47 Amendments of András GYÜRK related to 2010/0363(COD)
Amendment 68 #
Proposal for a regulation
Recital 4
Recital 4
(4) Wholesale energgas and electricity markets encompass both commodity markets and derivative markets, with price formation in both sectors interlinked.
Amendment 79 #
Proposal for a regulation
Recital 7
Recital 7
(7) Derivative trading and commodity trading are used together on wholesale energy markets. It is therefore important that the definitions of market abuse, which consists of insider trading and market manipulation, are compatible between derivatives and commodity markets but at the same time taking into account the specific characteristics of the wholesale energy markets.
Amendment 86 #
Proposal for a regulation
Recital 11
Recital 11
(11) Specification of the definitions of inside information and market manipulation is necessary to account for the specificities of wholesale energy markets, which are dynamic and subject to change. The Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty in respect to such detailed rules. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. Expertise could in particular be provided inter alia by experts from the Agency for the Cooperation of Energy Regulators (the Agency), the Committee of European Securities Regulators (CESR), the European Networks of Transmission System Operators for Gas and for Electricity (ENTSO-E, ENTSO-G), the European Securities and Markets Authority (ESMA), national regulatory authorities, national competition authorities, competent financial authorities in the Member States, stakeholders such as organised market places and market participants. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and Council and ensure that the European Parliament and the Council are closely involved in the preparatory phase and regularly invited to take part in the expert meetings.
Amendment 94 #
Proposal for a regulation
Recital 13
Recital 13
(13) Efficient market monitoring at Union level is vital to detecting and deterring market abuse on wholesale energy markets. The Agency is best placed to carry out such monitoring as it has both a Union wide view of electricity and gas markets, and the necessary expertise in the operation of electricity and gas markets and systems in the Union. National regulatory authorities having an important understanding of developments on energy markets in their Member State should have an important role in ensuring efficient market monitoring at national level. The collection of data by the Agency is without prejudice to the right of national authorities to collect additional data for national purposes.
Amendment 97 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to be able to exercise effective market monitoring, the Agency should have a complete list of energy wholesale traders. The national regulatory authorities, where a licensing system is already functioning, should transfer the relevant data to the Agency, including the information, in which country other than the home country the wholesale traders are active. The member states, where such a system does not exist, should introduce a mandatory register for energy wholesale traders. The details of the registration system to be should be determined by the Commission in cooperation with the national regulatory authorities. The national regulatory authorities should transfer the relevant data to the Agency as mentioned before. The Agency should inform the concerned national regulatory authority on whose market the energy wholesale trader is active. The Agency should manage and maintain this public register of wholesale energy traders active and enable the access for the national regulators or other competent authorities for investigation purposes. Efficient market monitoring requires regular access to records of transactions. For this reason market participants who trade wholesale energy products as well as access to fundamental data on capacity and utilisation of facilities for production, storage, consumption or transmission of electricity and natural gas or related to the capacity and utilisation of LNG facilities. For this reason market participants, including transmission system operators, suppliers, traders, producers and brokers who trade wholesale energy products either having a licence or are registered should be requirobliged to provide this information to the Agency.
Amendment 103 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to ensure the necessary flexibility in collecting information on transactions in wholesale energy products, the Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty setting out the timing, form and content of the information which market participant are required to provide. Reporting obligations should not create unnecessary costs for market participants. Persons reporting transactions to a competent authority in accordance with the provisions of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, and to trade repositories and competent authorities in accordance with the provisions of Regulation ../.. of the European Parliament and the Council on OTC derivatives, central counterparties and trade repositories should therefore not be subject to additional reporting obligations under this Regulation. or administrative burdens for market participants, and should therefore undergo an ex ante cost- benefit analysis. The reporting obligations on market participants relating to capacity and utilisation of production, consumption, storage, transmission of electricity and natural gas or related to the capacity and utilisation of LNG facilities should be minimised by collecting the required information or parts thereof from existing sources where possible taking into account transparency frameworks established under Regulation (EC) No 714/2009 and Regulation (EC) No 715/2009. Data collection should also take into account the proposal of the European Regulators' Group for Electricity and Gas for Comitology Guidelines on Fundamental Electricity Data Transparency. Persons reporting transactions to a competent authority in accordance with the provisions of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, and to trade repositories and competent authorities in accordance with the provisions of Regulation ../.. of the European Parliament and the Council on OTC derivatives, central counterparties and trade repositories should therefore not be subject to double reporting obligations. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and Council and ensure that the European Parliament and the Council are closely involved in the preparatory phase, notably by being invited to take part in the expert meetings.
