Energy market participants like DELTA acknowledged that in order to comply with REMIT ongoing education of employees is necessary. Given the relevance of the issues at stake however DELTA felt that doing-it-yourself wasn't enough and started to look for partners in order to come to an Accredited Training (like there is available for the financial market in relation to the Market Abuse Directive) which we launched today.
On the 28th of December 2011, REMIT (Regulation on Market Integrity and Transparence) came into force. This new regulation introduced the prohibitions of Market Manipulation and Insider Trading within the energy wholesale markets.
Market abuse (insider dealing and market manipulation) is strictly forbidden, but although legislation and regulations may seem rather black and white, it often also leads to situations which are less clear. These situations create grey areas, with dilemmas as a consequence. What should an employee of an energy company do in certain situations? How should a trader handle specific circumstances? What considerations must be taken into account? The need to educate staff in this subject is crucial and contributes to the professionalization of the European energy markets.
DELTA, NIBE-SVV, Mercurious and CMS Derks Star Busmann have therefore developed an accredited training based on the regulation but with material and cases taken from day-to-day practice. This results in the fact that, after passing the exams, energy companies have, not only provided their employees with the skills they need to comply with REMIT but also added up to the integrity of European energy Markets.
Today we launched this training which is accredited by NIBE-SVV. The first actual training-days and exams are planned on the 13th and the 14th of December at DELTA and we hope that after these other energy companies will follow their example.
Cecilia van der Weijden, Bart Joosen, Jacqueline Feld and Suzanne Reintjes of CMS have contributed to the development of the training and Bart Joosen acts as teacher for the first two days of training. CMS is also a member of the training committee that will monitor the quality of the training.