
Article 1 

1. This Regulation establishes rules prohibiting abusive practices affecting wholesale energy markets which are coherent with the rules applicable in financial markets and with the proper functioning of those wholesale energy markets whilst taking into account their specific characteristics. It provides for the monitoring of wholesale energy markets  by the national regulatory authority. 
2. This Regulation applies to trading in wholesale energy products. Articles 3 and 5 of this Regulation shall not apply to wholesale energy products which are  relevant financial instruments. This Regulation is without prejudice to  the Market Abuse Regulation and relevant law on markets in financial instruments  as well as to the application of ... competition law to the practices covered by this Regulation.
3. The national regulatory authority, the FCA and, where appropriate, the CMA must cooperate  to ensure that a coordinated approach is taken to the enforcement of the relevant rules where actions relate to one or more  relevant financial instruments  and also to one or more wholesale energy products to which Articles 3, 4 and 5 of this Regulation apply.
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Article 2 
For the purposes of this Regulation the following definitions shall apply:
((1)) ‘inside information’ means information of a precise nature which has not been made public, which relates, directly or indirectly, to one or more wholesale energy products and which, if it were made public, would be likely to significantly affect the prices of those wholesale energy products.For the purposes of this definition, ‘information’ means:
(a)) information which is required to be made public in accordance with:
(i)) guidelines and network codes adopted pursuant to Regulation (EC) No 714/2009 before 1 January 2020; or
(ii)) the Electricity Regulation or the Gas Regulation, including guidelines and network codes adopted, or regulations made, pursuant to those Regulations;
(b)) information relating to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities;
(c)) information which is required to be disclosed in accordance with legal or regulatory provisions ..., market rules, and contracts or customs on the relevant wholesale energy market, in so far as this information is likely to have a significant effect on the prices of wholesale energy products; and
(d)) other information that a reasonable market participant would be likely to use as part of the basis of its decision to enter into a transaction relating to, or to issue an order to trade in, a wholesale energy product.Information shall be deemed to be of a precise nature if it indicates a set of circumstances which exists or may reasonably be expected to come into existence, or an event which has occurred or may reasonably be expected to do so, and if it is specific enough to enable a conclusion to be drawn as to the possible effect of that set of circumstances or event on the prices of wholesale energy products;
((2)) ‘market manipulation’ means:
(a)) entering into any transaction or issuing any order to trade in wholesale energy products which:
(i)) gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of wholesale energy products;
(ii)) secures or attempts to secure, by a person, or persons acting in collaboration, the price of one or several wholesale energy products at an artificial level, unless the person who entered into the transaction or issued the order to trade establishes that his reasons for doing so are legitimate and that that transaction or order to trade conforms to accepted market practices on the wholesale energy market concerned; or
(iii)) employs or attempts to employ a fictitious device or any other form of deception or contrivance which gives, or is likely to give, false or misleading signals regarding the supply of, demand for, or price of wholesale energy products;
or
(b)) disseminating information through the media, including the internet, or by any other means, which gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of wholesale energy products, including the dissemination of rumours and false or misleading news, where the disseminating person knew, or ought to have known, that the information was false or misleading.When information is disseminated for the purposes of journalism or artistic expression, such dissemination of information shall be assessed taking into account the rules governing the freedom of the press and freedom of expression in other media, unless:
(i)) those persons derive, directly or indirectly, an advantage or profits from the dissemination of the information in question; or
(ii)) the disclosure or dissemination is made with the intention of misleading the market as to the supply of, demand for, or price of wholesale energy products;
((3)) ‘attempt to manipulate the market’ means:
(a)) entering into any transaction, issuing any order to trade or taking any other action relating to a wholesale energy product with the intention of:
(i)) giving false or misleading signals as to the supply of, demand for, or price of wholesale energy products;
(ii)) securing the price of one or several wholesale energy products at an artificial level, unless the person who entered into the transaction or issued the order to trade establishes that his reasons for doing so are legitimate and that that transaction or order to trade conforms to accepted market practices on the wholesale energy market concerned; or
(iii)) employing a fictitious device or any other form of deception or contrivance which gives, or is likely to give, false or misleading signals regarding the supply of, demand for, or price of wholesale energy products; 
or
(b)) disseminating information through the media, including the internet, or by any other means with the intention of giving false or misleading signals as to the supply of, demand for, or price of wholesale energy products;
((4)) ‘wholesale energy products’ means the following contracts and derivatives, irrespective of where and how they are traded:
