Changes from report parliamentary committee draft to plenary report

Added(e) the cross-border exchange of suspicious transactions and reporting;

Added(f) resources for supervision in the framework of this Article.”;

Added(17) Article 16 is amended as follows:

Added(-a) in paragraph 1, the second subparagraph is replaced by the following:

Added“The Agency shall publish non-binding guidance on the application of the definitions set out in Article 2, as well as non-exhaustive indicators relating to insider trading and market manipulation set out in Articles 3 and 5 respectively, as appropriate.“;

Added(a) in paragraph 1, the fourth sub-paragraph is replaced by the following:

Added“National regulatory authorities, competent financial authorities, the national competition authority and the national tax authority in a Member State shall establish appropriate forms of cooperation in order to ensure effective and efficient investigation and enforcement and to contribute to a coherent and consistent approach to investigation, judicial proceedings and to the enforcement of this Regulation and relevant financial and competition law. Such forms of cooperation shall ensure that reports of possible breaches of this Regulation are handled within an appropriate timeframe to allow proper investigation.”;

Added(b) in paragraph 2, the following third subparagraph is added:

Added“No later than 30 days before adopting a final decision finding an infringement of this Regulation, national regulatory authorities shall inform the Agency and provide it with a summary of the case in a language of the Member State concerned and, to the extent possible, also in English. National regulatory authorities shall provide their final decisions to the Agency within seven days of their adoption. The Agency shall publish such decisions on its website in accordance with applicable data protection law and shall maintain a public list of such decisions ▌, including the date of the decision, the name of the natural or legal person subject to the decision,, the provision of this Regulation that has been infringed and the penalty imposed. ▌”;

Added(ba) in paragraph 3, point (a) is replaced by the following:

Added“(a) national regulatory authorities shall process reports of possible breaches of this Regulation within a maximum time of one year, and inform the competent financial authority of their Member State and the Agency where they have reasonable grounds to suspect that acts are being, or have been, carried out on wholesale energy markets which constitute market abuse within the meaning of Directive 2003/6/EC and which affect financial instruments subject to Article 9 of that Directive; for these purposes, national regulatory authorities may establish appropriate forms of cooperation with the competent financial authority in their Member State;”;

Added(c) in paragraph 3, the following point (e) is added:

Added“(e) the Agency and the national regulatory authorities shall inform the competent national tax authorities and EUROFISC where they have reasonable grounds to suspect that acts are being, or have been, carried out on wholesale energy market which are likely to constitute a tax fraud.”;

Added(18) the following Articles 16a and 16b are inserted:

Added“Article 16a

AddedDelegation of tasks and responsibilities

Added1. National regulatory authorities may, with the consent of the delegate and only if this would not result in a disproportionate administrative burden for market participants, delegate tasks and responsibilities to the Agency or another national regulatory authority subject to the conditions set out in this Article. Member States may set out specific arrangements regarding the delegation of responsibilities that are to be complied with before their national regulatory authorities enter into ▌ delegation agreements and may limit the scope of delegation to what is necessary for the effective supervision of market participants or groups.

AddedThe Agency may stimulate and facilitate the delegation of tasks and responsibilities between competent national regulatory authorities by identifying tasks and responsibilities that can be delegated or jointly exercised and by promoting best practices.

AddedThe delegation of tasks and responsibilities shall result in the reallocation of competences laid down in this Regulation. The law of the Member States where the delegate is located shall govern the procedure, enforcement and administrative and judicial review relating to the delegated responsibilities.

Added2. The national regulatory authorities shall notify the Agency of any delegation agreements into which they intend to enter. They shall put the agreements into effect at the earliest one month of informing the Agency.

Added3. The Agency may issue an opinion on an intended delegation agreement notified pursuant to paragraph 2 within one month of receipt of the notification.

Added4. The Agency shall publish, by appropriate means, any delegation agreement as concluded by the national regulatory authorities, in order to ensure that all parties concerned are informed appropriately.

AddedGuidelines and recommendations

Added1. The Agency shall, with a view to establishing consistent, efficient and effective supervisory practices within the Union, and to ensuring the common, uniform and consistent application of Union law, issue guidelines and recommendations addressed to all national regulatory authorities or all market participants and issue recommendations to one or more national regulatory authorities or to one or more market participants on the application of Articles 3, 4, 4a, 5, 5a, 8, 9 and 9a. The national regulatory authorities and market participants are encouraged to make every efforts to comply with those guidelines and recommendations.

Added2. The Agency shall, within an adequate and realistic timeframe, conduct appropriate public consultations with all relevant market participants regarding the guidelines and recommendations which it issues and analyse the related potential costs and benefits of issuing such guidelines and recommendations. Those consultations and analyses shall be proportionate to the scope, nature and impact of the guidelines or recommendations.

Added▌

Added4. Within three months of the issuance of a guideline or recommendation pursuant to paragraph 1, each national regulatory authority shall confirm to the Agency whether it complies or intends to comply with a specific guideline or recommendation. If a national regulatory authority does not comply or does not intend to comply, it shall inform the Agency, providing reasons.

