WHOLESALE ENERGY MARKET INTEGRITY AND TRANSPARENCY (ENFORCEMENT POWERS) ACT

TRANSPARENCY (ENFORCEMENT POWERS)

CHAPTER 610

WHOLESALE ENERGY MARKET INTEGRITY AND

TRANSPARENCY (ENFORCEMENT POWERS) ACT

AN ACT to establish enforcement powers as required by articles 13, 14

and 18 of Regulation (EU) No. 1227/2011 of the European Parliament and of

the Council of 25 October 2011 on wholesale energy market integrity and

transparency.

7th April, 2020

ACT XVI of 2020.

The short title of this Act is the Wholesale Energy

Market Integrity and Transparency (Enforcement Powers) Act.

In this Act, unless the content otherwise requires

"Agency" means the Agency for the Cooperation of Energy

Regulators established by Regulation (EC) No. 713/2009 of the

European Parliament and of the Council of 13 July 2009 establishing

an Agency for the Cooperation of Energy Regulators;

"inside information" means information of a precise nature

which has not been made public, which relates, directly or indirectly,

to one or more wholesale energy products and which, if it were made

public, would be likely to significantly affect the prices of those

wholesale energy products.

For the purposes of this definition, "information" means

(a)

information which is required to be made public

in accordance with Regulations (EC) No. 714/2009 and (EC)

No. 715/2009, including guidelines and network codes

adopted pursuant to those Regulations;

(b)

information relating to the capacity and use of

facilities for production, storage, consumption or transmission

of electricity or natural gas or related to the capacity and use of

LNG facilities, including planned or unplanned unavailability

of these facilities;

(c)

information which is required to be disclosed in

accordance with legal or regulatory provisions at Union or

national level, market rules, and contracts or customs on the

relevant wholesale energy market, in so far as this information

is likely to have a significant effect on the prices of wholesale

energy products; and

(d)

other information that a reasonable market

participant would be likely to use as part of the basis of its

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decision to enter into a transaction relating to, or to issue an

order to trade in, a wholesale energy product.

Information shall be deemed to be of a precise nature if it

indicates a set of circumstances which exists or may reasonably be

expected to come into existence, or an event which has occurred or

may reasonably be expected to do so, and if it is specific enough to

enable a conclusion to be drawn as to the possible effect of that set of

circumstances or event on the prices of wholesale energy products;

"market manipulation" means

(a)

entering into any transaction or issuing any order

to trade in wholesale energy products which

(i)

gives, or is likely to give, false or

misleading signals as to the supply of, demand for, or

(ii) secures or attempts to secure, by a

person, or persons acting in collaboration, the price of

one or several wholesale energy products at an artificial

level, unless the person who entered into the transaction

or issued the order to trade establishes that his reasons

for doing so are legitimate and that such transaction or

order to trade conforms to accepted market practices on

the wholesale energy market concerned; or

(iii) employs or attempts to employ a

fictitious device or any other form of deception or

contrivance which gives, or is likely to give, false or

misleading signals regarding the supply of, demand for,

or price of wholesale energy products; or

(b)

disseminating information through the media,

including the internet, or by any other means, which gives, or

is likely to give, false or misleading signals as to the supply of,

demand for, or price of wholesale energy products, including

the dissemination of rumours and false or misleading news,

where the disseminating person knew, or ought to have known,

that the information was false or misleading.

When information is disseminated for the purposes of

journalism or artistic expression, such dissemination of

information shall be assessed taking into account the rules

governing the freedom of the press and freedom of expression

in other media, unless

(i)

those persons derive, directly or

indirectly, an advantage or profits from the

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dissemination of the information in question; or

(ii) the disclosure or dissemination is made

with the intention of misleading the market as to the

supply of, demand for, or price of wholesale energy

products;

"Minister" means the Minister responsible for Energy;

"person" means any natural or legal person;

"Regulation (EU) No. 1227/2011" or "Remit Regulation"

means Regulation (EU) No. 1227/2011 of the European Parliament

and of the Council of 25 October 2011 on wholesale energy market

integrity and transparency;

"Regulator" means the Regulator for Energy and Water

Services established by article 3 of the Regulator for Energy and

Water Services Act;

"Remit Regulation requirement" means a requirement imposed

by any of the following Articles of Regulation (EU) No. 1227/2011

(a)

Article 3(1) and (5) (prohibition of insider

trading);

(b)

Article 4(1), (2) and (3) (obligation to publish

inside information);

(c)

Article 5 (prohibition of market manipulation);

(d)

Article 8(1) and (5) (data collection);

(e)

Article 9(1), (4) and (5) (registration of market

participants);

(f)

Article 15 (obligations of persons professionally

arranging transactions);

(g)

Article 17 (professional secrecy);

"Tribunal" means the Administrative Review Tribunal

established by article 5 of the Administrative Justice Act.

