Disclosure of inside information in a timely manner

Inside information must be disclosed in an effective and timely manner. ACER considers that:

• the publication of inside information which was published in accordance with Regulations 714/2009 and 715/2009, including guidelines and network codes adopted pursuant to those Regulations, and Regulation 543/2013 is considered simultaneous, complete and effective public disclosure. However, this does not necessarily constitute disclosure in a timely manner. To ensure timely disclosure, the inside information has to be published, in any case, before trading in wholesale energy products to which that information relates or recommending another person to trade on wholesale energy markets to which that information relates.
• if information does not have to be made public in accordance with Regulations 714/2009, 715/2009 and 543/2013, there is no reason for applying a different timeframe for the disclosure of information than stated in the above-mentioned Regulations. Such information should therefore normally be published as soon as possible, but at the latest within one hour if not otherwise specified in applicable rules and regulations. But in any case the inside information has to be published before trading in wholesale energy products to which that information relates or recommending another person to trade on wholesale energy markets to which that information relates.

Market participants should develop a clear compliance plan towards real time or close to real time disclosure of inside information, beyond compliance with existing third package transparency obligations.