Cooperation

The Agency aims to ensure a coordinated and consistent approach to tackling market abuse on wholesale energy markets, which encompasses both commodity markets and derivatives markets. It also aims that national regulatory authorities (NRAs) carry out their tasks under REMIT in a coordinated and consistent way.
 

For this purpose, the Agency cooperates closely with national regulatory authorities, the European Securities and Markets Authority (ESMA), the competent financial market authorities of the Member States and, where appropriate, national competition authorities. The Agency may also establish strong links with major organised market places and may engage in international cooperation.

The scope and practical terms of implementing the cooperation foreseen in REMIT will be defined in a Memorandum of Understanding (MoU) where appropriate. It is important to stress that the MoUs are not intended to replace existing legislation. Nothing in the MoUs is intended to restrict, extend or alter the powers, functions or duties of the Agency or any of the signatories.  

The Agency has currently concluded the following MoUs: 

Whilst the MoU with NRAs is a multilateral one, the MoUs with organised market places are bilateral. The purpose of the MoUs with organised market places is to set out the content and procedures for the cooperation between the Agency and organised market places on issues related to market monitoring under REMIT. By December 2013, the Agency had signed MoUs with eight organised market places across the Union.