Disclosure of inside information

Disclosure of inside information

Article 4(1) REMIT requires market participants to publicly disclose inside information available to them in an effective and timely manner. Such information relates to businesses or facilities

  • which the market participant concerned, or its parent undertaking or related undertaking, owns or controls; or
  • for whose operational matters that market participant or undertaking is responsible, either in whole or in part.

This obligation to disclose inside information also applies to or person employed by, or acting on behalf of, a market participant when that person discloses inside information to any other person in the normal course of the exercise of their employment, profession or duties as referred to in Article 3(1)(b) of REMIT.. That market participant or person is required to ensure simultaneous, complete and effective public disclosure of that information.

Pursuant to section 10a Elektrizitätswirtschafts- und -organisationsgesetz (Electricity Act) 2010 or section 10a Gaswirtschaftsgesetz (Natural Gas Act) 2011, any market participant obliged to publish inside information pursuant to Article 4 REMIT is additionally required to submit such information to E-Control at the same time as publishing it.

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Article Navigation Portlet

  • Disclosure of inside information in an effective manner
  • Disclosure of inside information in a timely manner
  • Exceptions

Disclosure of inside information in an effective manner

Disclosure of inside information in an effective manner

Inside information must be disclosed in a timely manner and in a manner ensuring that it is capable of being disseminated to as wide a public as possible. This is why ACER believes that the disclosure of inside information through platforms has its merits. As regards disclosing inside information effectively, ACER currently proposes the following mechanisms:

  • platforms for the disclosure of inside information operated by transmission system operators (e.g. RTE-UFE transparency initiative) or energy exchanges (e.g. EEX Transparency Platform), or transparency platforms in accordance with Regulations 714/2009 and 715/2009, including guidelines and network codes adopted pursuant to those Regulations and including Regulation 543/2013;
  • if adequate transparency platforms do not yet exist, market participants may also publish inside information which they possess on their company website. Market participants may also publish inside information simultaneously on both an adequate transparency platform and their company website. Social media should only be used as additional sources not replacing website publications.

ACER considers that effective disclosure is only deemed to exist where the following minimum quality requirements are met:

  • inside information is disclosed to the public on a non-discriminatory basis and free of charge;
  • inside information is made available via an RSS feed specific for the disclosure of inside information, allowing easy and fast access by the public;
  • inside information is kept available for the public for a period of at least 2 years;
  • the information is published in the official language(s) of the relevant member state and in English or in English only;
  • minimal unavailability consistent with market expectations is ensured;
  • effective administrative arrangements designed to prevent conflicts of interest with market participants are ensured (applicable only for platforms).

While market participants are responsible for the disclosure of inside information, ACER understands that they do not have influence on the operation of platforms. Therefore, ACER believes that market participants are not responsible for temporary technical problems of such platforms fulfilling the above-mentioned minimum quality requirements. If the information was transmitted to the platform in time and there were temporary technical problems, the market participant should therefore not be charged for having breached the obligation to disclose inside information. If technical problems persist, however, market participants have to use other platforms or their own website instead.

Regardless of whether the information is published on a transparency platform or on the market participant’s website, the publication should contain the following information:

Caption: “Publication according to Article 4(1) REMIT – Urgent Market Message”

A subject heading that summarises the main content of the publication

The time and date of the publication

The time and date of the relevant incident

If applicable, the name and location of the asset concerned

If applicable, the market area concerned

If applicable, the affected capacity of the asset concerned

If applicable, the available capacity of the asset concerned

If applicable, the fuel concerned

If applicable, the estimated time at which the assets concerned will be partly/or wholly available again

If applicable, the reasons for the unavailability of the asset concerned. If the reason(s) for the unavailability is/are not known, regular updates should be provided until the reason(s) is/are confirmed.

If applicable, a history of prior publications regarding the same event, e.g. if a prognosis is updated or an unplanned outage becomes a planned outage.

Any other information necessary for the reader to understand the relevant information

If the publication requires a prognosis, e.g. regarding the duration of an outage, such prognosis may contain an element of uncertainty. Therefore, ACER believes that market participants fulfil their publication requirements if the prognosis is based on all available data and has been prepared with reasonable effort. If a prognosis changes over time, the publication should be updated accordingly.

It is ACER’s understanding that the disclosure of inside information in an incomplete or incorrect manner would be considered as a non-effective disclosure and thus be in breach of Article 4(1) REMIT.

Disclosure of inside information in a timely manner

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.

Exceptions

Exceptions

Article 4 REMIT defines the obligation of market participants to publish inside information. Article 4(2) REMIT provides that a market participant may exceptionally delay the public disclosure of inside information

  • so as not to prejudice the market participant’s legitimate interests,
  • provided that such omission is not likely to mislead the public,
  • provided that the market participant is able to ensure the confidentiality of that information,
  • and provided that the market participant does not make decisions relating to trading in wholesale energy products based upon that information.

In such a situation the market participant must without delay provide that information, together with a justification for the delay of the public disclosure, to ACER and E-Control. The required forms are available in the section Disclosure forms.