Europex welcomes the Energy Omnibus initiative and greatly values the opportunity to contribute. At present, the EU regulatory framework subjects MiFID financial instrument – particularly commodity derivatives such as gas and power contracts – to overlapping requirements. These arise both from energy policy, notably the Regulation on Energy Market Integrity and Transparency (REMIT), and from financial regulation, including the Markets in Financial Instruments Directive (MiFID), the Market Abuse Directive and the Market Abuse Regulation (MAD/MAR). Such overlaps create ineMiciencies, administrative burdens and legal uncertainties that undermine the competitiveness of Europe’s energy and financial markets. Any legislative changes should be firmly evidence-based and grounded in thorough analysis and objective data.
In line with the European Commission’s efforts to reduce administrative burdens, Europex recommends a clearer distinction between EU financial regulation and energy policy. This can be achieved by refining the scope of REMIT so that it applies exclusively to wholesale energy products not classified as financial instruments under MiFID. A thorough review and subsequent simplification of the current regulatory overlap aMecting energy derivatives markets is both timely and necessary to streamline supervision, avoid duplication and support a more eMicient and competitive European energy market.
