The Commission de régulation de l’énergie (CRE), the National Regulatory Authority in France, has announced a fine of 500,000 Euros for breaches of REMIT Articles 3 and 4, the insider trading prohibition and the requirement to disclose Inside Information in an effective and timely manner. The announcement can be found here and the decision document here.

The activity in question took place between January 2019 and December 2020. Several pieces of Information were not disclosed on a REMIT Inside Information Platform. It is alleged that this breached Article 4 and subsequent activity breached Article 3. The decision document notes several defences by the market participant including whether the Information met all of the criteria of being Inside Information and whether, if it was Inside Information, it was used as part of a trading decision.