Recent changes in financial regulations have dramatically affected European energy markets. The European Markets in Financial Instruments Directive (MiFID) has been implemented into national laws over the last two years, and the Capital Adequacy Directive (CAD) has come into force at European level. These changes had a profound impact on European energy wholesale markets, despite the current exemptions for energy market actors. With these exemptions possibly expiring after 2010, and with increased discussion of more stringent supervisory rules regarding transparency in the OTC as well as the exchange-traded energy markets, the regulatory outlook and the implications for energy remains uncertain. To address the critical financial regulatory issues confronting European energy markets, NERA, in cooperation with GEE (the German chapter of the International Association for Energy Economics) and German law firm Becker Büttner Held, held this conference in Berlin on 28-29 May 2009. As part of the event, NERA Vice President Dr. Sharon Brown-Hruska participated in a panel discussion entitled "When does Regulation turn into Over-Regulation?"