Amendment 106 #
Proposal for a regulation
Recital 17
Recital 17
(17) The Agency should ensure the operational security of the data which it receives, prevent unauthorised access to the information kept by the Agency, and establish procedures to ensure that the data it collects are not misused by persons with an authorised access to them. The Agency should also be assured that those authorities who have access to the data held by Agency will be able to maintain an equally high level of security. The operational security of the IT-systems used for processing and transmitting the data therefore also needs to be ensured. For setting up an IT-system, which ensures the highest possible level of data confidentiality, it is essential for the Agency to work closely with the European Network and Information Security Agency (ENISA).
Amendment 118 #
Proposal for a regulation
Recital 19
Recital 19
(19) National regulatory authorities should be responsible for ensuring that this Regulation is enforced in the Member States. To this end they should have the necessary investigatory and enforcement powers to allow them to carry out this task efficiently. The Agency should ensure that these investigatory powers are exercised consistently in a similar and proportionate manner. For this purpose, the Agency may provide guidance to the national regulatory authorities.
Amendment 126 #
Proposal for a regulation
Recital 21
Recital 21
(21) National regulatory authorities, national competition authorities and competent financial authorities should cooperate to ensure a coordinated approach to tackling market abuse on wholesale energy markets which encompasses both commodity markets and derivatives markets.
Amendment 129 #
Proposal for a regulation
Recital 22
Recital 22
(22) It is important that the obligation of professional secrecy applies to those who receive confidential information in accordance with the provisions of this Regulation. The Agency, national regulatory authorities, national competition authorities and competent financial authorities should ensure the confidentiality, integrity and protection of the information which they receive.
Amendment 130 #
Proposal for a regulation
Recital 23
Recital 23
(23) It is important that the penalties for breaches of this Regulation are proportionate and dissuasive, and reflect the gravity of the infringements and the potential gains from trading on the basis of inside information and market manipulation. Recognising the interactions between trading in electricity and gas derivative products and trading in actual electricity and gas, the penalties for breaches of this Regulation should be in line with the penalties adopted by the Member States in implementing Directive 2003/6/EC. Taking into account the consultation on the Commission Communication of COM(2010)716 entitled ‘Reinforcing sanctioning regimes in the financial services sector’ the Commission should bring forward proposals to further harmonise the penalties system of Member States.
Amendment 136 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation establishes rules prohibiting abusive practices on wholesale energy markets taking into account the specific characteristics of these markets and coherent with those applying in financial markets. It provides for the monitoring of wholesale energy markets by the Agency. for the Cooperation of Energy Regulators (the Agency).
Amendment 145 #
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
The Agency, ESMA, national regulatory authorities, the national competition authorities and competent financial authorities shall cooperate to ensure that a coordinated approach is taken to the enforcement of the relevant rules where actions relate to one or more financial instruments to which the provisions of Article 9 of Directive 2003/6/EC apply and also to one or more wholesale energy products to which the provisions of Article 3 and Article 4 apply.
Amendment 157 #
Proposal for a regulation
Article 2 – point 1 – subparagraph 2
Article 2 – point 1 – subparagraph 2
For the purposes of applying the first subparagraph, information a reasonable market participant would be likely to use as part of the basis of his decision to enter into a transaction relating to a wholesale energy product is information which, if it were made public, would be likely to have a significant effect on the prices of such wholesale energy products. Such information includes information related to the capacity and utilisation of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and utilisation of LNG facilities, as well as information which is required to be disclosed in accordance with legal or regulatory provisions at Union or national level, market rules, and contracts or customs on the relevant wholesale energy market.
Amendment 167 #
Proposal for a regulation
Article 2 – point 2 – subparagraph 2
Article 2 – point 2 – subparagraph 2
By way of example, making it appear that the availability of electricity generation capacity or gas availability, or the availability of transmission capacity is other that the capacity which is actually physically available constitutes market manipulation. Conduct by a person, or persons acting in collaboration, with the aim of securing a dominant trading position over the supply of or demand for a wholesale energy product, including by withholding electricity generation capacity or gas, or the availability of transmission capacity, or by voluntarily and significantly without legitimate economic or commercial rationale reducing the availability of its own capacity, which has the effect of influencing, directly or indirectly, purchase or sale prices or creating other unfair trading conditions, constitutes market manipulation.
