CASE COMMENTS: REGULATIONS - MARKET MANIPULATION - SANCTION

Energy: The French Supreme Administrative Court confirms the first sanction of the Dispute Settlement and Sanctions Committee taken in application of the REMIT Regulation and specifies the elements constituting manipulation on the wholesale natural gas market as well as the application to the Energy Regulatory Commission of the procedural rules on sanctions implemented by an independent administrative authority (Vitol)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. By decision no. 02-40-16 of 5 October 2018, the Dispute Resolution and Sanctions Committee (CoRDiS) of the French Energy Regulatory Commission ["CRE"] pronounced a financial penalty of €5 million against Vitol, due to the implementation of a so-called "stacking" strategy, consisting of issuing non-authentic orders at several price levels on one side of the order book, with the aim of influencing the behaviour of other players in order to carry out a transaction on the other side of the order book at more advantageous price or volume conditions. The CoRDiS sanction This sanction was based on Article 5 of Regulation (EU) No 1227/2011 of 25 October 2011 on

Access to this article is restricted to subscribers

Already Subscribed? Sign-in

Access to this article is restricted to subscribers.

Read one article for free

Sign-up to read this article for free and discover our services.

 

PDF Version

Authors

Quotation

Emmanuel Guillaume, Sara Helvig, Energy: The French Supreme Administrative Court confirms the first sanction of the Dispute Settlement and Sanctions Committee taken in application of the REMIT Regulation and specifies the elements constituting manipulation on the wholesale natural gas market as well as the application to the Energy Regulatory Commission of the procedural rules on sanctions implemented by an independent administrative authority (Vitol), 18 June 2021, Concurrences N° 4-2021, Art. N° 103515, pp. 156-158

Visites 99

All reviews