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.

Course Contents

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

Market manipulation

  • 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