Amendment 171 #
Proposal for a regulation
Article 2 – point 4 – subparagraph 1
Article 2 – point 4 – subparagraph 1
4. ‘wholesale energy products’ means the following contracts and derivatives, irrespective of where and how, how and at which market segment they are traded:
Amendment 174 #
Proposal for a regulation
Article 2 – point 4 – subparagraph 1 – point a
Article 2 – point 4 – subparagraph 1 – point a
(a) contracts for the supply of natural gas or electricity with the delivery in the Union;
Amendment 177 #
Proposal for a regulation
Article 2 – point 4 – subparagraph 1 – point b
Article 2 – point 4 – subparagraph 1 – point b
(b) derivatives relating to natural gas or electricity produced, traded or delivered in the Union;
Amendment 180 #
Proposal for a regulation
Article 2 – point 4 – subparagraph 1 – point c
Article 2 – point 4 – subparagraph 1 – point c
(c) contracts relating to the transportatmission of natural gas or electricity in the Union;
Amendment 182 #
Proposal for a regulation
Article 2 – point 4 – subparagraph 1 – point d
Article 2 – point 4 – subparagraph 1 – point d
(d) derivatives relating to the transportatmission of natural gas or electricity in the Union.
Amendment 195 #
Proposal for a regulation
Article 2 – point 5
Article 2 – point 5
5. ‘wholesale energy market’ means any marketplace both regulated and non-regulated and over the counter (OTC) transactions within the Union on which wholesale energy products are traded;
Amendment 196 #
Proposal for a regulation
Article 2 – point 5 a (new)
Article 2 – point 5 a (new)
5a. ‘market participant’ means any natural or legal person, including transmission system operators, who enters into transactions, including the placing of orders to trade, in one or more wholesale energy market;
Amendment 201 #
Proposal for a regulation
Article 2 – point 5 b (new)
Article 2 – point 5 b (new)
5b. ‘trading venues’ means organised trading venues for wholesale energy products which are financial instruments, particularly regulated markets and multilateral trading facilities (MTF) as defined in Directive 2004/39/EC, and spot markets, including gas hubs, for physical wholesale energy products;
Amendment 210 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
4. Market participants shall make publicly disclosavailable inside information in respect of business or facilities which the participant concerned owns or controls or for which the participant is responsible for operational matters, either in whole or in part. Such information shall include information relevant to the capacity and utilisation of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and utilisation of LNG facilities.
Amendment 218 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2 a (new)
Article 3 – paragraph 5 – subparagraph 2 a (new)
Amendment 219 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2 b (new)
Article 3 – paragraph 5 – subparagraph 2 b (new)
Each Member State shall have a licensing system or establish a register of all wholesale energy trading firms authorised in that Member State.
Amendment 220 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2 c (new)
Article 3 – paragraph 5 – subparagraph 2 c (new)
In case a Member State does not have any licensing system, the national regulatory authority shall establish a mandatory registration system in order to have a full register including each wholesale trading company active in the Member State's market. The details of the registration system should be defined by the Commission and the national regulatory authorities.
Amendment 221 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2 d (new)
Article 3 – paragraph 5 – subparagraph 2 d (new)
National regulatory authorities shall send the relevant data of the wholesale traders to the Agency. The Agency shall maintain a database to make these data publicly accessible and update this database on a regular basis.
Amendment 222 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2 e (new)
Article 3 – paragraph 5 – subparagraph 2 e (new)
The competent national regulatory authority shall have the power to withdraw the registration of a wholesale energy trading firm.
Amendment 231 #
Proposal for a regulation
Article 5 – paragraph 2 – point a
Article 5 – paragraph 2 – point a
(a) the specific functioning of wholesale energy markets including the specificities of electricity markets and gas markets and the interaction between commodity markets and derivative markets;
Amendment 234 #
Proposal for a regulation
Article 5 – paragraph 2 – point a a (new)
Article 5 – paragraph 2 – point a a (new)
(aa) the need for enhanced cooperation with the competent authorities while at the same time establishing an efficient reporting system aiming to prevent double reporting;
Amendment 244 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. National regulatory authorities shall cooperate with the Agency in carrying out the monitoring of wholesale energy markets referred to at paragraph 1. For this purpose national regulatory authorities shall have access to relevant information held by the Agency which it has collected in accordance with paragraph 1, subject to the provisions of Article 8(2). This shall be without prejudice to national law requirements empowering national regulatory authorities or other competent national bodies to collect additional energy wholesale market data other than the data reported to the Agency.
Amendment 246 #
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 1
Article 6 – paragraph 3 – subparagraph 1
3. The Agency shall at least on an annual basis submit a report to the European Parliament and to the Commission on its activities under this Regulation and make this report public. Such reports shall bring to the notice of the Commission flaws in market rules, standards, and procedures which could facilitate insider trading and market manipulation or undermine the internal market. Reports may be combined with the report referred to in Article 11(2) of Regulation (EC) No 713/2009.
