CESR and ERGEG Expected to Recommend a Bespoke EU Market Abuse Framework for the Energy Markets


The EU public consultation on a proposed market abuse framework for EU energy markets is shortly due to close

for comments from market participants on 29th August 2008.

The consultation was launched on 21st July 2008 by the Committee of European Securities Regulators (CESR) and

the European Regulators’ Group for Electricity and Gas (ERGEG) acting jointly pursuant to a European Commission mandate of 21st December 2007 which requested technical advice on market abuse issues relating to energy markets in the context of the “Third Energy Package.”1

Specifically, the Commission has asked CESR and ERGEG to evaluate whether the scope of Directive 2003/6/EC

on insider dealing and market manipulation (“Market Abuse Directive?MAD”) already addresses market integrity

issues in the EU electricity and gas markets properly, with a view to considering whether a bespoke market abuse

framework should be adopted, or whether MAD should be adapted, for the energy sector.

In light of the growing interconnection between the energy and financial markets, proper regulatory oversight of

the market abuse risks and greater transparency and disclosure of information were deemed necessary to promote

market integrity and confidence in these markets.

The consultation paper2 is based on an in-depth study of the relevant topics by a Joint Group of securities and

energy regulators formed by CESR and ERGEG and sets out their proposed “draft responses” as well as analyses,

on which market participants have been invited to submit their comments.

See full news bulletin for more information.

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Written by:


Morrison & Foerster LLP on:

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