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ERGEG and CESR propose that the Commission should evaluate the creation of a tailor-made EU market abuse framework for electricity and gas products not covered by
The joint consultation paper will advise the Commission to explore a tailor-made EU market abuse framework for the electricity and gas sector, and note that there are substantial interdependencies between electricity and gas markets and some other markets, such as emission allowances, coal and oil markets. Trading in these markets is to a large extent conducted by the same market participants.
CESR and ERGEG also call for legally binding disclosure obligations in energy sector regulation including sanction mechanisms. The regulators drafted their advice following a mandate from the Commission in the context of the Third Energy Package.
The existing Market Abuse Directive may not properly address potential market integrity issues in the electricity and gas markets.
A final advice from ERGEG and CESR will be provided to the Commission by early autumn 2008.
Deadline for comments is