Amendment 254 #
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
Article 6 – paragraph 3 – subparagraph 2
The Agency may make recommendations as to the records of transactions, including orders to trade, which it considers are necessary to effectively and efficiently monitor wholesale energy markets. Before making such recommendations the Agency shall consult with interested parties in accordance with the provisions of Article 10 of the Regulation (EC) No 713/2009. In particular the Agency shall consult with ESMA, national regulatory authorities, national competition authorities and competent financial authorities in the Member States stakeholders such as organised market places and market participants.
Amendment 266 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2
Article 7 – paragraph 2 – subparagraph 2
Without prejudice to the first subparagraph, the delegated acts referred to in paragraph 1 may establish a non- binding framework to allow trading venues and organised markets and trade matching or trade reporting systems to provide the Agency with a record of wholesale energy transactions and/or fundamental data they hold.
Amendment 270 #
Proposal for a regulation
Article 7 – paragraph 4 – subparagraph 1
Article 7 – paragraph 4 – subparagraph 1
4. Market participants shall provide the Agency and national regulatory authorities with information related tosuch as the capacity and utilisation of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and utilisation of LNG facilities for the purpose of monitoring trading in wholesale energy markets. This reporting shall be limited to data and information which have not already been reported to trading venues, transmission system operators or other entities for publication under obligations related to information transparency. The reporting obligations on market participants shall be minimised by collecting the required information or parts thereof from existing sources, such as existing regional or national reporting infrastructure, where possible. Data already reported shall be made available to the Agency by transmission system operators or such other relevant data collecting entities which are responsible for collecting data.
Amendment 282 #
Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 2 a (new)
Article 8 – paragraph 2 – subparagraph 2 a (new)
The Agency and the competent authorities responsible for the supervision of emission trading shall set up a mechanism providing the Agency with the access to records of transactions in emissions allowances and derivatives relating to emissions allowances.
Amendment 286 #
Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 3
Article 9 – paragraph 1 – subparagraph 3
The Agency shall identify sources of operational risk and minimise them through the development of appropriate systems, controls and procedures. The Agency’s IT tools shall comply with the best available security standards.
Amendment 287 #
Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 3 a (new)
Article 9 – paragraph 1 – subparagraph 3 a (new)
National regulatory authorities, the competent financial authorities, competition authorities of the Member States, ESMA and other relevant authorities shall ensure the confidentiality, integrity and protection of the information which they receive in accordance with Article 6(2) or Article 8 and shall take steps to prevent any misuse of such information.
Amendment 296 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2
Article 10 – paragraph 1 – subparagraph 2
Each Member State shall ensure that national regulatory authorities have the investigatory and enforcement powers necessary for the exercise of this function. These powers shall be exercised in a proportionate manner. These powers may be exercised:
Amendment 297 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2 – point b
Article 10 – paragraph 1 – subparagraph 2 – point b
(b) in collaboration with other authorities or market undertakings including market surveillance departments of trading venues;
Amendment 308 #
Proposal for a regulation
Article 10 – paragraph 2 – point g
Article 10 – paragraph 2 – point g
(g) request a court or any competent authority to impose a temporary prohibition of professional activity.
Amendment 310 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
1. The Agency shall ensure that national regulatory authorities carry out their tasks under this Regulation in a coordinated way. The Agency shall be provided with the additional financial and human resources necessary for it to adequately fulfil the additional tasks assigned to it under this Regulation.
Amendment 320 #
Proposal for a regulation
Article 12 – paragraph 2 – point c
Article 12 – paragraph 2 – point c
(c) persons working or who have worked for the national regulatory authorities or for other relevant authorities;
Amendment 322 #
Proposal for a regulation
Article 12 – paragraph 2 – point d
Article 12 – paragraph 2 – point d
(d) auditors and experts instructed by national regulatory authorities or by other relevant authorities who receive confidential information in accordance with the provisions of this Regulation.
Amendment 325 #
Proposal for a regulation
Article 13
Article 13
The Member States shall lay down the rules on penalties applicable to infringements of the provisions of this Regulation and shall take all measures necessary to ensure that they are implemented. The penalties provided for must be effective, proportionate and dissuasive. Taking account of the consultation on the Commission Communication of COM(2010)716 entitled "Reinforcing sanctioning regimes in the financial services sector", the Commission shall define recommendations with the aim of striving towards a harmonised penalties system of Member States. The Member States shall notify those provisions to the Commission by ... at the latest and shall notify it without delay of any subsequent amendment affecting them.
Amendment 346 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. The European Parliament and the Council may object to the delegated act within a period of two months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by onetwo months.