Regulation On Transparency And Market Abuse In Energy And Environmental Markets Published

The Regulation on Transparency and Market Abuse in Energy and Environmental Markets (the "Regulation"), prepared by the Energy Market Regulatory Authority ("EPDK"), was published in the Official Gazette dated 14 February 2026 and numbered 33168.

The Regulation establishes a comprehensive compliance and supervision framework governing transparency, data disclosure and market integrity in transactions carried out across energy markets as well as environmental markets, including the emissions trading system and the organized renewable energy guarantees of origin market. The Regulation envisages a broad scope of application, covering the electricity futures market, day-ahead and intraday markets, balancing power and ancillary services markets, as well as natural gas futures and spot markets, in addition to the emissions trading system and the organised renewable energy guarantees of origin market.

Insider Information Disclosure Regime and the Insider Information Platform

One of the most notable aspects of the Regulation is the obligation to disclose insider information through a centralized platform. Energy Exchange Istanbul ("EPİAŞ") is mandated to establish and operate an Insider Information Platform through which insider information capable of affecting market prices will be publicly disclosed. Information such as planned or unplanned outages of facilities, constraints relating to generation and transmission capacity, and similar operational developments fall within the scope of disclosure. Market participants are required to disclose such information in an accurate, complete and timely manner, while the establishment of the necessary technical infrastructure and the implementation of authorization processes are also placed under the responsibility of the participants.

Delayed Disclosure of Insider Information

The Regulation also introduces a degree of flexibility in practice by allowing, under certain conditions, the delayed public disclosure of insider information. Disclosure may be postponed where immediate publication would prejudice the legitimate interests of the market participant, provided that the delay does not mislead the public, the confidentiality of the information is preserved, and no transactions are carried out on the basis of such information. However, any decision to delay disclosure must be notified to EPİAŞ together with its justifications and will be subject to review by EPDK.

Disclosure of General Market Data: Transparency Platform

Through the Transparency Platform, which constitutes the second pillar of the transparency regime, price data, transaction volumes and general market data that do not qualify as insider information will be disclosed. While the protection of trade secrets and participant identities remains the principal rule, limited exceptions are introduced for certain datasets deemed critical for the market as a whole. The Regulation also expressly provides that data sets capable of giving rise to concerted practice risks under competition law may not be disclosed.

Market Abuse: Misuse of Insider Information and Market Manipulation

From a market regulation perspective, the Regulation defines and prohibits acts of insider trading and market manipulation in detail. Trading on the basis of insider information, disclosing such information to unauthorised persons, or recommending or inducing third parties to trade on the basis of such information are explicitly deemed violations. Likewise, conduct such as creating misleading price signals, artificially influencing price formation, or disseminating false or deceptive information are classified within the scope of market manipulation.

Internal Control and Compliance Obligations

The Regulation also strengthens internal control and compliance obligations imposed on market participants. Participants will be required to identify and safeguard insider information, implement preventive measures against its misuse, report suspicious transactions and behaviour, and respond to information requests from the competent authorities within the prescribed timeframes. Similarly, market operators are mandated to establish dedicated market surveillance units, implement monitoring systems, and report suspicious transactions to EPDK.

Sanctions and Administrative Measures Regime

The sanctions regime introduces significant administrative fines. Administrative fines applicable to market participants for insider trading and market manipulation are set at amounts up to TRY 25,098,000, while EPDK may also impose fines of up to twice the amount of the benefit obtained or loss caused by the violation and take administrative measures such as additional collateral obligations, suspensding transactions or applying a temporary trading ban.

Effective Date and Compliance Process

The Regulation will enter into force on 1 June 2026. During this transitional period, market participants will be expected to review and align their data disclosure processes, insider information management mechanisms and market abuse prevention controls with the new regulatory requirements. The Regulation marks the beginning of a new supervision and compliance era with the purpose of strengthening transparency infrastructure and enhancing market integrity across energy and environmental markets.

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