Activities of Bogdan Kazimierz MARCINKIEWICZ related to 2010/0363(COD)
Plenary speeches (1)
Energy market integrity and transparency (debate)
Amendments (31)
Amendment 63 #
Proposal for a regulation
Recital 3
Recital 3
(3) Energy markets are increasingly interlinked across the Union. Market abuse in one Member State often affects wholesale prices for electricity and gas across national borders. Therefore the concern to ensure the integrity of markets cannot be a matter only for individual Member States.
Amendment 87 #
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 and to ensure coherence with other relevant EU legislation in the fields of financial services and energy, which are all 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 consultations during its preparatory work, including at expert level. Expertise could be provided inter alia by experts from the Agency for the Cooperation of Energy Regulators, the Committee of European Securities Regulators (CESR), the European Networks of Transmission System Operators for Gas and for Electricity, the European Securities and Markets Authority (ESMA), national regulatory authorities, competent financial authorities in the Member States 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.
Amendment 95 #
Proposal for a regulation
Recital 13
Recital 13
(13) Efficient market monitoring at the 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.
Amendment 100 #
Proposal for a regulation
Recital 14
Recital 14
(14) Efficient market monitoring requires regular access to records of transactions. For this reason market participants who trade wholesale energy products should be required to provide this information for standardised products only to the Agency.
Amendment 104 #
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 upon due consultation with market participants, interested parties and authorities including the Agency 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 participantor administrative burdens for market participants and should therefore undergo an ex ante cost benefit analysis. 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. 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 and carry out appropriate and transparent consultations well in advance, including at expert level.
Amendment 116 #
Proposal for a regulation
Recital 18
Recital 18
(18) Where information is not commercially sensitive and contributes to enhanced market knowledge, the Agency should be able to make that information available to market participants and the wider public on an aggregated and anonymous basis. Such transparency can help build confidence in the market and help the development of knowledge about the functioning of wholesale energy markets.
Amendment 123 #
Proposal for a regulation
Recital 20
Recital 20
(20) The Agency should ensure that the application of this Regulation is done in a coordinated way across the Union, and should engage with the relevant regulatory authorities to ensure it is coherent with the application of Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse). Since market abuse on wholesale energy markets often affects more than one Member State, the Agency should have an important role in ensuring that investigations are carried out in an efficient and coherent way. To achieve this it should be able to coordinate the operation of investigatory groups comprised of representatives of the concerned national regulatory authorities, and where appropriate, other authorities.
Amendment 147 #
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
The Agency, national regulatory authorities, ESMA 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 173 #
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 concluded in the Union between wholesale market participants;
Amendment 178 #
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 concluded in the Union;
Amendment 199 #
Proposal for a regulation
Article 2 – point 5 a (new)
Article 2 – point 5 a (new)
5a. ‘market participant’ means any person who enters into transactions in one or more wholesale energy markets;
Amendment 200 #
Proposal for a regulation
Article 2 – point 5 b (new)
Article 2 – point 5 b (new)
5b. ‘person’ means any natural or legal person;
Amendment 204 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) using that information bywhen acquiring or disposing of, or by trying to acquire or dispose of, for their own account or for the account of a third party, either directly or indirectly, wholesale energy products to which that information relates in order to engage or attempt to engage into market manipulation;
Amendment 205 #
Proposal for a regulation
Article 3 – paragraph 2 – introductory part
Article 3 – paragraph 2 – introductory part
2. The prohibition set out in paragraph 1 only applies to the following persons who possess inside information and who know, or ought to know, that it is inside information in relation to a wholesale energy product:
Amendment 217 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2 a (new)
Article 3 – paragraph 5 – subparagraph 2 a (new)
The prohibition of insider trading referred to in paragraph 1 of this Article shall not apply to: (a) transactions conducted in the discharge of an obligation that has become due to acquire or dispose of wholesale energy products where that obligation results from an agreement concluded before the person concerned possessed inside information; (b) transactions entered into by gas and electricity producers, operators of gas storage facilities, operators of LNG import facilities covering the immediate physical loss resulting from unplanned outages.
