8 Amendments of Louis GRECH related to 2010/0363(COD)
Amendment 25 #
Proposal for a regulation
Recital 1
Recital 1
(1) It is important to ensure that consumers can have confidence in the integrity of electricity and gas markets and that prices set on wholesale energy markets reflect a fair interplay between supply and demandhat prices set on wholesale energy markets reflect a fair interplay between supply and demand to ensure that consumers pay a fair price for electricity and gas in the entire European Economic Area, which in long term would increase consumer confidence in the electricity and gas markets and would ensure affordable, accessible and available energy for all citizens.
Amendment 27 #
Proposal for a regulation
Recital 3
Recital 3
(3) Energy markets are increasingly interlinked across the Union. Market abuse in one Member State affects both wholesale prices for electricity and gas across national borders and retail prices for consumers. Therefore the concern to ensure the integrity of markets cannot be a matter only for individual Member States. Therefore a strong cross-border market monitoring is essential for the completion of a fully functioning, interconnected and integrated internal energy market.
Amendment 30 #
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 carry out appropriate consultation 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 the Council.
Amendment 31 #
Proposal for a regulation
Recital 13
Recital 13
(13) Efficient market monitoring 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. Therefore the concern to ensure proper monitoring and transparency of the energy market depends upon the close cooperation and enhanced coordination between various European Agencies and national authorities.
Amendment 33 #
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 instruments16 , 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. It is of particular importance that the Commission carry out appropriate consultation 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 the Council.
Amendment 38 #
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. In this connection, it is essential for the penalties to be substantially harmonised in all Member States so as to avoid regulatory arbitrage, that is to say conclusion of contracts in the country where there is the lowest risk of incurring penalties.
Amendment 58 #
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 and substantially harmonised in all the 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 61 #
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The decision of revocation shall put an end to the delegation of the powers specified in that decision. It shall take effect immediatelyon the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.