Activities of Danuta Maria HÜBNER related to 2023/0076(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1227/2011 and (EU) 2019/942 to improve the Union’s protection against market manipulation in the wholesale energy market
Amendments (11)
Amendment 19 #
Proposal for a regulation
Recital 5
Recital 5
(5) Sharing of information between national regulatory authorities and the national competent financial authorities is a central aspect of cooperation and detection of potential breaches in both the wholesale energy markets and the financial markets. In the light of the exchange of information between competent authorities pursuant to Regulation (EU) 596/2014 at national level, national regulatory authorities should share relevant information they receive with national financial and competition authorities, as well as with the European Agency for the Cooperation of Energy Regulators (ACER) and ESMA.
Amendment 20 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) ACER and ESMA should closely coordinate in their supervisory activities, including, but not limited to, on issues arising from the adoption of this Regulation, in order to ensure that the most complete data sets are available to and that action can be taken as needed by the European or national regulatory authorities or competent financial authorities, as applicable. ACER and ESMA should particularly explore arrangements in order to ensure that the flow of information between them and national regulatory authorities and competent financial authorities is unobstructed, and that they can have, at all times, an overview of the energy markets in the Union.
Amendment 22 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Regulation (EU) No 1227/2011
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Regulation applies to trading in wholesale energy products. Articles 3, 5, 5a and Article 9(1) of this Regulation shall not apply to wholesale energy products which are financial instruments and to which Article 2 of Regulation (EU) No 596/2014 applies. This Regulation is without prejudice to the application of Directive (EU) 2014/65, Regulation (EU) 600/2014, Regulation (EU) No 596/2014 and Regulation (EU) 648/2012 as regards activities involving financial instruments as defined underin Article 4(1)(15) of Directive (EU) 2014/65 as well as to the application of European competition law to the practices covered by this Regulation.
Amendment 31 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j
Article 1 – paragraph 1 – point 2 – point j
Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
(18) ‘algorithmic trading’ means trading in wholesale energy products which are not financial instruments where a computer algorithm automatically determines individual parameters of orders to trade such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited human intervention or no such intervention at all, not including any system that is only used for the purpose of routing orders to one or more organised market places or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post- trade processing of executed transactions;
Amendment 36 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j
Article 1 – paragraph 1 – point 2 – point j
Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 19
Article 2 – paragraph 1 – point 19
(19) ‘direct electronic access’ means an arrangement whereby a member, participant or client of an organised market place allows another person to use its trading code so the person may electronically transmit orders to trade relating to a wholesale energy product which is not a financial instrument directly to the organised market place, including arrangements which involve the use by a person of the infrastructure of the member, participant or client, or any connecting system provided by the member, participant, or client, to transmit the orders to trade (direct market access) and arrangements whereby such an infrastructure is not used by a person (sponsored access);
Amendment 38 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j
Article 1 – paragraph 1 – point 2 – point j
Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
(21) ‘LNG trading’ means bids, offentering into any transactions, including orders tor transactions forde on an organised market place, relating to the purchase or sale of LNG: (a) that specify delivery in the Union; (b) that result in delivery in the Union; or (c) in which one counterparty re- gasifies the LNG at a terminal in the Union.
Amendment 40 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j
Article 1 – paragraph 1 – point 2 – point j
Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 25
Article 2 – paragraph 1 – point 25
(25) ‘LNG benchmark’ means the determination of a spread between the daily LNG price assessment and the settlement price for the TTF Gas Futures front-month contract estaa benchmark, as defined in point (25a(new)), with regard to LNG trading and published by IACE Endex Markets B.V. on a daily basis.;R.
Amendment 41 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j
Article 1 – paragraph 1 – point 2 – point j
Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 25a (new)
Article 2 – paragraph 1 – point 25a (new)
(25a) ‘benchmark’ means any index by reference to which the amount payable under a wholesale energy product or a contract relating to a wholesale energy product, or the value of a wholesale energy product, is determined, whereas that wholesale energy product is not a financial instrument.
Amendment 42 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j
Article 1 – paragraph 1 – point 2 – point j
Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 25b (new)
Article 2 – paragraph 1 – point 25b (new)
(25b) ‘financial instrument’ means those instruments specified in Section C of Annex I of Directive 2014/65/EU;
Amendment 49 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 1227/2011
Article 5a – paragraph 2 – subparagraph 3
Article 5a – paragraph 2 – subparagraph 3
The market participant shall arrange for records to be kept in relation to the points referred to in this paragraph for at least five years and shall ensure that those records are sufficient to enable its national regulatory authority to monitor compliance with this Regulation.
Amendment 60 #
Proposal for a regulation
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Regulation (EU) No 1227/2011
Article 13a – paragraph 1
Article 13a – paragraph 1
1. The Agency shall prepare and conduct on-site inspections in close cooperation with the relevant authorities of the Member State concerned and, where it deems it necessary, with ESMA.