Changes from plenary report to adopted text

Removed(c) in which one counterparty re-gasifies the LNG at a terminal in the Union.

Removed(22) ‘LNG market data’ means records of ▌transactions, orders to trade and any other action relating to the purchase or sale of LNG, with corresponding information as specified in ▌Implementing Regulation (EU) No 1348/2014;

Removed(23) ‘LNG market participant’ means a market participant who is a natural or legal person, irrespective of that person’s place of incorporation or domicile, who engages in LNG trading;

Removed(24) ’LNG price assessment’ means the determination of a daily reference price for LNG trading in accordance with a methodology ▌established by the Agency;

Removed(25) ‘▌benchmark’ means any index that is periodically or regularly determined by the application of a formula to, or on the basis of the value of, one or more underlying wholesale energy products, including estimated prices, 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.”;

Removed(3) in Article 3(1) the following second subparagraph is added:

Removed“The use of inside information by cancelling or amending an order, the establishment of links or dependencies between orders, or any other action relating to entering into transactions or issuing orders concerning a wholesale energy product to which the information relates, where the order was placed before the person concerned possessed the inside information, shall also be considered to be insider trading.”;

Removed(4) Article 4 is amended as follows:

Removed(-a) the title is replaced by the following:

Removed“Inside information”;

Removed(a) in paragraph 1 the following 2nd subparagraph is added:

Removed“Market participants shall disclose the inside information through IIPs. The IIPs shall ensure that the inside information is made public in a manner which enables fast access to that information, including ▌through a clear application programming interface ▌ and a complete, correct and timely assessment of that information by the public.”;

Removed(b) paragraph 4 is replaced by the following:

Removed“4. The publication of inside information, including in aggregated form, in accordance with Regulation (EC) No 714/2009 or (EC) No 715/2009, or guidelines and network codes adopted pursuant to those Regulations constitutes ▌effective ▌disclosure but not necessarily timely and public disclosure within the meaning of paragraph 1 of this Article.

Removed4a. The Agency shall establish a contact point for market participants seeking to clarify whether specific information constitutes inside information pursuant to this Regulation.

RemovedThe Agency shall develop and operate a platform serving as a sector-specific electronic access point for inside information disclosed pursuant to paragraph 1.”;

Removed(5) The following Article 4a is inserted:

Removed“Article 4a

RemovedAuthorisation and supervision of IIPs

Removed1. IIPs shall register with the Agency. They shall ▌ operate only after the Agency has assessed whether they comply with the requirements of this Article and after the Agency has authorised their operation. The register of IIPs shall be publicly available and shall contain information on the services for which they are authorised. The Agency shall regularly review the compliance of IIPs with this Regulation. Where the Agency has withdrawn a registration in accordance with paragraph 5, that withdrawal shall be published in the register for a period of five years from the date of withdrawal.

Removed1a. IIPs that have been authorised as Registered Information Services pursuant to Article 11 of Implementing Regulation (EU) No 1348/2014 and that are included in the Agency’s list of IIPs on ... [the date of entry into force of this amending Regulation] shall be treated as complying with this Article and shall be registered as IIPs, until the Agency has taken a decision on the authorisation for those IIPs in accordance with this Article.

Removed2. IIPs shall have adequate policies and arrangements in place to make public the inside information required under Article 4(1) as close to real time as is technically possible and without undue delay, on a reasonable commercial basis. The information shall be made available and easily accessible through a website for all purposes, free of charge. The IIP shall efficiently and consistently disseminate such information in a manner that ensures fast access to the inside information, on a non-discriminatory basis and in a format that facilitates the consolidation of the inside information with similar data from other sources.

Removed3. The inside information that is made public by an IIP pursuant to paragraph 2 shall include ▌ at least ▌ the following details depending on the type of inside information:

Removed(a) the message ID and the event status;

Removed(b) the publication date, the time and the beginning and end of the event;

Removed(c) the name and identification of the market participant ▌;

Removed(d) the bidding or balancing zone concerned;

Removed(da) the type of information (e.g. unavailability, forecast, actual use); and

Removed(db) where applicable:

Removed(i) the type of unavailability and the type of event;

Removed(ii) the unit of measurement;

Removed(iii) the unavailable, the available and the installed or technical capacity;

Removed(iv) where the installed or technical capacity is unavailable, the reason for the unavailability;

Removed(v) the type of fuel ▌;

Removed(vi) the affected asset or unit and its identification code.

