The Finnish Energy Authority has proposed that a Market Participant be fined 9.25M EUR for breaches of REMIT due to the placing of erroneous orders and the impact of them. The notice can be found here. The case was brought to light in December (see here). Under REMIT the emerging practice is to consider erroneous orders to potentially be Inside Information until disclosed under Article 4, and also a potential breach of the Market Manipulation rules under Article 5. The recently updated Nordpool REMIT Best Practice document contains an updated section on erroneous orders (see here).

Following adoption of the REMIT Implementing and Delegated Regulations 20 days ago (see here), today they go into force. While most of the provisions will only start to apply over the coming months and years, some start today. For example reporting deadlines change today from T+1 day and T+ 1 month (depending on where traded), to T+2 days and T+ 10 days.