REMIT - FINES FOR FAILURE TO DISCLOSE INSIDE INFORMATION AND MARKET MANIPULATION ON EU ENERGY MARKETS

摘要

In the article which was published in this journal on 'Market Manipulation under REMIT', we outlined the ways in which energy market manipulation in Europe may be subject to significant fines. In this follow-up, we highlight how REMIT also catches failure to publicly disclose inside information and that infringement of this rule can lead to significant fines, in a recent case some £2 million. We also describe another decision on market manipulation by layering and marking the close, this time by the Spanish Authorities. The case highlights again that trading on both sides of the market (sell and buy) needs to be handled with care, with the risk that it is alleged that trading is to 'move' the price artificially.