The Regulator shall exercise the investigation and

enforcement powers set out in this Act for the purpose of ensuring the

application and implementation of Regulation (EU) No. 1227/2011

and in particular of Articles 3, 4, 5, 13 and 15 thereof.

(1)

Without prejudice to any powers of the

Regulator arising under any other law, in the exercise of his functions

and powers under this Act, the Regulator shall have the power to

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have access to any documentation in any form whatsoever and to

receive a copy of it and to demand the aforesaid documentation from

any person, including

(a)

any person who is or was carrying on, or who

appears to be or to have been carrying on a transaction or

activity regulated or prohibited by any of the provisions of

Regulation (EU) No. 1227/2011;

(b)

any other person who appears to be in possession

of relevant information or documentation; or

(c)

any persons who are successively involved in the

transmission of orders or conduct of the operations concerned,

as well as their principals.

(2) The Regulator may, by notice in writing, require any

person referred to in sub-article (1)

(a)

to furnish to the Regulator, at such time and

place and in such form as he may specify, such documentation

as he may require including existing telephone and existing

data traffic records; and

(b)

to furnish to the Regulator any aforesaid

documentation verified in such manner as he may specify.

In both of the cases mentioned in paragraphs (a) and (b), the

person addressed shall comply with the request of the Regulator

promptly by providing the Regulator with any documentation in his

possession.

(3) The Regulator may take copies of any documentation

furnished or provided to him or to which he has access under this

article.

(4) Where the person required to provide documentation

under this article does not have the relevant documentation, he shall

be obliged to promptly disclose to the Regulator where, to the best of

his knowledge, that documentation may be found and the Regulator

may require any person, whether indicated as aforesaid or not, who

appears to him to be in possession of it, to provide such

documentation.

(5) Any person requested to provide information by virtue

of sub-article (2), in particular the directors and managers, by

whatever name designated, or any other persons who are or have

been in charge of the operations or activities at issue shall assist and

shall promptly collaborate with the Regulator in order to enable him

to discharge his functions, and shall collate and transmit without any

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undue delay such information as the Regulator may reasonably

request from time to time.

(1)

Without prejudice to any powers of the

Regulator arising under any other law, in the exercise of his functions

and powers under this Act the Regulator shall have the power to

demand information in any form whatsoever and to receive a written

statement of it and to demand by notice in writing the aforesaid

information promptly from any person. In particular, the Regulator

may require any person referred to in article 4(1)

(a)

to furnish to the Regulator, at such time and

place and in such form as he may specify, such information as

he may require;

(b)

to furnish to the Regulator any information in

the form of a written statement or any information verified in

such manner as he may specify;

(c)

to attend before the Regulator, at such time and

place as he may specify, to answer questions and provide

information and documentation; and

(d)

to give the Regulator any assistance which he

may require and which that person is reasonably able to give.

(2) Any person requested to provide information by virtue

of sub-article (1), in particular the directors and managers, by

whatever name designated, or any other persons who are or have

been in charge of the operations or activities at issue, shall assist and

shall promptly collaborate with the Regulator in order to enable him

to discharge his functions, and shall collate and transmit without any

undue delay such information as the Regulator may reasonably

request from time to time.

(3) Where the person required to provide information under

this article does not have the requested or relevant information, he

shall promptly disclose to the Regulator where, to the best of his

knowledge, that information may be found and the Regulator may

require any person, whether indicated as aforesaid or not, who may

be in possession of it to provide such information.

(1)

Without prejudice to any powers of the

Regulator arising under the Regulator for Energy and Water Services

Act and any other law, in the exercise of his powers under this Act,

the Regulator may either act directly or he may act indirectly by

appointing an inspector or inspectors being any officer or employee

of the Regulator or any other person whom the Regulator deems

competent for this purpose to investigate and report on the affairs of

any person whose affairs or actions are being investigated in relation

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to a possible breach of this Act.

