What changed between the draft committee report and the plenary report

Removed:ACER should also be able to issue guidelines or recommendations on the application of Article 3 (prohibition of insider trading), 4 (obligation to publish inside information), Article 5 (prohibition of market manipulation) and of Article 9 (registration of market participants). This would complete the scope of this empowerment to clarify the relevant obligations of market participants and ensure an EU-wide harmonized application of these.

Added:(10) in Article 9, paragraph 1 is replaced by the following:

Removed:Regulation (EU) No 1227/2011

Added:“1. Market participants entering into transactions which are required to be reported to the Agency in accordance with Article 8(1) shall register with the national regulatory authority in the Member State in which they are established or resident. Market participants that are resident or established in a third country shall register with the national regulatory authority of the Member State in which they have declared an office from which they carry out their principal activities. For the purposes of ensuring compliance with this Regulation, such an office shall, upon request of the national regulatory authority of that Member State or of the Agency, provide access to requested information related to the market participant’s activities in the Union wholesale energy market.”;

Removed:Article 1 – paragraph 1 – point 18, Article 16b – paragraph 2: 2. The Agency shall, within an adequate and realistic timeframe, conduct appropriate public consultations regarding the guidelines and recommendations which it issues and analyse the related potential costs and benefits of issuing such guidelines and recommendations. Those consultations and analyses shall be proportionate to the scope, nature and impact of the guidelines or recommendations.

Added:(10a) in Article 9, paragraph 3 is replaced by the following:

Removed:Regulation (EU) No 1227/2011

Added:“3. National regulatory authorities shall transmit the information in their national registers to the Agency in a format determined by the Agency. The Agency shall, in cooperation with those authorities, determine that format and shall publish it by 29 June 2012. Based on the information provided by national regulatory authorities, the Agency shall establish a European register of market participants. National regulatory authorities and other relevant authorities shall have access to the European register. Subject to Article 17, the Agency shall make the European register, or extracts thereof, publicly available provided that commercially sensitive information on individual market participants is not disclosed.”;

Removed:Article 1 – paragraph 1 – point 18, Article 16b – paragraph 3: deleted

Added:(11) the following Article 9a is inserted:

Removed:Deleted here and moved to paragraph 1

Added:“Article 9a

Removed:Regulation (EU) No 1227/2011

Added:Authorisation and supervision of the Registered Reporting Mechanisms

Removed:Article 1 – paragraph 1 – point 18, Article 16b – paragraph 4: 4. Each national regulatory authority shall confirm to the Agency whether it complies or intends to comply with a given guideline or recommendation. If a national regulatory authority does not comply or does not intend to comply, it shall inform the Agency, stating its reasons.

Added:1. The operation of an RRM shall be subject to prior authorisation by the Agency in accordance with this Article.

Removed:Regulation (EU) No 1227/2011

Added:The Agency shall authorise parties as RRM where:

Removed:Article 1 – paragraph 1 – point 18, Article 16b –paragraph 6: 6. If required by that guideline or recommendation, market participants shall notify the Agency whether they comply with that guideline or recommendation. Upon the Agency's request, market participants shall provide their reasons in a clear and detailed manner.

Added:(a) the RRM is a legal person established in the Union; and

Removed:To reduce administrative burden for the market participants

Added:(b) the RRM meets the requirements laid down in this Article.

Removed:Regulation (EU) No 1227/2011

Added:The Agency shall authorise an entity to operate as an RRM within a reasonable period of time and, to the extent possible, within three months of the receipt of the complete application. The authorisation ▌shall be effective and valid for the entire territory of the Union, and shall allow the RRM provider to provide the services for which it has been authorised throughout the Union.

Removed:Article 1 – paragraph 1 – point 20 a (new), Article 21 a (new): (20a) the following Article is inserted: / ‘Article 21a / Report and review / By June 2027, the Commission shall assess the application of this Regulation, in particular as regards the impact of this Regulation on market behaviour, market participants, liquidity, reporting requirements and the level of administrative burden for market participants. On the basis of that assessment, the Commission shall draw up a report and submit it without undue delay to the European Parliament and to the Council. The report shall be accompanied, where appropriate, by a legislative proposal.’

Added:RRMs that have been authorised pursuant to Article 11 of the Implementing Regulation (EU) No 1348/2014 and that are included in the Agency’s list of RRMs on ... [the date of entry into force of this amending Regulation] shall be treated as complying with this Article and shall be registered as RRMs, until the Agency has taken a decision on the authorisation for those RRMs in accordance with this Article.

Removed:Given the level of reporting that this regulation entails, it is useful if the Commission draws up a report to understand the impact of this legislation and the level of administrative burden for market participants. On the basis of the assessment, it might want to propose a revision of the rules.

Added:An authorised RRM shall comply at all times with the conditions for authorisation referred to in this Article. An authorised RRM shall, without undue delay, notify the Agency of any material changes to the conditions for authorisation.