Removed4. An IIP shall operate and maintain effective administrative arrangements designed to prevent conflicts of interest with its clients. In particular, an IIP who is also a market operator or market participant shall treat all inside information collected in a non-discriminatory manner and shall operate and maintain appropriate arrangements to separate different business functions.

RemovedAn IIP shall have sound security mechanisms in place designed to guarantee the security of the means of transfer of inside information, minimise the risk of data corruption and unauthorised access and to prevent inside information leakage before publication. The IIP shall maintain adequate resources and shall have back-up facilities in place in order to offer and maintain its services ▌.

RemovedThe IIP shall, together with market participants, have a mechanism in place allowing to quickly and effectively check inside information reports with regard to their completeness, identify omissions and obvious errors, and request to receive a corrected version of such reports.

Removed4a. Where the Agency finds that an IIP has infringed paragraphs 1 to 4 of this Article, before withdrawing an authorisation pursuant to paragraph 5 of this Article, it shall take one or more of the measures provided for in Article 13dc.

Removed5. The Agency may withdraw the authorisation of an IIP and may remove it from the register, where the IIP:

Removed(a) does not make use of the authorisation within 12 months, expressly renounces the authorisation or has provided no services for the preceding six months;

Removed(b) obtained the registration by making false statements or by any other irregular means;

Removed(c) no longer meets the requirements for authorisation set out in this Article;

Removed(ca) did not bring the infringement to an end pursuant to paragraph 4a;

Removed(d) has seriously and systematically infringed this Regulation.

RemovedIn case of such a decision, the Agency shall indicate the right to appeal the decision before the Agency’s Board of Appeal and to have the decision reviewed by the Court of Justice in accordance with Articles 28 and 29 of Regulation (EU) 2019/942. The Agency may also lay down obligations to enable compliance with the decision to be monitored.

RemovedWhere the Agency withdraws an authorisation to an IIP pursuant to this paragraph, it shall remove that IIP from the register.

RemovedWhen the registration has been withdrawn, to ensure continuity of the services provided by the IIP, the IIP concerned shall inform all relevant market participants and, in consultation with them, ensure orderly substitution including the transfer of data to other IIPs and the redirection of reporting flows to other IIPs. The Agency shall set a reasonable period for such orderly substitution, taking into account the relevant specificities of the IIP concerned.

RemovedThe Agency shall, without undue delay, notify the national competent authority in the Member State where the IIP is established of any decision to withdraw the authorisation of an IIP pursuant to the first subparagraph and shall inform the market participants thereof.

Removed6. The Commission shall adopt delegated acts in accordance with Article 20 to supplement this Regulation by specifying:

Removed(a) the means by which an IIP is to comply with the inside information obligation referred to in paragraph 2;

Removed(b) the content and any relevant further details of the inside information made public pursuant to paragraphs 2 and 3 in such a manner as to enable the publication of information required under this Article;

Removed(c) the concrete organisational requirements for the implementation of paragraphs 4 and 5.

RemovedThe first such delegated act shall be adopted by... [six months after the date of entry into force of this amending Regulation].”;

Removed(6) The following Article 5a is added:

Removed“Article 5a

RemovedAlgorithmic trading

Removed1. A market participant that engages in algorithmic trading shall have in place effective systems and risk controls suitable to the business it operates to ensure that its trading systems are resilient and have sufficient capacity, are subject to appropriate trading thresholds and limits and prevent the sending of erroneous orders to trade or the systems otherwise functioning in a way that may create or contribute to a disorderly market. The market participant shall also have in place effective systems and risk controls to ensure that the trading systems comply with this Regulation and with the rules of an organised market place to which it is connected. The market participant shall have in place effective business continuity arrangements to deal with any failure of its trading systems and shall ensure its systems are fully tested and properly monitored to ensure that they meet the requirements laid down in this paragraph.

Removed2. A market participant that engages in algorithmic trading in a Member State shall notify that engagement to the national regulatory authorities of the Member State where it is registered pursuant to Article 9(1) and to the Agency.

RemovedThe national regulatory authority of the Member State where the market participant is registered pursuant to Article 9(1), may require the market participant to provide, on a regular or ad-hoc basis, a description of the nature of its algorithmic trading strategies, details of the trading parameters or limits to which the trading system is subject, ▌key compliance and risk controls that are in place to ensure that the requirements laid down in paragraph 1 of this Article are satisfied and details of the testing of its trading systems.