(a)) contracts for the supply of electricity or natural gas where delivery is in  the United Kingdom or the EU;
(b)) derivatives relating to electricity or natural gas produced, traded or delivered in  the United Kingdom or the EU;
(c)) contracts relating to the transportation of electricity or natural gas in  the United Kingdom or the EU;
(d)) derivatives relating to the transportation of electricity or natural gas in  the United Kingdom or the EU.Contracts for the supply and distribution of electricity or natural gas for the use of final customers are not wholesale energy products. However, contracts for the supply and distribution of electricity or natural gas to final customers with a consumption capacity greater than the threshold set out in the second paragraph of point (5) shall be treated as wholesale energy products;
((5)) ‘consumption capacity’ means the consumption of a final customer of either electricity or natural gas at full use of that customer's production capacity. It comprises all consumption by that customer as a single economic entity, in so far as consumption takes place on markets with interrelated wholesale prices.For the purposes of this definition, consumption at individual plants under the control of a single economic entity that have a consumption capacity of less than 600 GWh per year shall not be taken into account in so far as those plants do not exert a joint influence on wholesale energy market prices due to their being located in different relevant geographical markets;
((6)) ‘wholesale energy market’ means any market within  the United Kingdom or the EU  on which wholesale energy products are traded;
((7)) ‘market participant’ means any person, including transmission system operators, who enters into transactions, including the placing of orders to trade, in one or more wholesale energy markets;
((8)) ‘person’ means any natural or legal person;
((8A)) ‘national authority’ means—
(a)) the Secretary of State, in relation to Great Britain;
(b)) the Secretary of State or the Northern Ireland department, in relation to Northern Ireland;
((8B)) ‘the Northern Ireland department’ means the Department for the Economy;
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((10)) ‘the national regulatory authority’ means—
(a)) the GB Authority in relation to Great Britain;
(b)) the NI Authority in relation to Northern Ireland;
((10A)) ‘the GB Authority’ means the Gas and Electricity Markets Authority;
((10B)) ‘the NI Authority’ means the Northern Ireland Authority for Utility Regulation;
((10C)) ‘national regulatory authorities of member States’ means authorities designated as national regulatory authorities by a member State in accordance with Article 35(1) of Directive 2009/72/EC of the European Parliament and of the Council concerning common rules for the internal market in electricity or Article 39(1) of Directive 2009/73/EC of the European Parliament and of the Council concerning common rules for the internal market in natural gas;
((11)) ‘transmission system operator’ has the meaning set out in Article 2 of the Electricity Regulation in relation to electricity, and has the meaning set out in Article 2 of the Gas Regulation in relation to gas;
((12)) ‘parent undertaking’ has the meaning given in section 1162 of the Companies Act 2006;
((13)) ‘related undertaking’ means either a subsidiary or other undertaking in which a participation is held, or an undertaking linked with another undertaking by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC;
((14)) ‘distribution of natural gas’ has the meaning given to  “distribution” in Article 2 of the Gas Regulation;
((15)) ‘distribution of electricity’ has the meaning given to  “distribution” in Article 2 of the Electricity Regulation;
((16)) ‘the Electricity Regulation’ means  Regulation (EU) 2019/943 of the European Parliament and of the Council of 5 June 2019 on the internal market for electricity (recast);
((17)) ‘the Gas Regulation’ means Regulation (EC) No 715/2009 of the European Parliament and of the Council on conditions for access to the natural gas transmission networks;
((18)) ‘the Market Abuse Regulation’ means Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse;
((19)) ‘relevant law on markets in financial instruments’ means—
(a)) Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments; and
(b)) any law relied upon immediately before  IP completion day  to implement Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments in the United Kingdom—
(i)) as it is in force on  IP completion day, in the case of rules made by the FCA or the Prudential Regulation Authority under the Financial Services and Markets Act 2000;
(ii)) as amended from time to time in all other cases;
((20)) ‘the REMIT Implementing Regulation’ means Commission Implementing Regulation (EU) No 1348/2014 on data reporting;
((21)) ‘the Agency’ means the Agency for the Cooperation of Energy Regulators established under Regulation (EU) 2019/942 of the European Parliament and of the Council of 5 June 2019 (recast)  (as it applies in EU law);
((22)) ‘the CMA’ means the Competition and Markets Authority;
((23)) ‘the FCA’ means the Financial Conduct Authority;
((24)) ‘industry code’ means a document maintained in accordance with a licence condition;
((25)) ‘licence condition’ means a condition of a licence under—
(a)) section 7, 7ZA or 7A of the Gas Act 1986 or section 6 of the Electricity Act 1989 in relation to Great Britain; or
(b)) Article 8 of the Gas (Northern Ireland) Order 1996 in relation to Northern Ireland;
((26)) ‘relevant financial instrument’ means a financial instrument to which Article 2(1)(a) or (d) of the Market Abuse Regulation applies, with Article 2(1)(d) being read for this purpose as if the references to  “point (a), (b) or (c)” and to  “those points” were references to  “point (a)”;
((27)) ‘the SEM’ means the Single Electricity Market as defined in the Electricity (Single Wholesale Market) (Northern Ireland) Order 2007.
Article 3 

