Inside Information under REMIT

Description

Target groups:

• Professionals with a market access, control and support function, including brokers, traders, originators, dispatchers, shift traders, compliance or surveillance experts, trading operations experts, as well as plant managers, asset managers and system operators.

Learning objectives:

• Practicalities for companies in scope
• Being able to distinguish information from inside information
• Understand the criteria that apply when classifying information as inside information
• Understand the implications of improper disclosure
• Becoming aware of the sensitivity of inside information
• When to share information with who, and when not?
• Understand abusive practices and the criteria of relevance
• Master the key aspects of an effective compliancy framework

Tutor(s):

• Jerry de Leeuw, MSc. (founder of Entrima, former trader and author of the book “REMIT”)

Including:

• Study materials (handout + book)
• Lunch

Programme:

• The prohibition of insider trading
  • Organisational arrangements to prevent abuse
• The obligation to publish inside information
  • What to publish?
  • Where to publish?
  • When to publish?
  • Who to publish?
  • How to publish?
• Information versus inside information
  • Criteria to qualify information as inside information
    • The information has to concern a product in scope of the regulation
    • It has to concern non-public information
    • The information must be of a precise nature
    • The information must be likely to significantly impact the market price
  • Transparency information versus inside information
    • REMIT versus the Electricity Transparency Regulation
    • Inside information platforms vs. ENTSO-E transparency platform
  • How an inside information case can become a market manipulation case
    • Practical situations
    • Organisational setup
  • Practicalities
    • Chinese walls
    • Scheduled vs. unscheduled maintenance
    • Practical cases
    • Debates & discussions
    • Dilemmas
      • Ethics & integrity
      • Thin line
      • Absolute prohibitions versus principle-based approach
      • Intermittent power generation capacity (wind, solar)
      • Limited availability (hydro – basins)