Amendment 224 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. In order to take account of future developments on wholesale energy markets, the Commission and ensure coherence with other relevant EU legislation in the fields of financial services and energy, the Commission following advice provided by the Agency shall adopt delegated acts in accordance with Article 15 and subject to conditions of Articles 16 and 17, specifying the definitions set out at Article 2(1) to (5). In preparing its advice, the Agency shall carry out detailed public consultation, addressed at least to national regulatory authorities, market participants, transmission system operators and other interested parties.
Amendment 235 #
Proposal for a regulation
Article 5 – paragraph 2 – point c a (new)
Article 5 – paragraph 2 – point c a (new)
(ca) an opinion issued by the Agency following widespread consultation with market participants and interested parties.
Amendment 273 #
Proposal for a regulation
Article 7 – paragraph 4 – subparagraph 2 a (new)
Article 7 – paragraph 4 – subparagraph 2 a (new)
The Agency shall produce guidelines specifying the details required in the transaction reporting. In preparing its guidelines, the Agency shall carry out detailed public consultation, addressed at least to national regulatory authorities, market participants, transmission system operators and other interested parties.
Amendment 275 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. The Agency shall establish mechanisms to share information it receives in accordance with Article 6(1) and Article 7 with national regulatory authorities, the competent financial authorities of the Member States, competition authorities of the Member States, ESMA and other relevant authorities. The Agency shall only give access to the mechanisms referred to in paragraph 1 to bodies which have set up systems enabling the Agency to meet the requirements of Article 9(1). Prior to providing any information, the Agency shall first satisfy itself that the recipient has appropriate systems and procedures to ensure that the information remains confidential.
Amendment 284 #
Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 1
Article 9 – paragraph 1 – subparagraph 1
1. The Agency, the national regulatory authorities, the competent financial authorities, competition authorities of the Member States and other relevant authorities shall ensure the confidentiality, integrity and protection of the information received under Article 7. The Agency shall take steps to prevent any misuse of the information maintained in its systems.
Amendment 289 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The Agency may decide to make publicly available on an aggregated and anonymous basis parts of the information which it holds provided that commercially sensitive information on individual market participants or individual transactions is not released and that the information is demonstrably necessary to improve transparency of wholesale energy markets and that the information to be made publicly available is inside information which should be disclosed pursuant to Article 3(4).
Amendment 300 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The investigatory powers referred to in paragraph 1market participant(s) under investigation shall be made aware of the details of the investigation against them. The scope for the investigation shall be communicated in writing by the national regulatory authority and correspond to a prohibition set out in Articles 3 or 4 of this Regulation. The investigatory powers referred to in paragraph 1 shall be limited to the aim of the investigation and action necessary to satisfy the obligation of national regulatory authorities under this Regulation and shall include the right to:
Amendment 303 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) demand information from any relevant person, including those who are successively involved in the transmission of orders or conduct of the operations concerned, as well as their principals, and if necessary, to summon and hear any suchappropriate, to require them to provide information in person;
Amendment 304 #
Proposal for a regulation
Article 10 – paragraph 2 – point c
Article 10 – paragraph 2 – point c
(c) carry out on-site inspections of entities covered by this Regulation;
Amendment 305 #
Proposal for a regulation
Article 10 – paragraph 2 – point d
Article 10 – paragraph 2 – point d
(d) require where there is an obligation to maintain such existing telephone and existing data traffic records, that relate to wholesale energy products;
Amendment 319 #
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, ESMA and competent financial authorities;
Amendment 321 #
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, ESMA and competent financial authorities who receive confidential information in accordance with the provisions of this Regulation.
Amendment 333 #
Proposal for a regulation
Article 14
Article 14
Without prejudice to the competences of the Member States and the Union institutions, including the European External Action Service, the Agency may establishdevelop contacts with supervisory authorities from third countries. It may enter into administrative arrangements with international organisations and the administrations of third countries without legal obligations.
Amendment 338 #
Proposal for a regulation
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
1a. When preparing and drawing up delegated acts, the Commission shall ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and the Council. The Commission shall also carry out appropriate and transparent consultations, including at expert level, well in advance as foreseen in the Common Understanding on Practical Arrangements for the use of Delegated Acts.
Amendment 347 #
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.
Amendment 350 #
Proposal for a regulation
Article 17 – paragraph 3 a (new)
Article 17 – paragraph 3 a (new)
3a. In case of objection by the European Parliament or the Council, the Commission shall, when preparing and drawing up new delegated acts, inform the European Parliament and the Council how the objection was taken into consideration.