ACER and ESMA update Memorandum of Understanding to strengthen cooperation


ACER and ESMA update Memorandum of Understanding to strengthen cooperation

What is it about?

ACER and the European Securities and Markets Authority (ESMA) and have signed an updated Memorandum of Understanding (MoU) which strengthens collaboration between the two institutions. The MoU notably incorporates new cooperation areas under the Market Correction Mechanism (MCM) Regulation and benchmarks related to the energy sector. It also details the role of the recently established ACER–ESMA Task Force.

ACER and ESMA will continue to cooperate in relation to Regulation of wholesale energy markets, which encompass both energy derivatives and spot markets. The cooperation will primarily be achieved through on-going consultations, exchange of information and cross-participation in joint meetings of working groups and task forces.

Main areas covered by the MoU

  • Coordinated and consistent approach to market abuse framework under the Regulation on wholesale energy market integrity and transparency and the Market Abuse Regulation to further enhance market integrity in energy and energy derivative markets;
  • Technical cooperation on data and knowledge with respect to the functioning of energy and energy derivative markets; and
  • LNG price assessments and benchmarks administered by ACER and other energy-related benchmarks relevant for ACER's or ESMA's mandates.


ACER and ESMA have a long-established cooperative relationship. The first MoU was signed in July 2013.

In October 2022, in the context of the energy crisis, ACER and ESMA enhanced their efforts to strengthen oversight of energy and energy derivative markets. They launched the idea of a joint ACER–ESMA Task Force and highlighted possible areas of cooperation. More here.

ACER and ESMA published preliminary data reports concerning the adoption of the EU Regulation establishing an MCM to protect Union citizens and the economy against excessively high prices in January 2023. See ACER report here and ESMA report here. The provisions governing the MCM started applying on 15 February 2023.

Both agencies released on 1 March their respective Effects Assessments. See ACER report here and ESMA report here.