(2) When appointing an inspector the Regulator may direct

that the investigation shall be carried out within such time and shall

be confined to such specific or general matters as the Regulator may

deem fit.

(3) In the exercise of his functions, an inspector, upon

producing, if required, evidence of his authority shall have the

power -

(a)

to investigate the affairs of any person

mentioned in articles 4 and 5 if he thinks it necessary or

expedient for the purposes of an investigation under this Act;

(b)

to exercise all the powers conferred on the

Regulator by articles 4 and 5;

(c)

to carry out on-site inspections and to have

reasonable access and entry to the business premises, offices,

documentation and other information necessary or expedient

for the purposes of an investigation under this Act;

(d)

to enter premises occupied by a person for the

purpose of obtaining therefrom the information or documents

required by the notice in terms of articles 4 or 5, or otherwise

for the purpose of the investigation, and of exercising any of

the powers conferred by the said articles

Provided that where the inspector has reasonable cause

to believe that if any notice as is referred to in articles 4 or 5 were

served it would not be complied with or that any documents to which

it could relate would be removed, tampered with or destroyed, the

inspector may enter any premises referred to in sub-article (2) for the

purpose of obtaining therefrom any information or documents that

could have been required under such notice referred to in articles 4 or

5. (4)

An inspector appointed in terms of this article shall

(a)

have the power to make interim reports and on

the conclusion of his investigation he shall make a final report

to the Regulator if so directed by the Regulator; and

(b)

be subject to professional secrecy.

(5) Where the Regulator has appointed a person as inspector

under this article, such person shall, for the purposes of carrying out

his functions under his appointment, have all the powers conferred on

the Regulator by this article and a requirement made by him shall be

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deemed to be and shall have the same force and effect as a

requirement of the Regulator.

(6) For the purposes of any action taken under the

provisions of this article, the Regulator may request the assistance of

the Commissioner of Police, who may for such purpose exercise such

powers as are vested in him by law in relation to the investigation of

criminal offences.

(7) In the event that it results that the investigated person

may have been in breach of this Act, the Regulator shall have power

to order that all reasonable expenses incurred as a result of an

investigation pursuant to this article be paid by such person. Any

such order which shall be communicated to the person concerned by

a notice for payment shall

(a)

be in writing; and

(b)

require the addressed person to pay the expenses

of and incidental to the investigation before the end of such

period being not less than fourteen days from the date of

service of the notice, as may be specified in the notice

Provided that any person who feels aggrieved by an

order served on him in terms of this sub-article may appeal to the

Tribunal against the decision of the Regulator in accordance with

article 11.

(1)

Without prejudice to any powers of the

Regulator arising under any other law, in the exercise and for the

purposes of his functions and powers under this article and for the

better implementation thereof, the Regulator shall have the power to

issue such orders by notice in writing, which shall take the form of a

decision as he may deem appropriate, and any person to whom the

order is given shall comply with and otherwise give effect to any such

order promptly or within the time and in the manner otherwise stated

in the order.

(2) A decision by the Regulator under this article may

require anything to be done or be omitted to be done, or impose any

prohibition, restriction or limitation, or any other requirement, and

confer powers, with respect to any transaction or other act, or to any

assets, or to any other thing whatsoever. Without prejudice to the

generality of the aforesaid, an order may require the cessation of any

practice that is contrary to the provisions of Regulation (EU) No.

1227/2011, the Regulator for Energy and Water Services Act and of

this Act.

(3) The power to issue decisions under this article shall

include the power to vary, alter, add to or withdraw any such order, as

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well as the power to issue new or further orders.

(4) Without prejudice to the generality of the aforesaid, the

Regulator may request the Court of Magistrates by means of an

application to issue an order imposing on a person a temporary

prohibition of professional activity. The application of the Regulator

shall be acceded to, if the Court is satisfied -

(a)

that there is a reasonable likelihood that any

person will fail to comply with the Remit Regulation; or

(b)

that any person is failing or has failed to comply

with the Remit Regulation and that there is a reasonable

likelihood that the failure to comply will continue or be

repeated; or

(c)

that there is a reasonable likelihood that any

person will fail to comply with a requirement imposed by or

under this Act; or

(d)

that any person is failing or has failed to comply

with a requirement imposed by or under this Act and that there

is a reasonable likelihood that the failure to comply will

continue or be repeated.

