EU Market Abuse Regulation in Energy Markets PDF Download

Author: Odd-Harald B. Wasenden
Publisher: J W Cappelens Forlag As, Norway
ISBN: 9788202276447
Category : Law
Languages : en
Pages : 0

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Book Description
This book provides an in-depth analysis of the application of the EU Market Abuse Directive to energy markets. The main provisions of the Market Abuse Directive are the prohibition of insider trading and market manipulation. Due to the close link between market abuse regulation and the need for transparency, this book also covers regulations concerning the disclosure of information. Following the liberalisation of the European energy markets, energy trading has become a significant growth industry. Trading in electricity and gas takes place both bilaterally and through organised marketplaces. In addition to trading in electricity and gas for physical delivery, financial trading - in commodity derivatives contracts related to the underlying commodities -- has become increasingly important. This financial trading allows participants in the physical markets to hedge physical positions. The financial markets are therefore closely linked to the physical markets. In addition, financial energy markets provide opportunities for speculation, which highlights the similarities between these markets and other financial markets. The market abuse regulation applies to trading in financial instruments admitted to trading on so-called regulated markets. Regulated markets for electricity and gas contracts have been established in several European countries and are becoming increasingly important. The market abuse regulation constitutes part of the regulation of financial markets. However, the information of relevance to financial energy markets is generally connected to conditions in the underlying physical markets, and is therefore regulated by the authorities responsible for overseeing the physical markets. Thus, the subjects covered in this book can be seen as a separate field of law -- energy market law -- which combines the traditional disciplines of energy law and stock exchange/securities law. Both the markets and the regulations are experiencing rapid developments. In addition to analysing the provisions already in force, this book also provides a normative contribution to the development of this discipline of law.

Author: Huseyin Cagri Corlu
Publisher: Kluwer Law International B.V.
ISBN: 9041196048
Category : Law
Languages : en
Pages : 280

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Book Description
In the course of energy liberalisation, electricity and natural gas contracts have been separated from physical delivery, and these contracts are now traded as commodities in multilateral trading facilities. Although designed to render energy trading standardised and efficient, this system raises serious questions as to whether existing regulatory and antitrust provisions are sufficient to address market abuses that cause imbalances in demand and supply. The European Union’s (EU’s) Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), adopted to combat such market manipulation, is still lacking in significant case law to bolster its effectiveness. Addressing this gap, this invaluable book provides the first in-depth analysis of market manipulation in the energy sector, offering a deeply informed understanding of the new anti-manipulation rules and their implementation and enforcement. Focusing on practices that perpetrators employ to manipulate electricity and natural gas markets and the applicability of anti-manipulation rules to combat such practices, the analysis examines such issues and topics as the following: – factors and circumstances that determine when and what market misconduct can be subject to enforcement; – the European Commission’s criteria to determine whether a particular market is susceptible to regulation; – jurisdiction of REMIT and the Market Abuse Regulation (MAR) with respect to the prohibitions of insider trading in financial wholesale energy markets; – to what extent anti-manipulation rules and EU competition law may be applied concurrently; and – types of physical and financial instruments that market participants have employed in devising their manipulative schemes. Because market manipulation is rather new in the EU context but has been prohibited and prosecuted under US law for over a century, much of the case law analysis is from the United States and greatly clarifies how anti-manipulation rules may be enforced. A concluding chapter offers policy recommendations to mitigate legal uncertainties arising from REMIT. Energy market participants, such as energy producers, wholesale suppliers, traders, transmission system operators and their counsel, and legal practitioners in the field will welcome this book’s extensive legal analysis and its clear demarcation of the objectives that REMIT seeks to accomplish with respect to energy market liberalisation.

