Paragraph 2 I1

Article 2 (definitions) is amended as follows.

In point (1) (definition of “inside information”), in the second paragraph—

In point (4) (definition of “wholesale energy products”), for “the Union” in each place that it occurs, substitute “ the United Kingdom or the EU ”.

In point (6) (definition of “wholesale energy market”), for “the Union” substitute “ the United Kingdom or the EU ”.

Omit point (9).

For points (10), (11) and (12) (definitions of “national regulatory authority”, “transmission system operator” and “parent undertaking”) substitute—

“(10)

‘the national regulatory authority’ means—

(a)

the GB Authority in relation to Great Britain;

(b)

the NI Authority in relation to Northern Ireland;

(10A)

‘the GB Authority’ means the Gas and Electricity Markets Authority;

(10B)

‘the NI Authority’ means the Northern Ireland Authority for Utility Regulation;

(10C)

‘national regulatory authorities of member States’ means authorities designated as national regulatory authorities by a member State in accordance with Article 35(1) of Directive 2009/72/EC of the European Parliament and of the Council concerning common rules for the internal market in electricity M1 or Article 39(1) of Directive 2009/73/EC of the European Parliament and of the Council concerning common rules for the internal market in natural gas M2;

(11)

‘transmission system operator’ has the meaning set out in Article 2 of the Electricity Regulation M3 in relation to electricity, and has the meaning set out in Article 2 of the Gas Regulation M4 in relation to gas;

(12)

‘parent undertaking’ has the meaning given in section 1162 of the Companies Act 2006 M5;”.

For points (14) and (15) (definitions of “distribution of natural gas” and “distribution of electricity”) substitute—

“(14)

‘distribution of natural gas’ has the meaning given to “distribution” in Article 2 of the Gas Regulation M6;

(15)

‘distribution of electricity’ has the meaning given to “distribution” in Article 2 of the Electricity Regulation M7;”.

After point (15) insert—

“(16)

‘the Electricity Regulation’ means F2Regulation (EU) 2019/943 of the European Parliament and of the Council of 5 June 2019 on the internal market for electricity (recast);

(17)

‘the Gas Regulation’ means Regulation (EC) No 715/2009 of the European Parliament and of the Council on conditions for access to the natural gas transmission networks M8;

(18)

‘the Market Abuse Regulation’ means Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse M9;

(19)

‘relevant law on markets in financial instruments’ means—

(a)

Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments M10; and

(b)

any law relied upon immediately before F3IP completion day to implement Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments M11 in the United Kingdom—

(i)

as it is in force on IP completion day, in the case of rules made by the FCA or the Prudential Regulation Authority under the Financial Services and Markets Act 2000 M12;

(ii)

as amended from time to time in all other cases;

(20)

‘the REMIT Implementing Regulation’ means Commission Implementing Regulation (EU) No 1348/2014 on data reporting;

(21)

‘the Agency’ means the Agency for the Cooperation of Energy Regulators established under F4Regulation (EU) 2019/942 of the European Parliament and of the Council of 5 June 2019 (recast) (as it applies in EU law);

(22)

‘the CMA’ means the Competition and Markets Authority;

(23)

‘the FCA’ means the Financial Conduct Authority;

(24)

‘industry code’ means a document maintained in accordance with a licence condition;

(25)

‘licence condition’ means a condition of a licence under—

(a)

section 7, 7ZA or 7A of the Gas Act 1986 M13 or section 6 of the Electricity Act 1989 M14 in relation to Great Britain; or

(b)

F5... Article 8 of the Gas (Northern Ireland) Order 1996 M15 in relation to Northern Ireland;

(26)

‘relevant financial instrument’ means a financial instrument to which Article 2(1)(a) or (d) of the Market Abuse Regulation M16 applies, with Article 2(1)(d) being read for this purpose as if the references to “point (a), (b) or (c)” and to “those points” were references to “point (a)”;

(27)

‘the SEM’ means the Single Electricity Market as defined in the Electricity (Single Wholesale Market) (Northern Ireland) Order 2007 M17.”.