(5) Where under any of the provisions of any decision or

order issued pursuant to this article, a person is prohibited from

carrying out any act, he shall be prohibited from doing any such act

directly or indirectly, whether personally or through the use of

intermediation of another person.

(6) For the better information of the public, where the

Regulator is satisfied that the circumstances so warrant, it may at any

time

(a)

make public any decision it has given under any

of the provisions of this article; and, or

(b)

issue a public statement regarding any matter

falling within its functions or powers under this Act.

(7) A person who feels aggrieved by a decision of the

Regulator served on him in terms of this article may appeal to the

Tribunal and in the case of an order issued under sub-article (4) to the

Court of Appeal (Inferior Jurisdiction).

(1)

Where, in the course of an investigation

conducted pursuant to this Act, the Attorney General has, upon

information received from the Regulator, reasonable cause to suspect

that a person (hereinafter referred to as "the suspect") may be

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responsible for a breach of this Act, the Attorney General may apply

to the Criminal Court for an order (hereinafter referred to as an

"attachment order") -

(a)

attaching in the hands of such persons

(hereinafter referred to as "the garnishees") as are mentioned

in the application all moneys and other movable property due

or pertaining or belonging to the suspect;

(b)

requiring the garnishee to declare in writing to

the Attorney General, not later than twenty-four hours from

the time of service of the order, the nature and source of all

money and other movable property so attached; and

(c)

prohibiting the suspect from transferring or

otherwise disposing of any movable or immovable property.

(2) Before making an attachment order, the Criminal Court

may require hearing the Attorney General in chambers and shall not

make such order unless it concurs with the Attorney General that

there is reasonable cause as provided in sub-article (1).

(3) The provisions of article 381(1)(a), (b) and (e) and of

article 382(1) of the Code of Organization and Civil Procedure shall,

mutatis mutandis, apply to the attachment order.

(4) An attachment order shall be served on the garnishee

and on the suspect by an officer of the Executive Police not below the

rank of inspector.

(5) An attachment order shall, unless it is revoked earlier by

the Attorney General by notice in writing served on the suspect and

on the garnishee in the manner provided for in sub-article (4), cease

to be operative on the expiration of thirty days from the date on

which it is made, and the court shall not make another attachment

order with respect to that suspect unless it is satisfied that

substantially new information with regard to the breach of this Act is

available

Provided that the said period of thirty days shall be held

in abeyance for such time as the suspect is away from Malta and the

Attorney General informs of this fact the garnishee by notice in

writing served in the manner provided for in sub-article (4).

(6) In the course of any investigation of an offence in terms

of article 13 the Executive Police may request to hear on oath any

person who they believe may have information regarding such

offence and the Magistrate shall forthwith hear that person on oath.

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(7) For the purpose of hearing on oath a person as provided

in sub-article (6), the Magistrate shall have the same powers as are by

law vested in the Court of Magistrates (Malta) or the Court of

Magistrates (Gozo) as a court of criminal inquiry as well as the

powers mentioned in article 554 of the Criminal Code

Provided that such hearing shall always take place

behind closed doors.

(1)

Where a person (hereinafter referred to as "the

person charged") has been charged criminally with being in default of

any provision of this Act and upon receiving a request from the

Regulator, the Attorney General may where he deems it appropriate

request that the Criminal Court issue a written order to any person

(hereinafter referred to as a "freezing order") -

(a)

attaching in the hands of third parties all moneys

and other movable property due or pertaining to the person

charged; and

(b)

prohibiting the person charged from transferring,

pledging, hypothecating or otherwise disposing of any

movable or immovable property

Provided that the Criminal Court shall in such order

determine what moneys may be paid to or received by the person

charged during the subsistence of such order, specifying the sources,

manner and other modalities of payment, including salary, wages,

pension and social security benefits payable to the person charged, to

allow him and his family a decent living in the amount, where the

means permit, of fourteen thousand euro (€14,000) every year or such

greater amount as may be determined by the Minister for Finance

from time to time by Legal Notice issued by virtue of this Act

Provided further that the Criminal Court may also -

(a)

authorise the payment of debts which are due by

the person charged to bona fide creditors and which were

contracted before such order was made; and

(b)

on good grounds authorise the person charged to

transfer movable or immovable property;

Any addressee shall promptly comply with any written

order issued by the Criminal Court in accordance with the provisions

of this article with regard to such funds and assets.

