What changed between the plenary report and the adopted text

Removed:The market participant shall arrange for records to be kept in relation to the matters referred to in this paragraph and shall ensure that those records are sufficient to enable its national regulatory authority to monitor compliance with this Regulation.

Removed:3. A market participant that provides direct electronic access to an organised market place shall notify the competent authorities of the Member State where the market participant is registered pursuant to Article 9(1) and the Agency accordingly.

Removed:The national regulatory authority of the ▌Member State where the market participant is registered pursuant to Article 9(1) may require the market participant to provide, on a regular or ad-hoc basis, a description of the systems and risk controls referred to in paragraph 1 of this Article and evidence that those have been applied.

Removed:The market participant shall arrange for records to be kept in relation to the matters referred to in this paragraph and shall ensure that those records be sufficient to enable its national regulatory authority to monitor compliance with this Regulation.

Removed:4. This Article is without prejudice to obligations laid down in Directive (EU) 2014/65.

Removed:The provisions regarding algorithmic trading contained in this Article shall not apply to transmission system operators' areas of activity that use automation, such as the activation of balancing energy, insofar as those automated processes are addressed by the Commission Regulation (EU) 2017/2195.”;

Removed:(6a) in Article 6, paragraph 1 is replaced by the following:

Removed:“1. The Commission shall be empowered to adopt delegated acts in accordance with Article 20 in order to:

Removed:(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 Union legislation in the fields of financial services and energy;

Removed:(b) update those definitions for the sole purpose of taking into account future developments on wholesale energy markets;

Removed:(c) further specify the notion of inside information, including with regard to the establishment of a non-exhaustive list of relevant intermediate steps in a protracted process in those cases where, by itself, the information meets the criteria laid down in Article 2, point (1) and in which cases it is to be disclosed in accordance with Article 4(1);

Removed:(d) establish a list of examples of market manipulation behaviour that are relevant to the application of this Regulation; and

Removed:(e) establish, taking into account national specificities, minimum thresholds for the identification of events which, if they were made public, would likely to significantly affect the prices of the wholesale energy products.”;

Removed:(7) in Article 7, paragraph 1 is replaced by the following:

Removed:“1. The Agency shall monitor trading activity in wholesale energy products to detect and prevent trading based on inside information and market manipulation or attempts thereof. It shall collect the data for assessing and monitoring wholesale energy markets as provided for in Article 8.”;

Removed:(7a) in Article 7, paragraph 3 is replaced by the following:

Removed:“3. The Agency shall at least on an annual basis submit a report to the Commission on its activities under this Regulation and on implementation and application of this Regulation, and make that report publicly available. In such reports the Agency shall assess, inter alia, the operation and transparency of different categories of market places and ways of trading and may make recommendations to the Commission as regards market rules, standards, and procedures which could improve market integrity and the functioning of the internal market. It may also evaluate whether any minimum requirements for organised markets could contribute to enhanced market transparency. Reports may be combined with the report referred to in Article 11(2) of Regulation (EC) No 713/2009.”;

Removed:(8) New articles from 7a to 7d are added:

Removed:“Article 7a

Removed:Tasks and powers of the Agency to carry out price assessments and benchmarks

Removed:1. The Agency shall produce and publish a daily LNG price assessment and a benchmark. For the purpose of the LNG price assessment, the Agency shall systematically collect and process LNG market data on transactions, also on the basis of the LNG market data reporting in accordance with Article 8(1aa). The price assessment shall where appropriate take into account regional differences and market conditions.

Removed:1a. For the purpose of producing and publishing the LNG price assessment and benchmark, the Agency may make use of third-party services.

Removed:1b. The Commission is empowered to adopt delegated acts in accordance with Article 20 to supplement this Regulation by establishing rules with regard to:

Removed:(a) the definition of the production and publication of LNG price assessments and benchmarks;

Removed:(b) the LNG reference price assessment and benchmark methodology of the Agency.

Removed:They shall take account of the implementing acts referred to in Article 8 (2) and (6) with regard to the LNG market data reporting.

Removed:▌

Removed:Provision of LNG market data to the Agency

Removed:1. LNG market participants shall submit daily to the Agency the LNG market data as provided for in Article 8(1aa), free of charge, through the reporting channels established by the Agency and in accordance with the specifications set out in the ▌ Implementing Regulation (EU) No 1348/2014, in a standardised format, through a high-quality transmission protocol, and as close to real-time as technologically possible before the publication of the daily LNG price assessment ▌.

Removed:2. The Commission is empowered to adopt delegated acts in accordance with Article 20 to supplement this Regulation by specifying the point in time by which LNG market data is to be submitted to the Agency, and the timing of the publication of the LNG price assessment as referred to in Article 7a. ▌

Removed:3. Where appropriate, the Agency shall, after consulting the Commission, issue guidance with regard to:

Removed:(a) the details of the information to be reported, in addition to the current details of reportable transactions and fundamental data under Implementing Regulation (EU) No 1348/2014, including bids and offers; and

Removed:(b) the procedure, standard and electronic format and the technical and organisational requirements for submitting data to be used for the provision of the required LNG market data.

Removed:3a. Where the Agency finds that an LNG market participant, or a person or authority listed in Article 8(4), points (b) to (f) on their behalf, has not submitted the information required pursuant to paragraph 1 of this Article, the Agency may take one or more of the measures provided for in Article 13dc.

Removed:▌

Removed:(8a) the following article is inserted:

Removed:“Article 7da

Removed:LNG market data quality

Removed:1. LNG market data shall include:

Removed:(a) the parties to the contract, including buy/sell indicator;

Removed:(b) the reporting party;

Removed:(c) the transaction price;

Removed:(d) the contract quantities;

Removed:(e) the value of the contract;

Removed:(f) the arrival window for the LNG cargo;

Removed:(g) the terms of delivery;

Removed:(h) the delivery points;

Removed:(i) the timestamp information on all of the following:

Removed:(i) the date and time of placing the bid or offer;

Removed:(ii) the transaction date and time;

Removed:(iii) the date and time of reporting of the bid, offer or transaction;

Removed:(iv) the receipt of LNG market data by the Agency.

Removed:2. LNG market participants shall provide the Agency with LNG market data in the following units and currencies:

Removed:(a) transaction, bid and offer unit prices shall be reported in the currency specified in the contract and in EUR/MWh and shall include applied conversion and exchange rates if applicable;

Removed:(b) contract quantities shall be reported in the units specified in the contracts and in MWh;

Removed:(c) arrival windows shall be reported in terms of delivery dates expressed in UTC format;

Removed:(d) delivery point shall indicate a valid identifier listed by the Agency such as referred to in the list of LNG facilities subject to reporting pursuant to this Regulation and to Implementing Regulation (EU) No 1348/2014; the timestamp information shall be reported in UTC format;

Removed:(e) if relevant, the price formula in the long-term contract from which the price is derived shall be reported in its integrity.

Removed:3. The Agency shall issue guidance regarding the criteria under which a single submitter accounts for a significant portion of LNG market data submitted within a certain reference period and how this situation shall be addressed in its daily LNG price assessment and benchmarks.”;(9) Article 8 is amended as follows:

Removed:(-a) paragraph 1 is replaced by the following: