About the Course
The learning objectives for this programme are:
- Mastering the background of why regulation for the European energy markets is implemented;
- Mastering REMIT, the regulation, its objectives and its implications for (staff of) energy companies;
- To embed integer behavior, to test integrity and to become compliant with REMIT provisions;
- Formulate criteria which have to be taken into account in order to identify inside information and/or market manipulation;
- Being able to apply these criteria in the decision making process;
- Being able to distinguish insider trading from market manipulation;
- Mastering the meaning of insider information and how to deal with this;
- Mastering the meaning of market manipulation and how to sense this in different markets;
- Being able to distinguish right from wrong, but also being able to cope with dilemma’s in decision making processes;
- To weigh alternatives and judge what is the most optimal decision in practical cases.
REMIT – Introduction
- Definition settings
- What does REMIT aim for? Why was it considered needed?
- Which market and products are in the scope of REMIT?
- Which market participants are in the scope of REMIT?
Insider trading & Publication of inside information
- The prohibition of insider trading – What does it concern?
- Obligation to publish – What to published? When? Where? Who?
- Practical examples to explain daily situations
- The prohibition of market manipulation – What does it concern?
- Practical examples of market manipulation – Types of abuse
- Conclusion of transactions, order initiation and order types
ACER, NRAs & Guidance
- The role of regulators & the interaction between them
- ACER’s Guidance – The content, the aim and the target group
- Cross-market, cross-border and cross-commodity manipulation
- Market monitoring
Implementing Acts – Reporting & Registration
- Reporting of transaction data & orders to trade
- What data must be reported? Of which products?
- When should reporting take place? And is backloading?
- Reporting of fundamental data – Which data?
- Registration of market participants – Who and who not? When?
Compliance – Investigation & Enforcement
- Sanctioning regime – Administrative penalty vs. Criminal sanction
- At company level – Compliance function & Internal procedures
- Incident management – Reporting & action
Exam & Certification