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Fine for insider trading under REMIT issued in France

ACER has announced today that the Commission de régulation de l’énergie (CRE), the National Regulatory Authority of France, has levied a fine of 80,000 Euros against Engie for a breach of REMIT Article 3, the prohibition against insider trading. The announcement from ACER is here and the fine full notice from CRE here. The fine relates to activity in 2017, where information relating to an outage was provided to a trading team, and orders were placed relating to that outage before the information was disclosed under Article 4. One of the defences mentioned in the notice states that the traders had assumed that the disclosure had taken place, and that the orders did not have an impact on market prices.

This fine follows others this year relating to inside information in France (see here) and the Netherlands (see here).

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