19 Amendments of Philippe LAMBERTS related to 2010/0363(COD)
Amendment 27 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) In order to increase transparency in the energy wholesale markets, the Agency for the Cooperation of Energy Regulators established by Regulation (EC) No 713/2009 of the European Parliament and of the Council1 (The Agency) should introduce a registry of market participants as well as investigate the feasibility and the timing of migrating over-the-counter (OTC) derivatives to trading floors entailing clearance; ________________ 1 OJ L 211, 14.8.2009, p. 1
Amendment 28 #
Proposal for a regulation
Recital 4 b (new)
Recital 4 b (new)
(4b) In order to create a level playing field between different market places and contract forms, minimum requirements for trading floors should be envisaged;
Amendment 29 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) Recognising the interactions between electricity and gas markets with the markets for oil, coal and CO2, the Agency should monitor them in order to ensure a comprehensive understanding of market developments.
Amendment 32 #
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. The rules should apply to all transactions concluded, whether directly or through intermediaries, on regulated markets, on multilateral trading facilities and over the counter (OTC) transactions, irrespective of whether they are standardised or bilateral ones.
Amendment 37 #
Proposal for a regulation
Recital 19
Recital 19
(19) National regulatory authorities should be responsible for ensuring thathave a duty to enforce this Regulation is enforced in the Member States. To this end they should have the necessary investigatory powers to allow them to carry out this task efficiently. The Agency should also have investigatory powers in strong coordination with the national regulatory authorities concerned and have the power to ensure the consistency of the approach to investigation and subsequent action across the Union.
Amendment 39 #
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 order to achieve the level of dissuasion required, minimum penalties should therefore be set at two times the total of the direct and indirect potential financial gains resulting from the actions this directive seeks to prevent.
Amendment 40 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation establishes rules prohibiting abusive practices on wholesale energy markets coherent with those applying in financial markets. It provides for the monitoring of wholesale energy markets by the Agency and sets minimum requirements for the operation of trading floors and all OTC trading.
Amendment 47 #
Proposal for a regulation
Article 2 – point 2 – subpoint b a (new)
Article 2 – point 2 – subpoint b a (new)
(ba) trading in spot and derivatives energy markets leading to false price signals as well as the build up of asset bubbles, namely the decoupling from the physically available electricity and gas in the market from the trade volumes contracted.
Amendment 48 #
Proposal for a regulation
Article 2 – point 4 – subpoint a
Article 2 – point 4 – subpoint a
(a) all contracts for the supply of natural gas or electricity;
Amendment 49 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
Market participants shall simultaneously, effectively, immediately and publicly disclose 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 of facilities for production, storage, consumption or transmission of electricity or natural gas.
Amendment 50 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The Agency shall monitor trading activity in wholesale energy products to detect and prevent trading based on inside information and market manipulation(including OTC transactions), emission allowance certificates and oil and coal markets to detect and prevent trading based on inside information and market manipulation, as well as to analyse links between such trading and the events occurring in the related energy product markets. It shall collect the data for assessing and monitoring wholesale energy markets as provided for in Article 7.
Amendment 51 #
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1a. The Agency shall have access to information on the physical reality of grids, pipelines and storage facilities, in order to allow it to proceed to market design, identify bottlenecks, codify capacities and agree on algorithms for grid availability that would ensure fully transparent market conditions.
Amendment 53 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The Agency shall be provided timely and directly with a record of wholesale energy market transactions, including orders to trade. For the purpose of monitoring trading in wholesale energy markets, such collected data should enable the Agency to identify market abuses and to monitor the development of conditions under which market abuses are more likely or dangerous. The Commission shall adopt delegated acts in accordance with Article 15 and subject to conditions of Articles 16 and 17, laying down the timing, form and content in which this information is reported and, where appropriate, defining thresholds for the reporting of transactions as well as specifying types of contracts for which transactions shall be reported.
Amendment 56 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
National regulatory authorities shall ensure with the support of the Agency that the prohibitions set out in Articles 3 and 4 are applied.
Amendment 57 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2 – introductory part
Article 10 – paragraph 1 – subparagraph 2 – introductory part
Each Member State shall ensure that national regulatory authorities have the investigatory powers necessary for the exercise of this function with the support of the Agency. These powers shall be exercised in a proportionate manner. These powers may be exercised:
Amendment 58 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2 – point c a (new)
Article 10 – paragraph 1 – subparagraph 2 – point c a (new)
(ca) by request of the Agency in case its initial assessments have provided robust information to support recommendations to do so.
Amendment 59 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2
Article 11 – paragraph 1 – subparagraph 2
National regulatory authorities shall cooperate with the Agency and with each other for the purpose of carrying out their duties in accordance with this Regulation. This cooperation can also take the form of regional cooperation of national regulatory authorities within the structure of the Agency in order to reflect market realities.
Amendment 60 #
Proposal for a regulation
Article 11 – paragraph 2 – subparagraph 2
Article 11 – paragraph 2 – subparagraph 2
Where a national regulatory authority suspects, or initial assessments and analysis by the Agency suggest that acts which affect wholesale energy markets or the price of wholesale energy products in that Member State are being carried out in another Member State, it maythe national regulatory authority shall request the Agency to take measures in accordance with paragraph 4.
Amendment 63 #
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. European Union wide minimum standards for penalties to be endorsed by 2012 should be set at the level of at least two times the total of the direct and indirect potential financial gains resulting from the actions this directive seeks to prevent. 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.