Market surveillance

The Agency is obliged to monitor trading activity in wholesale energy products to detect and prevent trading based on inside information and market manipulation (market surveillance) according to REMIT . (Article 7.1)
National Regulatory Authorities (NRAs) have to cooperate among themselves as well as with the Agency in carrying out the monitoring of wholesale energy markets (Article 16 of REMIT), NRAs also have to ensure that the prohibitions of insider trading and market manipulation are applied (Article 13 of REMIT).
The Agency will apply the following market monitoring approach:
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The automated screening will form part of the Agency’s monitoring activities. REMIT  also requires the Agency to do an initial assessments or analysis prior to notifying a suspected breach of REMIT to a NRA and before using the powers listed below (Article 16(4) of REMIT).
The Agency is responsible for the monitoring of wholesale energy markets at pan-European level. At the same time, the NRAs may monitor trading activity at national level.
If the Agency suspects that there has been a breach of the provisions in REMIT , it has the power to:
-    Request information from NRAs.
-    Request NRAs to commence an investigation, and
-    Establish and coordinate investigatory groups in case the suspected breach has cross-border impacts.
 
However, the Agency can only make such requests to NRAs on the basis of initial assessments or analysis. Where a NRA has reasonable grounds to suspect a breach of the provisions in REMIT , it shall without delay inform the Agency.
The Agency also encourages market participants and other stakeholders of the wholesale energy markets to report suspected market abuse.A suspicious transaction can be reported under articles 15 and 15 of REMIT via the Agency’s Notification Platform. An explanation for the basis on which the reporting is done has to be provided in the report.