Removed:Implementing Regulation (EU) No 1348/2014

Added:The Agency shall establish a register of ▌ RRMs in the Union. The register shall be publicly available and shall contain information on the services for which the RRM is authorised. The register shall be updated on a regular basis. ▌.

Removed:Article 3, Article 7a: deleted / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted)

Added:2. The Agency shall regularly review the compliance of RRMs with this Regulation. For that purpose, upon the Agency's request, RRMs shall provide a report ▌ about their activities to the Agency.

Removed:Art 7a is deleted from the Implementing Regulation but put it back in the text of the Regulation (EU) No 1227/2011

Added:3. RRMs shall have adequate policies and arrangements in place to report the information required under Article 8 as soon as possible, and in any event no later than as provided for in the delegated acts adopted pursuant to paragraph 5 of this Article.

Added:RRMs shall operate and maintain effective administrative arrangements designed to prevent conflicts of interest with its clients. In particular, an RRM that is also an OMP or market participant shall treat all information collected in a non-discriminatory manner and shall operate and maintain appropriate arrangements to separate different business functions.

Added:RRMs shall have sound security mechanisms in place designed to guarantee the security and authentication of the means of transfer of information, minimise the risk of data corruption and unauthorised access and to prevent information leakage, maintaining the confidentiality of the data at all times. RRMs shall maintain adequate resources and shall have back-up facilities in place in order to offer and maintain their services in accordance with the implementing acts adopted pursuant to Article 8(2) and (6).

Added:RRMs shall, together with market participants, have a mechanism in place allowing to effectively check transaction reports with regard to their completeness, identify omissions and obvious errors caused by the market participant, and where such error or omission occurs, to communicate details of the error or omission to the market participant and request to receive a corrected version of such reports.

Added:RRMs shall have systems in place to enable them to detect errors or omissions caused by them and to enable them to correct and transmit, or re-transmit as the case may be, correct and complete transaction reports to the Agency.

Added:3a. Where the Agency finds that a RRM has an infringed paragraph 1, 2 or 3 of this Article, before withdrawing an authorisation pursuant to paragraph 4 of this Article, it shall take one or more of the measures provided for in Article 13dc.

Added:4. The Agency may withdraw the authorisation of an RRM where RRM:

Added:(a) does not make use of the authorisation within 18 months, expressly renounces the authorisation or has provided no services for the preceding 18 months;

Added:(b) obtained the authorisation by making false statements or by any other irregular means;

Added:(c) no longer meets the conditions under which it was authorised;

Added:(d) has seriously and systematically infringed this Regulation.

Added:In case of such a decision, the Agency shall indicate the right to appeal the decision before the Agency’s Board of Appeal and to have the decision reviewed by the Court of Justice in accordance with Articles 28 and 29 of Regulation (EU) 2019/942. The Agency may also lay down obligations to enable compliance with the decision to be monitored.

Added:Where the Agency withdraws an authorisation to an RRM pursuant to this paragraph, it shall remove that RRM from the register.

Added:An RRM whose authorisation has been withdrawn, to ensure continuity of the services provided by the RRM, shall inform all relevant market participants and, in consultation with them, ensure orderly substitution including the transfer of data to other RRMs and the redirection of reporting flows to other RRMs. The Agency shall set a reasonable period for such orderly substitution, taking into account the relevant specificities of the RRM concerned.

Added:The Agency shall, where relevant, without undue delay, notify the national competent authority in the Member State where the RRM is established of any decision to withdraw the authorisation of an RRM pursuant to the first subparagraph.

Added:5. The Commission shall adopt delegated acts in accordance with Article 20 to supplement this Regulation by specifying:

Added:(a) the means by which an RRM is to comply with the information obligation referred to in paragraph 1; and

Added:(b) the concrete organisational requirements for the implementation of paragraphs 2 and 3.

Added:The first such delegated act shall be adopted by ... [six months after the date of entry into force of this amending Regulation].”;

Added:(12) Article 10 is amended as follows:

Added:(a) paragraph 1 is replaced by the following:

Added:“1. The Agency shall establish mechanisms to share information it receives in accordance with Article 7(1) and Article 8 with the Commission, national regulatory authorities, competent financial market authorities national competition authorities, ESMA and other relevant authorities at Union level. Before establishing such mechanisms, ACER shall consult with those authorities.”;

Added:(b) the following paragraph 1a is inserted:

Added:“1a. National regulatory authorities shall establish mechanisms by which to share information they receive in accordance with Article 7(2) and Article 8 with the competent financial market authorities, the national competition authorities, the national tax authorities and EUROFISC and other relevant national authorities ▌. Before establishing such mechanisms, the national regulatory authority shall consult with the Agency and with those parties.

Added:(ba) paragraph 2 is replaced by the following:

Added:“2. The Agency shall give access to the mechanisms referred to in paragraph 1 of this Article only to authorities which have set up systems enabling the Agency to meet the requirements of Article 12(1).”;

Added:(c) the following paragraph 2a is inserted: