Joint consultation on CESR and ERGEG advice to the European Commission in the context of the Third Energy Package

In the joint consultation paper ERGEG and CESR advise the European 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. They 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.

ERGEG and CESR invite market participants to comment on their draft advice. The closing date for the public consultation will be 29 August 2008. All responses should be submitted online on CESR's website and via email to fis@ergeg.org. A final advice from ERGEG and CESR will be provided to the Commission by early autumn 2008.