The energy regulator of France punishes the German unit of the global financial service provider JPMorgan Chase for not providing sufficient information to an energy market study with regard to rising electricity prices.
In a statement, the French Energy Regulatory Commission (CRE) says that it was trying to ask 44 market participants to understand the causes of the unprecedented increase in electricity prices that were in 2022.
De CRE says that 43 participants responded to requests for information, but JP Morgan SE (JPMSE) refused to share some information, in particular those with regard to the identity of the counterparties and customers of the company who deal with transactions with regard to the subject of the survey.
JPMse reasoned that the French regulator does not have the power to make binding requests to market players based in other Member States of the European Union.
In response, De CRE says that it has conducted an investigation and discovered that the company has violated a law that has the right to collect information from companies that are active on the French electricity market.
The Disputes of the CRE and the Sanction -Development Committee (Cordis) now punishes JMPSE with a fine of € 500,000 ($ 567,500).
“This is the first decision of the Cordis with regard to a violation of the obligation to communicate information required for the fulfillment of the Missions of the CRE.”
At the time of publishing, JPMorgan Chase did not give a public comment about the fine.
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