Regulation on Transparency and Market Abusive Practices in Energy Markets and Environmental Markets
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This Turkish regulation establishes rules for transparency and prevention of market abuse in energy and environmental markets. It mandates EPİAŞ to operate two central platforms: an Insider Information Platform for disclosure of material non-public information and a Transparency Platform for general market data on prices and volumes. Market participants must promptly disclose inside information regarding production, storage, consumption and transmission capacities. The regulation prohibits insider trading, unlawful disclosure of inside information, and market manipulation through false signals, artificial pricing, or deceptive practices. It requires market operators to maintain surveillance units, report suspicious activities to the Energy Market Regulatory Authority (EMRA), and provide real-time data access.
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Key Changes
- EPİAŞ must operate Insider Information Platform and Transparency Platform for energy and environmental markets
- Market participants must disclose inside information on facilities' production/storage/consumption/transmission capacities without delay
- Inside information disclosure can be delayed only if three strict conditions are met and must be immediately notified to EPİAŞ
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Obligations
What this law requires
EPİAŞ must operate and maintain a central Insider Information Platform for disclosure of material non-public information regarding production, storage, consumption and transmission capacities of market participants' facilities
EPİAŞ must operate and maintain a central Transparency Platform to publish price, volume and general market data excluding insider information
Market participants must promptly disclose insider information on the Insider Information Platform in complete and accurate form, including any changes to previously disclosed information, without delay
Market participants may delay disclosure of insider information only if all conditions are met: (a) delay will not mislead the public, (b) participant maintains confidentiality, and (c) participant does not make trading decisions based on the withheld information
Market participants must electronically notify EPİAŞ without delay of any delayed insider information disclosures and the reasons for the delay through the notification system, and EPİAŞ must immediately report this to EMRA