Market Conduct Rules
Regulations on Market Conduct and Transparency in Norway
Norway is not part of the European Union, but we are part of the Agreement on the European Economic Area, which joins us in a single market. EU legislation which is relevant for the single market is included in the EEA agreement, and implemented in Norwegian law.
REMIT is EEA relevant, but not yet incorporated into the EEA Agreement. The regulatory requirements should be harmonised, since the energy markets are interlinked. Thus, awaiting formal incorporation of REMIT into the EEA Agreement and Norwegian law, Norway has put in place provisions on insider trading and market manipulation which corresponds to REMIT (please note that the obligation to register and report to ACER is not yet implemented).
The prohibition of insider trading, prohibition of market manipulation and attempt to engage in market manipulation, obligation to publish inside information and the obligation of persons professionally arranging transactions are all implemented in the Norwegian energy regulation (external link).
The provisions correspond with the provisions in REMIT to as large an extent as possible, within the framework of the Norwegian Energy Act. Preparatory work also explicitly refers to the interpretations in ACER’s guidance and the recitals of REMIT, as the provisions aim to achieve harmonisation with REMIT.
The obligation to publish inside information, goes a bit further than Article 4 in REMIT, by making it a requirement to publish inside information on a publicly available platform, if there is such a platform. This shall not preclude the possibility for power exchanges or TSOs or anyone else to establish new channels for publishing UMMs, but it means that market participants may not publish inside information solely on their own website for instance.
For further information, refer to this page on website in Norwegian.
Guide for market participants
When is information classified as inside information?
Market manipulation and insider trading may be harmful to the energy market, and the provisions in the regulation are important in order to secure efficient power markets and confidence in price formation.
Read our Guide on the subject by clicking on the blue box to the right.
This original Guide is in Norwegian. In case of discrepancies between the Norwegian version of this Guide and any translation errors, the Norwegian version shall prevail. The Norwegian version can be found on our Norwegian site here.