Added5. The Agency shall publish the information that a national regulatory authority does not comply or does not intend to comply with the specific guideline or recommendation. The Agency may also decide to publish the reasons provided by the national regulatory authority for such non-compliance. The national regulatory authority may request the Agency not to make that information public if it could compromise the exercise of the tasks of the national regulatory authority. The Agency shall decide whether to make that information public. The national regulatory authority concerned shall receive advanced notice of such publication.

Added6. If required by that guideline or recommendation, market participants shall notify the Agency whether they comply with the specific guideline or recommendation. Upon the Agency's request, market participants shall substantiate such a notification in a clear and detailed manner.

Added7. The Agency shall include the guidelines and recommendations that it has issued in the report referred to in Article 19(1), point (k), of Regulation (EU) 2019/942.”;

Added(19) in Article 17, paragraph 3 is replaced by the following:

Added“3. Confidential information received by the persons referred to in paragraph 2 in the course of their duties may not be divulged to any other person or authority, except in summary or aggregate form such that an individual market participant cannot be identified, without prejudice to cases covered by criminal law, the other provisions of this Regulation or other relevant Union legislation.”;

Added(20) Article 18 is replaced by the following:

Added“1. The Member States shall lay down the rules on penalties applicable to infringements of this Regulation and shall take all measures necessary to ensure that they are implemented. The penalties provided for must be effective, dissuasive and proportionate, reflecting the nature, duration and seriousness of the infringement, the damage caused to consumers and the potential gains from trading on the basis of inside information and market manipulation.

AddedWithout prejudice to any criminal sanctions and supervisory powers of national regulatory authorities under Article 13, Member States shall, in accordance with national law, provide for national regulatory authorities to have the power to adopt appropriate administrative sanctions and other administrative measures in relation to the breaches of this Regulation referred to in Article 13(1).

AddedThe Member States shall notify, in detail, those provisions to the Commission and to the Agency and shall notify it without delay of any subsequent amendment affecting them.

AddedBy 1 June 2025 the Commission shall assess the effectiveness of introducing criminal penalties by Member States for intentional and serious cases of market abuse in the Union wholesale energy markets and shall submit a report to the European Parliament and to the Council. Where appropriate, the assessment shall be followed up by a legislative proposal.

Added2. Member States shall, in accordance with national law, and the ne bis in idem principle, ensure that the national regulatory authorities have the power to impose at least the following administrative sanctions and administrative measures relating to breaches of the provisions of this Regulation:

Added(a) adopt a decision requiring the person to bring the breach to an end;

Added(b) the disgorgement of the profits gained or losses avoided due to the breaches insofar as they can be determined;

Added(c) issue public warnings or notices;

Added(d) adopt a decision imposing periodic penalty payments;

Added(e) adopt a decision imposing administrative pecuniary sanctions;

Addedin respect of legal persons, maximum administrative pecuniary sanctions of at least:

Addedi. for breaches of Articles 3 and 5, 15% of the total turnover in the preceding business year;

Addedii. for breaches of Article 4 and 15, 2% of the total turnover in the preceding business year;

Addediii. for breaches of Article 8 and 9, 1% of the total turnover in the preceding business year.

Addedin respect of natural persons, maximum administrative pecuniary sanctions of at least:

Addedi. for breaches of Articles 3 and 5, EUR 5 000 000;

Addedii. for breaches of Article 4 and 15, EUR 1 000 000;

Addediii. for breaches of Article 8 and 9, EUR 500 000.

AddedNotwithstanding paragraphs (e), the amount of the fine shall not exceed 20 % of the annual turnover of the legal person concerned in the preceding business year. In the case of natural persons, the amount of the fine shall not exceed 20 % of the yearly income in the preceding calendar year. Where the person has directly or indirectly benefited financially from the breach, the amount of the fine shall be at least equal to that benefit.

Added3. Member States shall ensure that the national regulatory authority may disclose to the public measures or penalties imposed for infringement of this Regulation unless such disclosure would cause disproportionate damage to the parties involved.

Added3a. By ... [three years after the date of entry into force of this amending Regulation] and every three years thereafter, the Commission shall submit a report to the European Parliament and to the Council, assessing whether penalties for breaches of Union rules are provided for and applied consistently across the Member States.”;

Added(20a) Article 20 is amended as follows:

Added(a) paragraphs 2 and 3 are replaced by the following:

Added“2. The power to adopt delegated acts referred to in Article 4a(6), Article 6(1), Article 7a(1b), Article 7c(2), Article 9a(5) and Article 13dc(4) shall be conferred on the Commission for a period of 5 years from 28 December 2011. The Commission shall draw up a report in respect of the delegation of power not later than 9 months before the end of the 5-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than 3 months before the end of each period.”

Added3. The delegation of power referred to in Article 4a(6), Article 6(1), Article 7a(1b), Article 7c(2), Article 9a(5) and Article 13dc(4) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.”

Added(b) paragraph 5 is replaced by the following:

Added“5. A delegated act adopted pursuant to Article 4a(6), Article 6(1), Article 7a(1b), Article 7c(2), Article 9a(5) or Article 13dc(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 2 months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 2 months at the initiative of the European Parliament or the Council.”;