Author: Edward J. Swan
Publisher:
ISBN: 9780198759256
Category : Law
Languages : en
Pages : 0

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Book Description
Market Abuse Regulation is a wide-ranging and insightful analysis of the market abuse regime and the applications of the regulations in the UK and European Union. It provides detailed discussion of the implementation and interpretation of the regulation, the conduct of investigations, the defences and appeals available against a finding of market abuse, and overlapping United States regulation. The new edition explains and evaluates the changes introduced by the Markets in Financial Instruments Directive, the Market Abuse Directive, the Market Abuse Regulation, and the implementation of the Regulation on Wholesale Market Integrity and Transparency, which have resulted in dramatic expansion of the coverage of EU market abuse regulation. It addresses the regulation of additional financial instruments, the expansion to include new markets and trading facilities, and changes to the coverage of commodity derivatives and physical commodities. It discusses the dramatic changes to the format of regulation as a result of the restructuring of UK regulators; as well as the addition of new EU supervisory bodies with revised powers over national regulation within the EU. Beyond the EU, it discusses international protocols and treaties which have also added to the regulatory structure.

Author: Tim Boersma
Publisher: Routledge
ISBN: 1317636643
Category : Business & Economics
Languages : en
Pages : 212

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Book Description
Moving beyond most conventional thinking about energy security in Europe which revolves around stability of supplies and the reliability of suppliers, this book presents the history of European policy-making regarding energy resources, including recent controversies about shale gas and fracking. Using the United States as a benchmark, the author tests the hypothesis that EU energy security is at risk primarily because of a lack of market integration and cooperation between member states. This lack of integration still prohibits natural gas to flow freely throughout the continent, which makes parts of Europe vulnerable in case of supply disruptions. The book demonstrates that the EU gas market has been developing at different speeds, leaving the Northwest of the continent reasonably well integrated, with sufficient trade and liquidity and different supplies, whereas other parts are less developed. In these parts of Europe there is a structural lack of investments in infrastructure, interconnectors, reverse flow options and storage facilities. Thus, even though substantial progress has been made in parts of the EU, single source dependency often prevails, leaving the relevant member states vulnerable to market power abuse. Detailed comparisons are made of the situations in the Netherlands and Poland, and of energy policy in the USA. The book dismantles some of the existing assumptions about the concept of energy security, and touches upon the level of rhetoric that features in most energy security and policy debates in Europe.

Author: Ester Herlin-Karnell
Publisher: Bloomsbury Publishing
ISBN: 1509903097
Category : Law
Languages : en
Pages : 209

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Book Description
The European Union regime for fighting market manipulation and insider trading – commonly referred to as market abuse – was significantly reshuffled in the wake of the financial crisis of 2007/2008 and new legal instruments to fight market abuse were eventually adopted in 2014. In this monograph the authors identify the association between the financial crisis and market abuse, critically consider the legislative, policy and enforcement responses in the European Union, and contrast them with the approaches adopted by the United States of America and the United Kingdom respectively. The aftermath of the financial crisis, ongoing security concerns and increased legislation and policy responses to the fight against irregularities and market failures demonstrate that we need to understand, in context, the regulatory responses taken in this area. Specifically, the book investigates how the regulatory responses have changed over time since the start of the financial crisis. Market Manipulation and Insider Trading places the fight against market abuse in the broader framework of the fight against white collar crime and also considers some associated questions in order to better understand the contemporary market abuse regime.

Author: Leonardo Meeus
Publisher: Edward Elgar Publishing
ISBN: 1789905478
Category : Business & Economics
Languages : en
Pages : 192

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Book Description
Bridging theory and practice, this book offers insights into how Europe has experienced the evolution of modern electricity markets from the end of the 1990s to the present day. It explores defining moments in the process, including the four waves of European legislative packages, landmark court cases, and the impact of climate strikes and marches.

Author: Liebrich Hiemstra
Publisher: Edward Elgar Publishing
ISBN: 1035317028
Category : Law
Languages : en
Pages : 215

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Book Description
This timely book provides a detailed analysis of the regulatory landscape of energy derivatives trading in the EU. Liebrich Hiemstra argues that current supervision of the sector is too opaque and identifies how more effective legal remedies can be created to safeguard important legal values.

