Delayed disclosure of inside information

According to REMIT, 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 Agency and the relevant national regulatory authority having regard to Article 8(5).” (Article 4(2) of REMIT)
 
Market participants are to decide if there is a need to exceptionally delay the public disclosure of inside information. It is not the role of the Agency or National Regulatory Authorities (NRAs) to pre-approve the application of the Article 4(2).
 
Where a market participant chooses to delay a disclosure, it must ensure that the delay is not likely to mislead the public. Also the market participant is not allowed to make trading decisions based on that information and that the information remains confidential. As soon as the legitimate interests mentioned in Article 4(1), cease to exist, the market participant must disclose the inside information.
 
In order to assist those market participants who are subject to the obligation to notify information on the delay of the public disclosure of inside information to the Agency and the relevant NRA, the Agency has developed a web application:
For any additional information, please consult the ACER Guidance  on the application of REMIT or write to REMIT@acer.europa.eu.