A comprehensive regulation aiming to prevent market-abusive conduct and strengthen transparency in energy and environmental markets is entering into force.
The Regulation on Transparency and Market-Abusive Conduct in Energy and Environmental Markets (the “Regulation“) introduces new rules on the disclosure of inside information, market manipulation, administrative sanctions, and supervisory responsibilities. The Regulation was published in Official Gazette number 33168 dated 14 February 2026 and will enter into force on 1 June 2026.
The Regulation covers the forward electricity, day-ahead, intraday, balancing power, ancillary services, forward and spot natural gas, emissions trading system, and organized renewable energy source guarantee markets. Bilateral agreements concluded for wholesale purposes in these markets also fall within its scope. Contracts traded on the futures and options market operated by Borsa İstanbul and bilateral agreements with final consumers are excluded.
The key changes and notable provisions introduced by the Regulation are summarized below:
- Enerji Piyasaları İşletme Anonim Şirketi (“EPİAŞ”) will operate the “Inside Information Platform” as a centralized data platform for the public disclosure of inside information and the prevention of information asymmetry.
EPİAŞ will also operate a “Transparency Platform” for general market data such as prices, volumes, and similar data, excluding inside information.
- Market participants are obliged to disclose data qualifying as inside information without delay.
- The Regulation defines two categories of market-abusive conduct: inside information abuse and market manipulation.
Acts such as trading, placing bids/offers, disclosing information, or directing others through recommendations by using inside information are considered inside information abuse.
Acts such as giving misleading signals regarding supply, demand, or price, or moving prices to an artificial level are considered market manipulation.
- Market participants are obliged to identify, process, and timely disclose inside information.
They must promptly notify the Energy Market Regulatory Authority (the “Authority”) and the relevant market operator of any suspicious matters.
- Market operators must establish a market surveillance unit within their organization, report suspicious cases to the Authority, and provide continuous real-time access to the data the Authority requires.
- The Regulation stipulates administrative fines of up to TRY 2,509,800 or up to TRY 25,098,000, depending on the type of violation.
Where a benefit is obtained or damage is caused, the fine cannot be less than twice the benefit or damage. For acts remaining at the attempt stage, fines of up to half of the applicable amount may be imposed. The amounts will be updated annually in line with the revaluation rate.
- The Energy Market Regulatory Board and, in urgent cases, the relevant market operator may take measures including requesting additional collateral, blocking receivables, suspending or cancelling transactions and bids/offers, and imposing temporary trading bans.
The Authority will also prepare and publish a guidance document on market-abusive conduct and inside information for market participants.
You may access the full text of the Regulation via this link. (Only in Turkish)