(2)

A freezing order shall

(a)

become operative and binding on all third parties

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immediately after it is made, and the Registrar of the Court

shall cause a notice thereof to be published without delay in

the Gazette, and shall also cause a copy thereof to be

registered in the Public Registry in respect of immovable

property; and

(b)

remain in force until the final determination of

the administrative or criminal proceedings against the person

charged, as the case may be.

(3) The Criminal Court may for particular circumstances

vary such freezing order, and the provisions of the foregoing sub-

articles shall apply to such order as so varied.

(4) A freezing order shall contain the name and surname of

the person charged, his profession, trade or other status, father’s

name, mother’s name and maiden surname, place of birth and place

of residence and the number of his identity card or other

identification document, if any.

(5) Where any money is or becomes due to the person

charged from any person while such order is in force, such money

shall, unless otherwise directed in the freezing order, be deposited in

a bank to the credit of the person charged.

(6) When such freezing order ceases to be in force as

provided in sub-article (2)(b), the Registrar of the Court shall cause a

notice to that effect to be published in the Gazette, and shall enter in

the Public Registry a note of cancellation of the registration of that

order.

(7) The Regulator shall liaise with the Attorney General on

matters arising under this article and article 7 and may exchange

information, subject to the obligation of professional secrecy.

(1)

For the purpose of securing compliance with this

Act, the Regulator may coordinate its efforts and exchange

information with and otherwise collaborate with -

(a)

any body or authority formed or established

under Maltese law on matters in respect of which such body or

authority may have a regulatory, supervisory, judicial or

licensing function in terms of law;

(b)

any authority, foreign authority or body carrying

out similar or equivalent functions or which has the

responsibility to monitor the market and to detect, prevent or

prosecute acts related to market abuse, insider dealing, market

manipulation and, or the Remit Regulation; and

(c)

any

other

local

or

foreign

supervisory,

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enforcement or judicial authorities whose functions include

the detection, prevention or prosecution of acts related to

market abuse, insider dealing, market manipulation and, or the

Remit Regulation.

(2)

The Regulator shall exercise powers by virtue of this

article

(a)

for preventing, investigating or detecting

activities which amount or are likely to amount to market

abuse, insider dealing, market manipulation under this Act or

foreign law;

(b)

where the assistance is requested by a foreign

authority for the purposes of the exercise of one or more of its

regulatory functions under the Remit Regulation;

(c)

where so required within the terms of Malta’s

international commitments; or

(d)

where so required within the terms of

undertakings assumed in bilateral or multilateral agreements

for the exchange of information and other forms of

collaboration with overseas regulatory authorities including a

request arising under a memorandum of understanding

concluded with the Regulator.

(3) Upon receipt of a request from a foreign authority for

the purpose of carrying out its duties in the investigation and

detection in terms of the Remit Regulation, the Regulator shall

immediately take the necessary measures in order to gather the

information required by the foreign authority. If the Regulator is not

able to supply the required information immediately, it shall notify

the requesting foreign authority of the reasons.

(4) The Regulator may refuse to act on a request for

information where

(a)

communication might adversely affect the

sovereignty, security or public policy of Malta;

(b)

judicial proceedings have already been initiated

in respect of the same actions and against the same persons

before the courts of Malta; or

(c)

where a final judgment has already been

delivered in relation to such persons for the same actions in

Malta.

In any case above-mentioned, the Regulator shall notify

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the requesting foreign authority accordingly, providing as detailed

information as possible on those proceedings or the judgment.

(5) Where the Regulator is convinced that acts contrary to

the provisions of the Remit Regulation are being, or have been,

carried out on the territory of another Member State or EEA State, it

shall give notice of that fact to the relevant foreign authority in as

specific a manner as possible.

(6) Any person, body or authority receiving information

exchanged pursuant to this article shall be subject to the obligation of

professional secrecy. Without prejudice to the obligations to which

they are subject in judicial proceedings under criminal law, when the

relevant person, body or authority receives information pursuant to

this article, it may use it only for the exercise of its functions within

the scope of this Act and in the context of administrative or judicial

proceedings specifically related to the exercise of those functions

Provided

that

where

the

foreign

authority

communicating information consents thereto, the Regulator receiving

the information may use it for other purposes or forward it to any

other foreign authority.

