Regulation (EU) No 1227/2011 of the European Parliament and of the CouncilShow full title

Article 4 U.K. Obligation to publish inside information

1. Market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part. Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities.

2. A market participant may under its own responsibility exceptionally delay the public disclosure of inside information so as not to prejudice its legitimate interests provided that such omission is not likely to mislead the public and provided that the market participant is able to ensure the confidentiality of that information and does not make decisions relating to trading in wholesale energy products based upon that information. In such a situation the market participant shall without delay provide that information, together with a justification for the delay of the public disclosure, to the F1 ... national regulatory authority having regard to Article 8(5).

3. Whenever a market participant or a person employed by, or acting on behalf of, a market participant discloses inside information in relation to a wholesale energy product in the normal exercise of his employment, profession or duties as referred to in point (b) of Article 3(1), that market participant or person shall ensure simultaneous, complete and effective public disclosure of that information. In the event of a non-intentional disclosure the market participant shall ensure complete and effective public disclosure of the information as soon as possible following the non-intentional disclosure. This paragraph shall not apply if the person receiving the information has a duty of confidentiality, regardless of whether such duty derives from law, regulation, articles of association or a contract.

[F2 4. The publication of inside information, including in aggregated form, in accordance with:

(a) guidelines and network codes adopted pursuant to Regulation (EC) No 714/2009 before 1 January 2020; or

(b) the Electricity Regulation or the Gas Regulation, or guidelines and network codes adopted, or regulations made, pursuant to those Regulations,

constitutes simultaneous, complete and effective public disclosure.]

5. Where an exemption from the obligation to publish certain data has been granted to a transmission system operator, in accordance with [F3 the Electricity Regulation or the Gas Regulation], that operator is thereby also exempted from the obligation set out in paragraph 1 of this Article in respect of that data.

6. Paragraphs 1 and 2 are without prejudice to [F4 the EU-derived obligations of market participants], in particular regarding the timing and method of publication of information.

[F5 6A. In paragraph 6, “EU-derived obligations” means obligations under—

(a) any legislation, licence condition or industry code which, immediately before IP completion day, implemented Directive 2009/72/EC or 2009/73/EC;

(b) the Electricity Regulation or the Gas Regulation;

(c) any network codes or guidelines adopted, or regulations made, under the Electricity Regulation or the Gas Regulation; or

(d) any network codes or guidelines adopted under Regulation (EC) No 714/2009 before 1 January 2020.]

7. Paragraphs 1 and 2 are without prejudice to the right of market participants to delay the disclosure of sensitive information relating to the protection of critical infrastructure as provided for in point (d) of Article 2 of Council Directive 2008/114/EC of 8 December 2008 on the identification and designation of European critical infrastructures and the assessment of the need to improve their protection(1), if it is classified in [F6 the United Kingdom].

[F7 For the purposes of this paragraph, Article 2 of Council Directive 2008/114/EC is to be read as if, in point (a), the references to ‘Member States’ and ‘a Member State’ were references to the United Kingdom.]

Textual Amendments

F1 Words in Art. 4(2) omitted (31.12.2020) by virtue of The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 1 para. 4(2); 2020 c. 1, Sch. 5 para. 1(1)

F2 Art. 4(4) substituted (31.12.2020) by S.I. 2019/534, Sch. 1 para. 4(3) (as substituted by The Electricity and Gas etc. (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1016), regs. 1(2), 7(5)(c)(i)); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in Art. 4(5) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 1 para. 4(4); 2020 c. 1, Sch. 5 para. 1(1)

F4 Words in Art. 4(6) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 1 para. 4(5); 2020 c. 1, Sch. 5 para. 1(1)

F5 Art. 4(6A) inserted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 1 para. 4(6) (as amended by S.I. 2020/1016, regs. 1(2), 7(5)(c)(ii)); 2020 c. 1, Sch. 5 para. 1(1)

F6 Words in Art. 4(7) substituted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 1 para. 4(7)(a); 2020 c. 1, Sch. 5 para. 1(1)

F7 Words in Art. 4(7) inserted (31.12.2020) by The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/534), reg. 1(2), Sch. 1 para. 4(7)(b); 2020 c. 1, Sch. 5 para. 1(1)

(1)

OJ L 345, 23.12.2008, p. 75.