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Information not publicly available. Since December 2011, the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) has prohibited the use of inside information in trading activities in the European Union (EU) except under certain circumstances. One example of inside information is an unplanned outage that is not yet known about by those outside of an organisation. Market participants usually comply with the rules by publishing the information. REMIT (for physical gas and power) defines inside information as information with the following four elements:
1) it is of a precise nature;
2) it has not been made public;
3) it relates, directly or indirectly, to one or more wholesale energy products; and
4) if it were made public, it would be likely to significantly affect the prices of those wholesale energy products.
Under the EU’s Market Abuse Regulation (MAR) and the FCA Handbook, the definition is slightly different. For commodity derivatives generally, inside information is information of a precise nature, which:
1) is not generally available;
2) relates, directly or indirectly, to one or more such derivatives; and
3) users of markets in which the derivatives are traded would expect to receive in accordance with accepted market practices on those markets.
* see also Market Abuse Directive (MAD), MAD II and Market Abuse Regulation (MAR); Regulation on Wholesale Energy Market Integrity and Transparency (REMIT)