Ukraine parliament passes REMIT European integration law to prevent wholesale energy market abuse

MOSCOW. June 13 (Interfax) - The Ukrainian parliament on Saturday passed the Law on Amendments to Certain Laws of Ukraine to Prevent Abuse in Wholesale Energy Markets, which provides for the implementation of the REMIT regulation, Ukrainian media reported, quoting MP Yaroslav Zheleznyak.

REMIT is EU Regulation 1227/2011 on Wholesale Energy Market Integrity and Transparency and aims to combating abuse in the energy markets in the form of insider trading or market manipulation.

The document also obliges companies organizing trade operations to report suspicious transactions, and strengthens the mandate of the National Commission for State Regulation in the Energy and Public Utilities to investigate abuse.