annual report 2011 - Konkurentsiamet

trading and market manipulation in wholesale energy markets. The supervision over the
compliance with the regulation requirements will be executed by the ACER in cooperation with
national regulatory authorities.
Some of the requirements included in the regulation will become effective immediately, and
others will enter into force in the future. As the regulation entered into force, the following took
immediate effect:
the prohibition of insider trading (Article 3);
the obligation to publish inside information (Article 4);
the prohibition of market manipulation (Article 5);
the obligation of certain persons to notify the national regulatory authority in case of
suspicion that a transaction may breach the provisions of Article 3 or Article 5 of the
regulation and establish effective arrangements and procedures to identify such breaches
(Article 15).
The timing of the entry into force of the remaining provisions depends on the timing of the
adoption of the Implementing Acts by the European Commission. By June 2013 at the latest,
member states must ensure that national regulatory authorities have been assigned the
investigatory and sanctioning powers to fulfil the tasks pursuant to the regulation. Inter alia,
member states must establish the rules concerning the punishments for breaches of the
regulation by the said time.
35