Energy Act 2016

PART 6

Wholesale Energy Market Integrity and Transparency

Amendment of European Union (Wholesale Energy Market Integrity and Transparency) Regulations 2014: penalties

23. (1) In this section “Regulations of 2014” means the European Union (Wholesale Energy Market Integrity and Transparency) Regulations 2014 ( S.I. No. 480 of 2014 ).

(2) A person who commits an offence under Regulation 4 or 5 of the Regulations of 2014 is liable—

(a) on summary conviction, to a class A fine, or

(b) on conviction on indictment—

(i) in case the person is an individual, to a fine not exceeding €250,000, or

(ii) in case the person is a body corporate, to a fine not exceeding 10 per cent of turnover.

(3) A market participant (within the meaning of the Regulations of 2014) or other person who commits an offence under Regulation 7 of the Regulations of 2014 is liable—

(a) on summary conviction, to a class A fine, or

(b) on conviction on indictment, to a fine not exceeding €250,000.

(4) The Regulations of 2014 are amended—

(a) by deleting Regulation 6, and

(b) by substituting the following for Regulation 7:

“7. A market participant or other person mentioned in Article 8 of the EU Regulation who fails to comply with that Article or with Article 9 of the EU Regulation commits an offence.”.