreement with the transmission system operator(s) concerned in order to ensure safe and secure operation of the system.”
If a market participant has used this exemption, they must report relevant information relating to the transactions to us and ACER. To do so, please use ACER’s online reporting application. Once submitted, we and ACER will be informed.
Delay to disclosure of inside information
Under Article 4(2) of REMIT, a market participant:
“may under its own responsibility exceptionally delay the public disclosure of inside information so as not to prejudice its legitimate interests provided that such omission is not likely to mislead the public and provided that the market participant is able to ensure the confidentiality of that information and does not make decisions relating to trading in wholesale energy products based upon that information.”
In any situation where a market participant has delayed disclosure of inside information, they must notify both us and ACER immediately. This should include a justification for the delay.
To do so, please use ACER’s online reporting application. Once submitted, both we and ACER will be informed.
More information on delaying publication of inside information and on exemptions can be found in ACER’s latest guidance to NRAs: Guidance on the application of Regulation 1227/2011 on wholesale energy market integrity and transparency.