Edited by John Ratliff, Avocat, Brussels Bar, Belgium and Barrister, Henderson Chambers, UK and Roberto Grasso, International Lawyer and Deputy General Counsel, Columbia Sportswear Company, based in the USA and Switzerland; formerly Counsel, WilmerHale, Brussels, Belgium

• CONTENTS PART I  BACKGROUND1 Introduction to ‘Energy Market Manipulation and Insider Trading in Europe – REMIT’ 2John Ratliff and Roberto Grasso2 The road to REMIT 7John Ratliff and Álvaro Mateo Alonso3 ACER 50Mariia Shulha and John RatliffPART II  REMIT: COMMENTARY AND CASES4 Scope, definitions, technical updating, and final provisions (Articles 1, 2, 6, 20, 21, 22) 66John Ratliff and Roberto Grasso5 Prohibition on insider trading (Article 3) 93John Ratliff and Roberto Grasso6 Obligation to publish inside information (Article 4) 146John Ratliff and Roberto Grasso7 Prohibition of market manipulation (Article 5) 225John Ratliff and Roberto Grasso8 Market surveillance and data collection (Articles 7, 8, 9, 10) 398John Ratliff and Roberto Grasso9 Obligations of persons professionally arranging or executing transactions (Article 15) 441John Ratliff and Roberto Grasso10 Cooperation at EU and Member State level (Article 16) 461John Ratliff and Roberto Grasso11 Enforcement, appeals, and penalties (Articles 13, 14, 18) 480John Ratliff and Roberto Grasso12 Procedural requirements (Articles 11, 12, 17) 518John Ratliff and Roberto Grasso13 International relations (Article 19) 531John Ratliff and Roberto GrassoPART III  INTERACTION WITH OTHER EU LAWS14 REMIT and EU financial markets law 542Álvaro Mateo Alonso and John Ratliff15 REMIT and competition law 588John Ratliff and Roberto Grasso16 MAR and energy trading 671Marilena Nteve and John RatliffPART IV  UK, US, AND ECONOMIC PERSPECTIVES17 REMIT in the United Kingdom 695John Ratliff18 Energy market manipulation in the United States 730H. David Gold and Mark C. Kalpin19 Market manipulation economics considerations 794Shaun D. Ledgerwood and Dan HarrisPART V  REMIT II20 Amendments to REMIT in 2024 877John Ratliff and Mariia Shulha

‘The book is a comprehensive source of information regarding REMIT and its history. The prohibitions are thoroughly explained using examples from case rulings, and interactions with other EU legislation are well covered. The authors have done a great job in gathering information to make it accessible for the reader.’

Edited by John Ratliff, Avocat, Brussels Bar, Belgium and Barrister, Henderson Chambers, UK and Roberto Grasso, International Lawyer and Deputy General Counsel, Columbia Sportswear Company, based in the USA and Switzerland; formerly Counsel, WilmerHale, Brussels, Belgium

