EU Regulation 1227/2011 on wholesale energy market integrity and transparency (REMIT) outlines rules for market participants active in wholesale energy markets. In force since 28 December 2011, the Regulation prohibits insider trading and market manipulation. To deter and detect such practices, ACER (the Agency for the Cooperation of Energy Regulators) manages the Europe-wide market monitoring which is complemented by the investigative powers of member states.
REMIT complements and expands upon financial market regulation, since energy products in the broadest sense are also traded as financial instruments. The delineation with regard to the Market Abuse Directive 2003/6/EC is set by REMIT itself. The position of REMIT’s scope within the system of directives and regulations that are currently being developed and will provide the framework for transparency and integrity in the financial market in the future will be clarified once these legal instruments have entered into force.