The EU Agency for the Cooperation of Energy Regulators (ACER) and the European Securities and
Markets Authority (ESMA) are strengthening their cooperation to further improve information exchange
and avoid potential market abuse in Europe’s spot and derivative markets.
The two EU agencies have a long-established cooperative relationship considering the interlinkages
between spot and derivative energy markets. One of the fora where this cooperation takes place is the
Energy Trading Enforcement Forum (ETEF) where the energy National Regulatory Authorities (NRAs),
the financial National Competent Authorities (NCAs), ESMA and ACER discuss implementation issues
concerning market abuse rules and share their experience in relation to their supervisory activity and
enforcement actions to ensure consistency across the EU.
New joint ACER–ESMA Task Force
Market manipulation and its effects may occur across borders, between electricity and gas markets and
across financial and commodity markets, including in emission allowances. Regulatory oversight of
potential market abuse of the trading in energy and financial products falls under two EU regulatory
frameworks, namely the EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT)
and the Market Abuse Regulation (MAR).
While leveraging existing cooperation tools, ACER and ESMA are establishing a joint Task Force to
reinforce their cooperation and enhance coordination in respect of the exchange of data and knowledge
among their staff and respective national authorities.
This enhanced coordination will further support the investigations and enforcement so that the rules are
applied with vigour and in a convergent and holistic way in all national jurisdictions.
Enhanced market surveillance and enforcement
In the current energy crisis characterised by high prices and price volatility, vigilance in detecting market
manipulation and insider trading is more important than ever to ensure confidence in EU wholesale energy
and financial derivatives trading.
NRAs and NCAs have both supervisory and enforcement responsibilities at national level. At EU level,
ACER maintains its own market surveillance system whilst both ESMA and ACER have supervisory
convergence and coordination responsibility.
The joint ACER–ESMA Task Force will provide a framework for broadening cooperation on the monitoring
of energy and energy derivatives markets. ACER and ESMA are also ready to cooperate in additional
areas in the future. This could notably be the case in the context of the possible new LNG benchmark
currently under consideration by the European Commission, and with an enhanced monitoring of risks in
energy markets, helping to preserve financial stability in EU markets.
ACER and ESMA are committed to promoting supervisory oversight of wholesale markets for energy
and financial derivatives by supporting NRAs and NCAs in effective enforcement of possible breaches
of the rules and in assisting the European Commission in its work.