- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 No. 484
30.—(1) The clearing system or settlement system must allocate each allowance auctioned to a successful bidder or its successor in title, until the total volume allocated matches the volume of allowances notified to the bidder pursuant to regulation 44(5)(a).
(2) Upon payment of the sum due, pursuant to regulation 27(1), each successful bidder or its successor in title must be delivered the allowances allocated to that bidder, as soon as practicable and in any event no later than the deadline for their delivery by transferring the allowances notified to the bidder pursuant to regulation 44(5)(a) from a nominated holding account held in escrow by the clearing system or settlement system acting as custodian, in whole or in part into one or more nominated holding accounts held by the successful bidder or by its successor in title, or into a nominated holding account held in escrow by a clearing system or settlement system acting as custodian for the successful bidder or its successor in title.
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