The Application of Anti-Manipulation Law to EU Wholesale Energy Markets and Its Interplay with EU Competition Law
Corlu, Huseyin Cagri
Thesis or dissertation
University of Exeter
The Application of Anti-Manipulation Law to EU Wholesale Energy Markets and Its Interplay with EU Competition Law Of the findings, the European Commission established in its report on Energy Sector Inquiry, market manipulation constituted a major concern for the functioning and integrity of EU energy sectors. The Commission argued that the responsibility for high prices in wholesale energy markets could be attributed to manipulative practices of energy incumbents and the trust in the operation of operation of sector was largely compromised, due to these practices. Remedies, EU competition law provided, were considered as insufficient to resolve these shortcomings and thus should be supplemented with regulatory-based tools. The findings of the Energy Sector Inquiry and subsequent consultation documents by multiple EU institutions paved the way for the adoption of the Regulation on wholesale energy market integrity and transparency, REMIT, which incorporated into an anti-manipulation rule, specifically designed to prohibit and prosecute manipulative practices in EU wholesale energy markets. Nevertheless, as EU case law on market manipulation has yet to develop and there are uncertainties with respect to the concept of market manipulation. Furthermore REMIT does not preclude the jurisdiction of EU competition law, questions arise as to the scope and the extent of the application of this prohibition. Throughout its chapters, this book explores the scope of and the case law on market manipulation to determine what types of market practices are regarded as manipulative and thus prohibited under anti-manipulation rules. It also focuses on the interplay between REMIT and EU competition law and evaluates factors and circumstances that determine when and what market misconduct can be subject to enforcement proceedings under both anti-manipulation and antitrust rules. As the development of a single, coherent, rulebook that can be relied upon by market participant is fundamental for the functioning of EU wholesale energy markets, the book, finally, provides proposals and measures that can mitigate and resolve the legal uncertainties regarding the regulatory framework REMIT established.
PhD in Law
Showing items related by title, author, creator and subject.
Does the stock market gender stereotype corporate boards? Evidence from the market's reaction to directors' trades Gregory, Alan; Jeanes, Emma; Tharyan, Rajesh; Tonks, Ian (Wiley-Blackwell, 2012)Attitudes towards male and female managers within organizations are well documented, but how the stock market perceives their relative capabilities is less studied. Recent evidence documents a negative short-run market ...
Al Shamisi, Hamad Saif Mohammed Musallem (University of ExeterInstitute of Arab and Islamic Studies, 2010-11-01)Market abuse practices have clearly harmed the integrity of financial markets and damaged investors’ confidence. Market abuse takes two forms: insider dealing and market manipulation. These cover a variety of illegal ...
The Evolution of Place Marketing: Focusing on Korean Place Marketing and its Changing Political Context Myungseop, Lee (University of ExeterGeography, 2012-07-24)Over the last three decades, within the context of globalisation and intensified inter-urban competition, we have observed the growing use of market-centred strategy such as ‘marketing or branding places’. Despite the ...