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05.05.2024 | 🇳🇱 Dutch competition authority
Amendments to the European REMIT regulation will tighten rules on wholesale electricity and natural-gas markets, overseen by the Netherlands Authority for Consumers and Markets, with heavy sanctions for violations.
The Dutch wholesale natural gas market (TTF) is the largest in Europe, significantly impacting energy prices for consumers and businesses in the Netherlands and beyond, prompting ACM to enforce compliance with REMIT.
The new rules introduce additional safeguards for fair competition, align energy market transparency with financial markets, expand REMIT's scope, require more information on algorithmic trading, and mandate market participants from non-EU countries to appoint representatives.
REMIT's scope will now cover all wholesale energy products, contracts, and derivatives for electricity and natural gas storage, previously regulated by the Dutch AFM, with enhanced collaboration between AFM and ACM to prevent overlaps.
Under the revised REMIT regulation, market manipulation and insider trading remain prohibited, with requirements for timely publication of inside information, registration with ACM, reporting trading data to ACER, and submission of notifications on suspicious trading behaviors by trading platforms to regulators.
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