1. Persons who possess inside information in relation to a wholesale energy product shall be prohibited from:
(a) using that information by acquiring or disposing of, or by trying to acquire or dispose of, for their own account or for the account of a third party, either directly or indirectly, wholesale energy products to which that information relates;
(b) disclosing that information to any other person unless such disclosure is made in the normal course of the exercise of their employment, profession or duties;
(c) recommending or inducing another person, on the basis of inside information, to acquire or dispose of wholesale energy products to which that information relates.
2. The prohibition set out in paragraph 1 applies to the following persons who possess inside information in relation to a wholesale energy product:
(a) members of the administrative, management or supervisory bodies of an undertaking;
(b) persons with holdings in the capital of an undertaking;
(c) persons with access to the information through the exercise of their employment, profession or duties;
(d) persons who have acquired such information through criminal activity;
(e) persons who know, or ought to know, that it is inside information.
3. Points (a) and (c) of paragraph 1 of this Article shall not apply to transmission system operators when purchasing electricity or natural gas in order to ensure the safe and secure operation of the system in accordance with their  obligations under any provision of a licence condition or industry code— 
(a)) which, immediately before  IP completion day, implemented points (d) and (e) of Article 12 of Directive 2009/72/EC or points (a) and (c) of Article 13(1) of Directive 2009/73/EC; or
(b)) which would, if it had existed immediately before  IP completion day, have implemented any of those provisions.
4. This Article shall not apply to:
(a) transactions conducted in the discharge of an obligation that has become due to acquire or dispose of wholesale energy products where that obligation results from an agreement concluded, or an order to trade placed, before the person concerned came into possession of inside information;
(b) transactions entered into by electricity and natural gas producers, operators of natural gas storage facilities or operators of LNG import facilities the sole purpose of which is to cover the immediate physical loss resulting from unplanned outages, where not to do so would result in the market participant not being able to meet existing contractual obligations or where such action is undertaken in agreement with the transmission system operator(s) concerned in order to ensure safe and secure operation of the system. In such a situation, the relevant information relating to the transactions shall be reported to the ... national regulatory authority. This reporting obligation is without prejudice to the obligation set out in Article 4(1);
(c) market participants acting under national emergency rules, where national authorities have intervened in order to secure the supply of electricity or natural gas and market mechanisms have been suspended in  the United Kingdom  or parts thereof. In this case the authority competent for emergency planning shall ensure publication in accordance with Article 4.
5. Where the person who possesses inside information in relation to a wholesale energy product is a legal person, the prohibitions laid down in paragraph 1 shall also apply to the natural persons who take part in the decision to carry out the transaction for the account of the legal person concerned.
6. When information is disseminated for the purposes of journalism or artistic expression such dissemination of information shall be assessed taking into account the rules governing the freedom of the press and freedom of expression in other media, unless:
(a) those persons derive, directly or indirectly, an advantage or profits from the dissemination of the information in question; or
(b) the disclosure or dissemination is made with the intention of misleading the market as to the supply of, demand for, or price of wholesale energy products.
Article 4 

1. Market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part. Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities.
2. A market participant may under its own responsibility exceptionally delay the public disclosure of inside information so as not to prejudice its legitimate interests provided that such omission is not likely to mislead the public and provided that the market participant is able to ensure the confidentiality of that information and does not make decisions relating to trading in wholesale energy products based upon that information. In such a situation the market participant shall without delay provide that information, together with a justification for the delay of the public disclosure, to the ... national regulatory authority having regard to Article 8(5).
3. Whenever a market participant or a person employed by, or acting on behalf of, a market participant discloses inside information in relation to a wholesale energy product in the normal exercise of his employment, profession or duties as referred to in point (b) of Article 3(1), that market participant or person shall ensure simultaneous, complete and effective public disclosure of that information. In the event of a non-intentional disclosure the market participant shall ensure complete and effective public disclosure of the information as soon as possible following the non-intentional disclosure. This paragraph shall not apply if the person receiving the information has a duty of confidentiality, regardless of whether such duty derives from law, regulation, articles of association or a contract.
4. The publication of inside information, including in aggregated form, in accordance with:
(a)) guidelines and network codes adopted pursuant to Regulation (EC) No 714/2009 before 1 January 2020; or
(b)) the Electricity Regulation or the Gas Regulation, or guidelines and network codes adopted, or regulations made, pursuant to those Regulations,constitutes simultaneous, complete and effective public disclosure.
5. Where an exemption from the obligation to publish certain data has been granted to a transmission system operator, in accordance with  the Electricity Regulation or the Gas Regulation, that operator is thereby also exempted from the obligation set out in paragraph 1 of this Article in respect of that data.
6. Paragraphs 1 and 2 are without prejudice to  the EU-derived obligations of market participants, in particular regarding the timing and method of publication of information.
(6A.) In paragraph 6,  “EU-derived obligations” means obligations under—
(a)) any legislation, licence condition or industry code which, immediately before  IP completion day, implemented Directive 2009/72/EC or 2009/73/EC;
(b)) the Electricity Regulation or the Gas Regulation;
(c)) any network codes or guidelines adopted, or regulations made, under the Electricity Regulation or the Gas Regulation; or
(d)) any network codes or guidelines adopted under Regulation (EC) No 714/2009 before 1 January 2020.
7. Paragraphs 1 and 2 are without prejudice to the right of market participants to delay the disclosure of sensitive information relating to the protection of critical infrastructure as provided for in point (d) of Article 2 of Council Directive 2008/114/EC of 8 December 2008 on the identification and designation of European critical infrastructures and the assessment of the need to improve their protection, if it is classified in  the United Kingdom.For the purposes of this paragraph, Article 2 of Council Directive 2008/114/EC is to be read as if, in point (a), the references to  ‘Member States’ and  ‘a Member State’ were references to the United Kingdom.
Article 5 
Any engagement in, or attempt to engage in, market manipulation on wholesale energy markets shall be prohibited.
Article 6 

1. A national authority may, by regulations, amend this Regulation  in order to:
(a) align the definitions set out in points (1), (2), (3) and (5) of Article 2 for the purpose of ensuring coherence with other relevant ... legislation in the fields of financial services and energy; and
(b) update those definitions for the sole purpose of taking into account future developments on wholesale energy markets.
2. The  regulations  referred to in paragraph 1 shall take into account at least:
(a) the specific functioning of wholesale energy markets, including the specificities of electricity and gas markets, and the interaction between commodity markets and derivative markets;
(b) the potential for manipulation across borders, between electricity and gas markets and across commodity markets and derivative markets;
(c) the potential impact on wholesale energy market prices of actual or planned production, consumption, use of transmission, or use of storage capacity; and
(d) network codes and framework guidelines adopted in accordance with Regulation (EC) No 714/2009 before 1 January 2020 and network codes and framework guidelines adopted, or regulations made, under the Gas Regulation and Electricity Regulation.
Article 7 

1. The national regulatory authority  shall monitor trading activity in wholesale energy products to detect and prevent trading based on inside information and market manipulation. It shall collect the data for assessing and monitoring wholesale energy markets as provided for in Article 8.
2. The GB Authority and the NI Authority must, where appropriate, cooperate with each other in carrying out the monitoring of wholesale energy markets referred to in paragraph 1.
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Article 8 

1. To the extent required by Chapter II of the REMIT Implementing Regulation, market participants, or a person or authority listed in points (b) to (f) of paragraph 4 on their behalf, shall provide  the national regulatory authority  with a record of wholesale energy market transactions, including orders to trade. The information reported shall include the precise identification of the wholesale energy products bought and sold, the price and quantity agreed, the dates and times of execution, the parties to the transaction and the beneficiaries of the transaction and any other relevant information. While overall responsibility lies with market participants, once the required information is received from a person or authority listed in points (b) to (f) of paragraph 4, the reporting obligation on the market participant in question shall be considered to be fulfilled.
2. A national authority may, by regulations:
(a) draw up a list of the contracts and derivatives, including orders to trade, which are to be reported in accordance with paragraph 1 and appropriate de minimis thresholds for the reporting of transactions where appropriate;
(b) adopt uniform rules on the reporting of information which is to be provided in accordance with paragraph 1;
(c) lay down the timing and form in which that information is to be reported....  Regulations under this paragraph  shall take account of existing reporting systems.
3. Persons referred to in points (a) to (d) of paragraph 4 who have reported transactions in accordance with  relevant law on markets in financial instruments  or applicable  assimilated law  on derivative transactions, central counterparties and trade repositories shall not be subject to double reporting obligations relating to those transactions.Without prejudice to the first subparagraph of this paragraph,  regulations under  paragraph 2 may allow organised markets and trade matching or trade reporting systems to provide  the national regulatory authority  with records of wholesale energy transactions.
4. For the purposes of paragraph 1, information shall be provided by:
(a) the market participant;
(b) a third party acting on behalf of the market participant;
(c) a trade reporting system;
(d) an organised market, a trade-matching system or other person professionally arranging transactions;
(e) a trade repository registered or recognised under applicable  assimilated law  on derivative transactions, central counterparties and trade repositories; or
(f) a competent authority which has received that information in accordance with  Article 26(1) and (2) of Regulation (EU) No 600/2014.
5. To the extent required by Chapter III of the REMIT Implementing Regulation, market participants  shall provide  the national regulatory authority  with information related to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities, for the purpose of monitoring trading in wholesale energy markets. The reporting obligations on market participants shall be minimised by collecting the required information or parts thereof from existing sources where possible.
6. A national authority may, by regulations:
(a) adopt uniform rules on the reporting of information to be provided in accordance with paragraph 5 and on appropriate thresholds for such reporting where appropriate;
(b) lay down the timing and form in which that information is to be reported....  Regulations under this paragraph shall take account of existing reporting obligations under the Gas Regulation and Electricity Regulation.
(7.) The powers to make regulations under paragraphs 2 and 6 include power to amend or replace any provision of an implementing act which—
(a)) was made by the Commission under those paragraphs as they applied before  IP completion day; and
(b)) is assimilated direct legislation.
Article 9 

