Market Abuse – ERGEG and CESR advice to the European Commission in the context of the Third Energy Package – Response to Question F.20

Following the European Commission’s request for advice, ERGEG and CESR have conducted a public consultation on market abuse issues related to energy trading.
The ERGEG and CESR advice addresses the questions raised in the Commission’s mandate regarding the scope of Directive 2003/6/EC on insider dealing and market manipulation (market abuse) and whether it properly addresses market integrity issues in the electricity and gas markets; whether greater transparency obligations would impact on this assessment and the regulators suggestions to mitigate any shortcomings.
The ERGEG and CESR joint advice has been delivered to the European Commission.