• CONTENTS PART I  BACKGROUND1 Introduction to ‘Energy Market Manipulation and Insider Trading in Europe – REMIT’ 2John Ratliff and Roberto Grasso2 The road to REMIT 7John Ratliff and Álvaro Mateo Alonso3 ACER 50Mariia Shulha and John RatliffPART II  REMIT: COMMENTARY AND CASES4 Scope, definitions, technical updating, and final provisions (Articles 1, 2, 6, 20, 21, 22) 66John Ratliff and Roberto Grasso5 Prohibition on insider trading (Article 3) 93John Ratliff and Roberto Grasso6 Obligation to publish inside information (Article 4) 146John Ratliff and Roberto Grasso7 Prohibition of market manipulation (Article 5) 225John Ratliff and Roberto Grasso8 Market surveillance and data collection (Articles 7, 8, 9, 10) 398John Ratliff and Roberto Grasso9 Obligations of persons professionally arranging or executing transactions (Article 15) 441John Ratliff and Roberto Grasso10 Cooperation at EU and Member State level (Article 16) 461John Ratliff and Roberto Grasso11 Enforcement, appeals, and penalties (Articles 13, 14, 18) 480John Ratliff and Roberto Grasso12 Procedural requirements (Articles 11, 12, 17) 518John Ratliff and Roberto Grasso13 International relations (Article 19) 531John Ratliff and Roberto GrassoPART III  INTERACTION WITH OTHER EU LAWS14 REMIT and EU financial markets law 542Álvaro Mateo Alonso and John Ratliff15 REMIT and competition law 588John Ratliff and Roberto Grasso16 MAR and energy trading 671Marilena Nteve and John RatliffPART IV  UK, US, AND ECONOMIC PERSPECTIVES17 REMIT in the United Kingdom 695John Ratliff18 Energy market manipulation in the United States 730H. David Gold and Mark C. Kalpin19 Market manipulation economics considerations 794Shaun D. Ledgerwood and Dan HarrisPART V  REMIT II20 Amendments to REMIT in 2024 877John Ratliff and Mariia Shulha

‘The book is a comprehensive source of information regarding REMIT and its history. The prohibitions are thoroughly explained using examples from case rulings, and interactions with other EU legislation are well covered. The authors have done a great job in gathering information to make it accessible for the reader.’

Edited by John Ratliff, Avocat, Brussels Bar, Belgium and Barrister, Henderson Chambers, UK and Roberto Grasso, International Lawyer and Deputy General Counsel, Columbia Sportswear Company, based in the USA and Switzerland; formerly Counsel, WilmerHale, Brussels, Belgium

• CONTENTS PART I  BACKGROUND1 Introduction to ‘Energy Market Manipulation and Insider Trading in Europe – REMIT’ 2John Ratliff and Roberto Grasso2 The road to REMIT 7John Ratliff and Álvaro Mateo Alonso3 ACER 50Mariia Shulha and John RatliffPART II  REMIT: COMMENTARY AND CASES4 Scope, definitions, technical updating, and final provisions (Articles 1, 2, 6, 20, 21, 22) 66John Ratliff and Roberto Grasso5 Prohibition on insider trading (Article 3) 93John Ratliff and Roberto Grasso6 Obligation to publish inside information (Article 4) 146John Ratliff and Roberto Grasso7 Prohibition of market manipulation (Article 5) 225John Ratliff and Roberto Grasso8 Market surveillance and data collection (Articles 7, 8, 9, 10) 398John Ratliff and Roberto Grasso9 Obligations of persons professionally arranging or executing transactions (Article 15) 441John Ratliff and Roberto Grasso10 Cooperation at EU and Member State level (Article 16) 461John Ratliff and Roberto Grasso11 Enforcement, appeals, and penalties (Articles 13, 14, 18) 480John Ratliff and Roberto Grasso12 Procedural requirements (Articles 11, 12, 17) 518John Ratliff and Roberto Grasso13 International relations (Article 19) 531John Ratliff and Roberto GrassoPART III  INTERACTION WITH OTHER EU LAWS14 REMIT and EU financial markets law 542Álvaro Mateo Alonso and John Ratliff15 REMIT and competition law 588John Ratliff and Roberto Grasso16 MAR and energy trading 671Marilena Nteve and John RatliffPART IV  UK, US, AND ECONOMIC PERSPECTIVES17 REMIT in the United Kingdom 695John Ratliff18 Energy market manipulation in the United States 730H. David Gold and Mark C. Kalpin19 Market manipulation economics considerations 794Shaun D. Ledgerwood and Dan HarrisPART V  REMIT II20 Amendments to REMIT in 2024 877John Ratliff and Mariia Shulha

‘The book is a comprehensive source of information regarding REMIT and its history. The prohibitions are thoroughly explained using examples from case rulings, and interactions with other EU legislation are well covered. The authors have done a great job in gathering information to make it accessible for the reader.’