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 national regulatory authority.

2. This Regulation applies to trading in wholesale energy products. Articles 3 and 5 of this Regulation shall not apply to wholesale energy products which are relevant financial instruments. This Regulation is without prejudice to the Market Abuse Regulation and relevant law on markets in financial instruments as well as to the application of competition law to the practices covered by this Regulation.

3. The national regulatory authority, the FCA and, where appropriate, the CMA must cooperate to ensure that a coordinated approach is taken to the enforcement of the relevant rules where actions relate to one or more relevant financial instruments and also to one or more wholesale energy products to which Articles 3, 4 and 5 of this Regulation apply.

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