1. Market participants entering into  reportable transactions  shall register with the national regulatory authority in  each part of the United Kingdom  in which they are active. For this purpose— 
(a) “part of the United Kingdom” means Great Britain or Northern Ireland; and
(b) all market participants entering into transactions in the SEM are to be treated as being active in Northern Ireland.A market participant entering into reportable transactions which relate, or might relate, to the trading or transportation of electricity between Great Britain and the SEM must register with both the GB Authority and the NI Authority.The registration of market participants is without prejudice to obligations to comply with applicable trading and balancing rules.
(1A.) The GB Authority may direct that the obligation in paragraph 1 to register with it does not apply to market participants which are already registered with the NI Authority, or with a national regulatory authority of a member State under this Regulation as it applies in EU law.
(1B.) The NI Authority may direct that the obligation in paragraph 1 to register with it does not apply to market participants which are already registered with the GB Authority, or with a national regulatory authority of a member State under this Regulation as it applies in EU law.
(1C.) A direction under paragraph 1A or 1B—
(a)) may have effect generally or in specified cases;
(b)) may be made for a specified period; and
(c)) may be varied or cancelled by the national regulatory authority which made the direction.
2. The GB Authority and the NI Authority must each establish a register  of market participants which they shall keep up to date. The register shall give each market participant a unique identifier and shall contain sufficient information to identify the market participant, including relevant details relating to its value added tax number, its place of establishment, the persons responsible for its operational and trading decisions, and the ultimate controller or beneficiary of the market participant's trading activities.
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4. Market participants referred to in paragraph 1 of this Article shall submit the registration form to the national regulatory authority prior to entering into  a reportable transaction.
5. Market participants referred to in paragraph 1 shall communicate promptly to the national regulatory authority any change which has taken place as regards the information provided in the registration form.
(6.) For the purposes of this Article,  “reportable transaction” means a transaction which is required to be reported to the national regulatory authority under Article 8(1), or which would be required to be reported if the national regulatory authority had established a data reporting system under Article 10A of the REMIT Implementing Regulation.
Article 10 
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Article 11 
This Regulation shall be without prejudice to the obligations of public authorities relating to processing of personal data under assimilated law.
Article 12 

1. ...The national regulatory authority, the FCA, the CMA  and other relevant authorities shall ensure the confidentiality, integrity and protection of the information which they receive pursuant to Articles 4(2), 7(2) or 8(5) ... and shall take steps to prevent any misuse of such information....
2. Subject to Article 17,  the national regulatory authority  may decide to make publicly available parts of the information which it possesses, provided that commercially sensitive information on individual market participants or individual transactions or individual market places are not disclosed and cannot be inferred....Information shall be published or made available in the interest of improving transparency of wholesale energy markets and provided it is not likely to create any distortion in competition on those energy markets.The national regulatory authority  shall disseminate information in a fair manner according to transparent rules which it shall draw up and make publicly available.
Article 13 

1. The national regulatory authority must  ensure that the prohibitions set out in Articles 3 and 5 and the obligation set out in Article 4 are applied.The national regulatory authority must exercise its investigatory and enforcement powers in a proportionate manner.Those powers may be exercised:
(a) directly;
(b) in collaboration with other authorities; or
(c) by application to the competent judicial authorities.Where appropriate,  the national regulatory authority may exercise its  investigatory powers in collaboration with organised markets, trade-matching systems or other persons professionally arranging transactions as referred to in point (d) of Article 8(4).
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Article 14 
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Article 15 
Any person professionally arranging transactions in wholesale energy products who reasonably suspects that a transaction might breach Article 3 or 5 shall notify the national regulatory authority without further delay.
Persons professionally arranging transactions in wholesale energy products shall establish and maintain effective arrangements and procedures to identify breaches of Article 3 or 5.
Article 16 