Author: Kim Talus
Publisher: Oxford University Press
ISBN: 019879181X
Category : Climatic changes
Languages : en
Pages : 193

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Book Description
Offering an introduction to students on the most essential elements of EU energy law and policy, this volume will be the go-to text for those seeking knowledge of EU energy regulation and its objectives, as well as an overview of energy law. Specific topics will cover the content of sector-specific energy regulation, the application and impact of general EU law on energy markets, third party access, unbundling, investment in cross-border networks, energy trading and market supervision, the application of general EU competition law on energy markets, the impact of free movement provisions, and the application of state aid rules. A structured, step by step guide through the fundamental areas of EU energy law.

Author: Rafael Cavestany
Publisher:
ISBN: 9781782722014
Category : Financial risk management
Languages : en
Pages : 459

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Book Description
"Operational Risk Capital Models is a guide for the implementation of state of the art operational risk capital models suitable for regulatory approval. For insurers, Solvency II implementation has created the need, in both highly developed and less developed markets, for the development of these models that help to better understand risks, safe capital and compliance. For the banking industry, regulators in many countries in Africa, Asia and Latin America (as well as Europe) are pressing their local banks to implement advanced operational risk capital models. Banks that have made early implementation are looking to improve their capital models with new advances to match the increasing regulatory requirements. Operational Risk Capital Models enables you to model your operational risk capital to ensure the model meets regulatory standards. It describes the process end to end, from the capture of the required data to the modelling and VaR calculation, as well as the integration of capital results into your institution's daily risk management." --Contratapa.

Author: Henrik Bjørnebye
Publisher: Kluwer Law International B.V.
ISBN: 9041131183
Category : Law
Languages : en
Pages : 482

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Book Description
La 4e de couverture indique : "Since the introduction a quarter-century ago of market-based investments in the production of electricity and other critical services, our awareness of the underlying issues affecting the supply and consumption of energy has changed radically. No longer can Europe (or any region) rely on over-capacity of electricity generation and inexpensive primary energy fuels, or disregard the signs of potentially catastrophic climate change. The author of this timely and sharply focused book shows that, in the light of our current knowledge, ensuring new investments - and the right investments - in electricity generation constitutes an urgent energy policy challenge facing the EU over the coming decades. He accordingly makes the case for a serious reconsideration of the market facilitation and market intervention rules under electricity market legislation in the EU. In the first detailed legal analysis of the EU's internal electricity market framework for investments in electricity generation facilities from the perspective of security of supply, this book cover such legal issues as the following in precise detail : applicability of the Treaty on the Functioning of the European Union (TFEU) ; security of supply as a ground for exemption on the basis of public security ; justifications of public intervention ; the applicability of EU State aid provisions to investments in energy security ; requirements imposed by EU law on Member States for ensuring cost-efficient investments in European supply security ; facilitation of renewable energy sources and cogeneration in the environmental interest ; the Court of Justice's approach to Member State interventions ; the Court's decisions on restrictions on free movement in the environmental interest ; Member States' right to launch tendering procedures for new generation capacity ; Member States' right to impose public service obligations in the general economic interest on certain undertakings ; and relationship between the provisions of the TFEU and those of the Euratom Treaty in relation to investments in nuclear power generation. Throughout the study, in addition to his analysis of the decisions of the Court of Justice and the Court of First Instance, the author takes into account legal literature and Union reports, preparatory works, and working papers. The book demonstrates convincingly that today's energy supply challenges must be based on a broader balancing of security, competitiveness and sustainability interests. It suggests that the internal electricity market provisions of the Electricity Directive and the Security of Electricity Supply Directive would benefit from focusing more intensely on requiring investments in technologies and primary energy sources that will help mitigate climate change and reduce European energy import dependency, and less on the need for ensuring cost-efficient investments through market-based means. Through its detailed analysis of EU law in an area of great significance to both market participants and the public sector, Investing in EU Energy Security will be welcomed by legal advisors, whether working for the EU electricity industry or public agencies responsible for implementation of internal electricity market measures, as well as by academics in this hugely important field of current research."