(1)

The provisions of articles 32, 33 and 34 of the

Regulator for Energy and Water Services Act shall apply mutatis

mutandis to appeals that may be brought before the Tribunal under

this Act.

(2) An appeal shall lie to the Tribunal against any decision

or action taken by the Regulator with respect to

(a)

any administrative fine imposed under article 12;

or

(b)

any order in writing issued in terms of articles

6(7) or 7.

The Regulator may impose an administrative fine upon

any person who infringes any Remit Regulation requirement, any

provision of this Act or regulations made thereunder or who fails to

comply with any decision given by the Regulator in ensuring

compliance with this Act, in accordance with articles 12, 13 and 14 of

the Regulator for Energy and Water Services Act which shall mutatis

mutandis apply to this Act.

(1)

Any person who -

(a)

wilfully or through negligence acts in breach of

any Remit Regulation requirement, any provision of this Act

or of regulations made thereunder;

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(b)

wilfully or through negligence breaches any

decision or order made under this Act or of regulations made

thereunder;

(c)

fails to comply with any decision or order made

under this Act or of regulations made thereunder;

(d)

hinders, obstructs, molests or interferes or

attempts to hinder, obstruct, molest or interfere with the

performance of the duties of any inspector, any employee or

officer of the Regulator; or

(e)

makes a declaration for any of the purposes of

this Act or of regulations made thereunder which is false,

misleading or incorrect in any material particular,

shall be guilty of an offence against this Act and shall, on conviction,

be liable to imprisonment for not more than eighteen months, or to a

fine (multa) of not more than hundred thousand euro (€100,000) or to

one thousand three hundred euro (€1,300) for each day during which

the offence persists, or to both such fine and imprisonment.

(2) Any person who with intent to avoid detection of the

commission of an offence under this Act removes, destroys, conceals

or fraudulently alters any book, document or other paper, shall be

guilty of an offence.

(1)

The Minister may, after

consulting

the

Regulator, make regulations for the purposes of

(a)

the better implementation of the provisions of

this Act, any Remit Regulation requirement and any other

implementing measures;

(b)

the proper application of the prohibitions

established under this Act;

(c)

the imposition of administrative fines by the

Regulator in terms of article 12;

(d)

in regard to the enforcement powers required by

the Regulator to perform its functions under this Act;

(e)

for any aspect relating to the procedure and

conditions that may be imposed in relation to any

authorisation, registration or notification under this Act

including where applicable the grant, renewal, transfer,

suspension, cancellation and duration of any such

authorisation, registration or notification, the manner in which

applications for such authorisation, registration or notification

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is to be made, the content and form of such applications and

how they may be granted, renewed or transferred, the fees

payable, and the manner in which renewals or transfers thereof

is to be indicated;

(f)

to give effect to any international obligation

entered into by Government in relation to the Remit

Regulation and to this Act;

(g)

for prescribing the information to be retained by

any person under this Act and the provision of statistical data

by such persons, and on any other matter relating to provision

of information by any person to the Regulator;

(h)

for prescribing anything which may be or is

required to be prescribed by this Act and in terms of any Remit

Regulation requirement.

(2) Regulations made under this article may establish

offences and may impose administrative fines or other administrative

measures in respect of any contravention thereof or failure of

compliance therewith, not exceeding

(a)

in the case of a criminal infringement, a fine

(multa) of one hundred thousand euro (€100,000) or

imprisonment for a term not exceeding one year, or both such

fine and imprisonment, as the case may be; or

(b)

in the case of an administrative fine, a fine

(multa) of one hundred thousand euro (€100,000) for each

contravention and, or six hundred euro (€600) for each day of

non-compliance for each infringement or failure to comply, as

the case may be.

(3) Regulations made under this article may also provide for

the assignment of power and authority to the Regulator in order to

enable it to ensure that the provisions of the regulations are properly

implemented.

(1)

The Regulator may, from time to time, issue

rules which shall be binding on persons specified therein and such

rules shall be published in the Gazette.

(2) Without prejudice to the generality of sub-article (1), the

Regulator may issue rules and take all necessary measures to ensure

the proper dissemination of timely and correct information to the

public.