Regulation on transparency and market-distorting behaviour in energy and environmental markets published

The Regulation on Transparency and Market-Distorting Behaviour in Energy and Environmental Markets (“Regulation”), prepared by the Energy Market Regulatory Authority (“EMRA”), was published in the Official Gazette dated 14 February 2026 and numbered 33168. The relevant Regulation will enter into force on 1 June 2026.

The Regulation covers market-distorting actions in the power futures market, the day-ahead market, the intraday market, the balancing power market, the ancillary services market, the natural gas futures market, the spot natural gas market, the emissions trading system market, the organised renewable energy source guarantee market, and bilateral agreements concluded for the purpose of wholesale sales within these markets. Thus, for the first time in Turkey, energy markets and the carbon market have been addressed within a single framework of transparency and market integrity.

The Concept of Market-Distorting Behaviour Has Been Clarified

The categories of market-distorting behaviour explicitly defined in Article 16/9 of the Electricity Market Law No. 6446 (“EPK”) have been further specified by the Regulation. In this context, the Regulation classifies “insider trading” and “market manipulation” as market-distorting behaviour, and defines these actions as follows:

• Insider Dealing: The execution of transactions based on information that has not yet been made public but which, if disclosed, could influence prices (such information is treated as inside information under the Regulation); the performance of any act, including the alteration or cancellation of an existing offer or transaction, and any attempt to carry out such acts; the disclosure of such information, except where such disclosure occurs in the ordinary course of a person’s profession or duties; and the provision of advice or guidance to another person.
• Market Manipulation: The manipulation of prices to an artificial level, the creation of artificial price formations, and the submission of offers and execution of transactions by providing false or misleading signals regarding supply, demand and price, as well as the performance of any such acts and the initiation of any such actions.

Internal Information Platform Established to Govern the Internal Information Disclosure Regime

The Regulation imposes an obligation on the Energy Markets Operation Joint Stock Company (“EPİAŞ”) to operate a central data platform known as the Internal Information Platform. In this context, the inside information to be shared with the public via the platform includes data relating to the production, storage, consumption and transmission capacity of facilities, as well as other information that a prudent market participant would take into account when making trading decisions. The minimum data set, publication time and format will be determined by a decision of the EMRA Board.

Market participants are now required to disclose data constituting inside information (including any subsequent changes) to the public on the Inside Information Platform in a complete, accurate and timely manner. Notwithstanding the foregoing, disclosure may be delayed provided that the delay does not pose a risk of misleading the public, the confidentiality of the information is maintained, and no trading decisions are made based on such information; once the reason for the delay ceases to exist, the decision to delay and its grounds must also be disclosed when the inside information is shared with the public. In this context, the grounds for the decision to delay must also be communicated to EPİAŞ.

Transparency Made Mandatory Through the Establishment of the Transparency Platform

Under the Regulation, EPİAŞ is required to operate a central data platform named the Transparency Platform for the purpose of sharing general market data such as prices, volumes and similar information that does not constitute inside information with the public. The scope and format of the data to be published on the platform will be determined by a decision of the EMRA Board; however, data constituting trade secrets, individual data that reveals the identity of participants, and data that could lead to a breach of competition law will not be published.

Obligations of Market Participants

Market participants are obliged to identify inside information and disclose it in a timely manner on the Internal Information Platform, to notify EPİAŞ of authorised persons for the platform, to immediately report any information or suspicion regarding market-distorting behaviour to EMRA and the relevant market operator, to provide any requested information and documents fully and accurately, and to take the necessary measures to prevent market-distorting behaviour.

The Regulation also imposes various responsibilities on market and system operators. In this context, market operators are obliged to establish a market surveillance unit within their organisations, to request information and documents directly from market participants, to report any suspicious events identified as a result of surveillance activities to EMRA without delay, and to provide continuous and real-time access to the information and data required by EMRA; system operators are also obliged to provide market operators with the necessary data to enable the fulfilment of these supervisory obligations.

Sanctions and Measures

One of the most notable provisions introduced by the Regulation is the imposition of substantial administrative fines. In the event of a breach of the obligation to disclose inside information, administrative fines of up to 2,509,800 TL (approximately EUR 49,000) may be imposed; for acts of misuse of inside information or market manipulation, fines of up to 25,098,000 TL (approximately EUR 49,000,000) may be imposed on legal entities and up to 2,509,800 TL (approximately EUR 49,000) on natural persons; these amounts will be updated annually in line with the revaluation rate.

Furthermore, in the event of the detection of market-distorting behaviour or where there is strong suspicion thereof, the EMRA and, in urgent cases, the relevant market operator, are authorised to take any and all measures, including requesting additional collateral, placing a freeze on assets, suspending or cancelling an offer or transaction, and imposing a temporary trading ban. Measures taken by market operators shall be submitted immediately to the EMRA for approval.

The Regulation also clearly defines the parties subject to these obligations. In this context, the parties subject to obligations regarding the misuse of inside information are broadly defined as managers of the market participant, shareholders, persons who possess such information in the course of performing their duties, persons who obtain such information through criminal means, and persons who know or ought to know of such information. Furthermore, where an act is committed by a legal entity, those involved in the decision to act on behalf of that legal entity will also be subject to the relevant sanctions. Similarly, for acts constituting market manipulation, sanctions will also be applied to natural persons involved in the decision to commit the act.

Conclusion

The Regulation establishes significant parallels with the EU’s REMIT regime by addressing energy and carbon markets in Turkey for the first time within a single framework of transparency and market integrity. Given the Regulation’s wide-ranging sanctions and real-time reporting obligations, it is of great importance for market participants to review their compliance processes ahead of 1 June 2026.