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1. This Regulation establishes rules prohibiting abusive practices affecting wholesale energy markets which are coherent with the rules applicable in financial markets and with the proper functioning of those wholesale energy markets whilst taking into account their specific characteristics. It provides for the monitoring of wholesale energy markets by the Agency for the Cooperation of Energy Regulators (‘the Agency’) in close collaboration with national regulatory authorities and taking into account the interactions between the Emissions Trading Scheme and wholesale energy markets.

2. This Regulation applies to trading in wholesale energy products. It is without prejudice to the application of Regulations (EU) No 648/2012 (), (EU) No 596/2014 () and (EU) No 600/2014 () of the European Parliament and of the Council and of Directive 2014/65/EU of the European Parliament and of the Council () as regards activities involving financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU, as well as to the application of Union competition law to the practices covered by this Regulation.

3. The Agency, national regulatory authorities, ESMA, competent financial authorities of the Member States and, where appropriate, national competition authorities shall cooperate to ensure that a coordinated approach is taken to the enforcement of the relevant rules where actions relate to one or more financial instruments to which Article 2 of Regulation (EU) No 596/2014 ◄ applies and also to one or more wholesale energy products to which Articles 3, 4 and 5 of this Regulation apply. The Agency, national regulatory authorities, ESMA and competent financial authorities of the Member States shall exchange relevant information and data on a regular, if possible quarterly, basis regarding potential breaches of Regulation (EU) No 596/2014 involving wholesale energy products covered by this Regulation.

4. The Agency’s Administrative Board shall ensure that the Agency carries out the tasks assigned to it pursuant to this Regulation and to Regulation (EU) 2019/942 of the European Parliament and of the Council () and that the Agency allocates the necessary resources, including human resources, to fulfil the new obligations assigned to it.

5. The Director of the Agency shall consult the Agency's Board of Regulators on all aspects of implementation of this Regulation and give due consideration to its advice and opinions.