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Guidelines on prevention of abuse in electrical energy and pure fuel markets

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Power Company of the Republic of Serbia has adopted Guidelines on Prevention of Abuse in Electrical energy and Pure Gasoline Markets.

These Guidelines regulate, in additional element, situations for registration of wholesale electrical energy and pure fuel market contributors – situations for the publication of privileged data, ban on commerce in privileged data, ban on market manipulation, sort, content material, format, technique and deadlines for drafting and publication of knowledge, information safety, skilled secret, operational duty and obligation of an individual who regulates transactions professionally.

On 28 October 2021, Power Company of the Republic of Serbia (“AERS”) adopted Guidelines on prevention of abuse in electrical power and pure fuel market (“Guidelines”), that have been revealed within the Official gazette of the Republic of Serbia 103/2021. The Guidelines are drafted in keeping with the Determination of Ministerial Council of the Power Group no. D/2018/10/Mc-EnC, implementing Regulation (EU) No 122712011 of the European Parliament and of the Council on wholesale power market integrity and transparency.

Guidelines set out a number of obligations and restrictions that should be complied with, when collaborating in and making transactions on wholesale electrical power and pure fuel market, specifically:

1) Registration of contributors with AERS;

2) Prohibition to commerce with insider data;

3) Obligation to publish insider data;

4) Prohibition of manipulation in the marketplace; and

5) Monitoring the market.

Registration of contributors on wholesale electrical power and pure fuel market with AERS

Guidelines stipulate obligation of contributors in the marketplace to register themselves with AERS. This obligation solely applies to contributors desiring to make transactions on wholesale electrical power and pure fuel market, being the market on which it’s traded with merchandise on wholesale market.

Merchandise on wholesale markets are outlined by the Guidelines as i) agreements on electrical power/pure fuel provide, no matter whether or not the supply level is within the Republic of Serbia or within the different Contracting Occasion (being get together to the Treaty establishing Power Group), ii) agreements on entry to the transmission system for electrical power/pure fuel, and iii) agreements on electrical power/pure fuel provide to the ultimate client whose annual consumption of power is the same as 300 GWh or extra; in addition to monetary derivates regarding the talked about agreements.

Obligation to register with AERS have, inter alia, producer of electrical power within the energy vegetation with put in energy of 10 MW or extra, producer of pure fuel, provider of electrical power/pure fuel, wholesale provider of electrical power/pure fuel, transmission system operator for electrical power/pure fuel, market operator for electrical power/pure fuel, distribution operator for electrical power/pure fuel, remaining client whose annual consumption of power is the same as 300 GWh or extra.

Registration with AERS is, with out prejudice, the duty of market contributors to register themselves with market operator for electrical power/pure fuel, in keeping with market guidelines of such operator.

Final however not least, AERS shall share registered information with Power Group Regulatory Board to be able to set up and handle Central Register of Contributors on Wholesale Electrical Power/Pure Gasoline Market of all Contracting Events.

Prohibition to commerce with insider data

Guidelines strictly prohibit commerce with insider data. By the insider data are encompassed unpublished data that relate straight or not directly to merchandise on wholesale market whose publishing will most certainly have important affect on costs of such merchandise, together with, inter alia, data on capability and utilization of amenities for manufacturing, storage, consumption, transmission of electrical power/pure fuel.

By this prohibition is taken into account prohibition for any particular person (pure or authorized) having insider data to i) use it when shopping for or promoting merchandise on wholesale market, ii) reveal such data to some other particular person, and iii) counsel, on the idea of insider data, to some other particular person to purchase or promote merchandise on wholesale market.

This prohibition applies additionally to the members of common meeting of the businesses, members of administration board of the businesses, shareholders of the businesses, individuals who handle such data inside their working competences and so forth.

Every market participant is obliged to report back to AERS, at once, any habits which is more likely to characterize commerce with insider data.

Seashore of prohibition to commerce with insider data represents industrial offence abuse on market, which is punishable by the Power Regulation (“Official gazette of the RS” no. 145/2014, 95/2018 – different regulation and 40/2021) with prescribed pecuniary superb within the vary from 1.500.000,00 RSD (cca. 12.710.00 EUR) to three.000.000,00 RSD (cca. 25.420.00 EUR).

Obligation to publish insider data

Guidelines stipulate obligation of market participant to publish well timed and in entire, on its web site, insider data regarding itself, facility in its possession or underneath its management or, facility for which operation is accountable. Publication of such data contains particularly data on capability and utilization of amenities for manufacturing, storage, consumption, transmission of electrical power/pure fuel, in addition to information on scheduled or non-scheduled unavailability of such amenities.

Exceptionally, market participant could determine to postpone publication of insider data to be able to shield its professional curiosity, offered that it doesn’t use such data when buying and selling with merchandise on wholesale market. On this case, market participant is obliged to, at once, ship such data to AERS with rationalization of postponement of publication.

Prohibition of manipulation in the marketplace

Guidelines set out strict prohibition of manipulation in the marketplace, in addition to an try of manipulation in the marketplace. Below manipulation in the marketplace, it’s thought-about making any commerce with merchandise on wholesale market whereas:

a) giving false or deceiving alerts in respect to the provide, demand or worth of merchandise on wholesale market;

b) creating synthetic degree of costs of a number of merchandise; or

c) utilizing or attempting to make use of imaginary means or some other type of fraud which provides false or deceiving alerts in respect to the provide, demand or worth of merchandise on wholesale market.

Sharing data through media, web or by some other means, which provides false or deceiving alerts in respect to the provide, demand or worth of merchandise on wholesale market, represents manipulation in the marketplace, in case thew particular person sharing such data is conscious that they’re false or deceiving.

Try to control the market exists if any particular person makes commerce with merchandise on wholesale market with intent to attain any prohibited targets listed above underneath a), b) or c), in addition to if sharing data through media or web with the identical intent.

Every market participant is obliged to report back to AERS, at once, any habits which is more likely to characterize manipulation in the marketplace.

Monitoring the market

Guidelines set out obligation of AERS to observe functioning of wholesale market to be able to well timed discover any prohibited habits. For this goal, AERS shall cooperate with regulatory our bodies of Contracting Events, in addition to Power Group Regulatory Board.

Moreover, in case any suspicion of existence of market abuse within the Republic of Serbia arises, AERS is obliged to undertake measures and provoke applicable procedures earlier than competent our bodies within the Republic of Serbia. Moreover, if AERS suspects on market abuse on the wholesale market of different Contracting Occasion, it’s obliged to tell regulatory physique of such Contracting Occasion, in addition to Power Group Regulatory Board.

Final however not least, Guidelines envisage that AERS shall adjust to information safety guidelines in respect to all data acquired by the market contributors, regulatory our bodies of Contracting Events and Power Group Regulatory Board.



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