1. ...The GB Authority and the NI Authority must cooperate with each other, and may, if they consider it expedient to do so, cooperate with the Agency and national regulatory authorities of member States, for the purpose of carrying out their duties in accordance with this Regulation.The national regulatory authority, the FCA and the CMA  may 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.
2. ...Where  the national  regulatory authority suspects that acts which affect wholesale energy markets or the price of wholesale energy products in  the United Kingdom  are being carried out in  a member  State, it may request the Agency to take action in accordance with paragraph 4 of this Article (as it applies in EU law)  and, if the acts affect  relevant financial instruments, in accordance with paragraph 3 of this Article (as it applies in EU law).
3. In order to ensure a coordinated and consistent approach to market abuse on wholesale energy markets:
(a) the national regulatory authority must inform the FCA where it has  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  the Market Abuse Regulation and which affect relevant financial instruments;
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(d) the national regulatory authority must inform the CMA where it has  reasonable grounds to suspect that acts are being, or have been, carried out on wholesale energy market which are likely to constitute a breach of competition law.
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Article 17 

1. Any confidential information received, exchanged or transmitted pursuant to this Regulation shall be subject to the conditions of professional secrecy laid down in paragraphs 2, 3 and 4.
2. The obligation of professional secrecy shall apply to:
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(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c) persons who work or who have worked for the  national regulatory authority  or for other relevant authorities;
(d) auditors and experts instructed by  national regulatory authority  or by other relevant authorities who receive confidential information in accordance with this Regulation.
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 or market place cannot be identified, without prejudice to cases covered by criminal law, the other provisions of this Regulation or other relevant  assimilated law.
4. Without prejudice to cases covered by criminal law,  authorities, bodies or persons which receive confidential information pursuant to this Regulation may use it only in the performance of their duties and for the exercise of their functions. Other authorities, bodies or persons may use that information for the purpose for which it was provided to them or in the context of administrative or judicial proceedings specifically related to the exercise of those functions. The authority receiving the information may use it for other purposes, provided that the Agency, national regulatory authorities, competent financial authorities of the Member States, ESMA, bodies or persons communicating information consent thereto.
5. This Article shall not prevent an authority ... from exchanging or transmitting, in accordance with national law, confidential information provided that it has not been received from an authority of  a member  State or from the Agency under this Regulation as it applies in EU law.
Article 18 
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Article 19 
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Article 20 
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Article 21 
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Article 21A 

(1.) Any power to make regulations conferred on the Secretary of State by this Regulation is exercisable by statutory instrument.
(2.) Such regulations may—
(a)) include supplementary, incidental, consequential, transitional, transitory or saving provision; and
(b)) make different provision for different cases.
(3.) Before the Secretary of State makes regulations which apply to Northern Ireland, the Secretary of State must consult the Northern Ireland department.
(4.) A statutory instrument containing regulations made under this Regulation is subject to annulment in pursuance of a resolution of either House of Parliament.
Article 21B 

(1.) Any power to make regulations conferred on the Northern Ireland department by this Regulation is exercisable by statutory rule for the purpose of the Statutory Rules (Northern Ireland) Order 1979.
(2.) Such regulations may—
(a)) include incidental, supplemental, consequential and transitional provision; and
(b)) make different provision for different cases.
(3.) Statutory rules containing regulations made under this Regulation are subject to negative resolution within the meaning of section 41(6) of the Interpretation Act (Northern Ireland) Act 1954 as if they were a statutory instrument within the meaning of that Act.
Article 22 
This Regulation shall enter into force on the 20th day following its publication in the Official Journal of the European Union.
Paragraph 1, the first subparagraph of paragraph 3, and paragraphs 4 and 5 of Article 8 shall apply with effect from 6 months after the date on which the Commission adopts the relevant implementing acts referred to in paragraphs 2 and 6 of that Article.
...Done at Strasbourg, 25 October 2011.
For the European Parliament
The President
J. BUZEK
For the Council
The President
M. DOWGIELEWICZ
The Commission considers that the thresholds for reporting transactions within the meaning of Article 8(2)(a) and information within the meaning of Article 8(6)(a) cannot be set through implementing acts.
Where appropriate the Commission will come forward with a legislative proposal to set such thresholds.

The EU legislator has conferred on the Commission implementing powers in accordance with Article 291 TFEU in relation to measures foreseen in Article 8. That is legally binding for the Commission despite the declaration it made in respect to Article 8(2)(a) and Article 8(6)(a).
