annual report 2011 - Konkurentsiamet
annual report 2011 - Konkurentsiamet
annual report 2011 - Konkurentsiamet
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
trading and market manipulation in wholesale energy markets. The supervision over the<br />
compliance with the regulation requirements will be executed by the ACER in cooperation with<br />
national regulatory authorities.<br />
Some of the requirements included in the regulation will become effective immediately, and<br />
others will enter into force in the future. As the regulation entered into force, the following took<br />
immediate effect:<br />
the prohibition of insider trading (Article 3);<br />
the obligation to publish inside information (Article 4);<br />
the prohibition of market manipulation (Article 5);<br />
the obligation of certain persons to notify the national regulatory authority in case of<br />
suspicion that a transaction may breach the provisions of Article 3 or Article 5 of the<br />
regulation and establish effective arrangements and procedures to identify such breaches<br />
(Article 15).<br />
The timing of the entry into force of the remaining provisions depends on the timing of the<br />
adoption of the Implementing Acts by the European Commission. By June 2013 at the latest,<br />
member states must ensure that national regulatory authorities have been assigned the<br />
investigatory and sanctioning powers to fulfil the tasks pursuant to the regulation. Inter alia,<br />
member states must establish the rules concerning the punishments for breaches of the<br />
regulation by the said time.<br />
35