The categories of inside information as regards emissions from installations
The MAD Regulation explicitly mentions four categories of inside information with regard to installations:
1) the capacity,
2) the utilisation of installations,
3) planned unavailability of such installations,
4) unplanned unavailability.
Given the wording of these provisions there are grounds to contend that this catalogue isn’t exhaustive.
Parameters for differentiation between the categories of carbon market participants taking into account the criterion for being covered by inside information regime
The parameters which should be the subject of utmost attention of carbon market participants, are the minimum thresholds (to be adopted by the European Commission by means of a delegated act) of:
1) carbon dioxide equivalent for emissions and,
2) rated thermal input.
In case where carbon market participant finds himself above the said threshold, he will face rather burdensome impacts of the new MAD Regulation regime for inside information disclosure. He will have to implement internal arrangements in order to, among others:
1) inform the public as soon as possible of inside information and post on its Internet site inside information to be disclosed publicly - Article 12 (1) of the MAD Regulation,
2) ensure the confidentiality in case of delaying the disclosure of inside information and take appropriate measures in order not to mislead the public - Article 12 (4) of the MAD Regulation,
3) inform the competent authority that the disclosure of inside information was delayed - Article 12 (4) of the MAD Regulation,
4) draw up, regularly update or transmit to the competent authority on request a list of insiders - Article 13 (1) of the MAD Regulation,
5) make public the existence of transactions conducted on own account of a person discharging managerial responsibilities within an emission allowance market participant or a person closely associated with them - Article 14 (1) and (2) of the MAD Regulation.
Pursuant to the IP/11/1217 the MAD Regulation now passes to the European Parliament and the Council for negotiation and adoption. Once adopted the regulation would apply from 24 months after its entry into force.