The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021

1. Introductory Text

2. PART 1 General Provisions

   1. 1. Citation and commencement

   2. 2. Interpretation

   3. 3. Meaning of UK ETS authority

3. PART 2 Auction Design

   1. 4. Auctioned products

   2. 5. Submission and withdrawal of bids

   3. 6. Auction clearing price and resolution of tied bids

   4. 7. Auction clearing price

4. PART 3 Auction Calendar

   1. 8. Calendar for individual auctions

   2. 9. Annual volumes of allowances

   3. 10. Adjustments of the auction calendar

   4. 11. Circumstances preventing the conduct of auctions

   5. 12. Cost containment mechanism

5. PART 4 Access to Auctions

   1. 13. Persons who may submit bids directly in an auction

   2. 14. Means of access

   3. 15. Training and helpline

   4. 16. Persons eligible to apply for admission to bid

   5. 17. Requirements for admission to bid

   6. 18. Submission and processing of applications for admission to bid

   7. 19. Refusal, revocation or suspension of admission

6. PART 5 Appointment of the Auctioneer and its Functions

   1. 20. Appointment of the auctioneer

   2. 21. The auctioneer’s functions

7. PART 6 Appointment and Functions of Auction Platform

   1. 22. Appointment of the auction platform

   2. 23. Functions of the auction platform

8. PART 7 Appointment Requirements for the Auctioneer and the Auction Platform

   1. 24. Appointment requirements applicable to the auctioneer

   2. 25. Appointment requirements applicable to any auction platform

9. PART 8 Reporting on Transactions

   1. 26. Obligation to report transactions

10. PART 9 Payment and Transfer of the Auction Proceeds

    1. 27. Payment by successful bidders and transfer of proceeds

    2. 28. Consequences of late or non-payment

11. PART 10 Delivery of the Auctioned Allowances

    1. 29. Transfer of the auctioned allowances

    2. 30. Delivering the auctioned allowances

    3. 31. Late delivery of the auctioned allowances

12. PART 11 Management of Collateral

    1. 32. Collateral given by the bidder

    2. 33. Collateral given by the auctioneer

13. PART 12 Fees and Costs

    1. 34. Structure and level of fees

    2. 35. Costs of the auction process

14. PART 13 Auction Surveillance, Remedial Measures and Sanctions

    1. 36. Monitoring of auctions

    2. 37. Monitoring the relationship with bidders

    3. 38. Notification of money laundering, terrorist financing or other criminal activity

    4. 39. Notification of market abuse

    5. 40. Maximum bid-size and other remedial measures

    6. 41. Market conduct rules or any other contractual arrangements

    7. 42. Conduct rules for other persons authorised to bid on behalf of others

15. PART 14 Transparency and Confidentiality

    1. 43. Publication

    2. 44. Announcement and notification of the auction results

    3. 45. Protection of confidential information

    4. 46. Language regime

16. PART 15 Final Provisions

    1. 47. Right of appeal

    2. 48. Correction of errors

17. Signature

18. 1. SCHEDULE

       List of the elements referred to in regulation 18(5)

       1. 1. Proof of eligibility pursuant to regulation 16(1) or (2).

       2. 2. The applicant’s name, address, telephone and electronic mail address.

       3. 3. The account identifier of the applicant’s nominated holding account.

       4. 4. Full details of the applicant’s nominated bank account.

       5. 5. The name, address, telephone and the electronic mail address of...

       6. 6. For legal persons, proof of: (a) their incorporation stating—

       7. 7. For legal persons or unincorporated associations or other legal arrangements,...

       8. 8. For natural persons, proof of their identity, by means of...

       9. 9. For operators, their permit (within the meaning of article 4...

       10. 10. For aircraft operators, the emissions monitoring plan issued under article...

       11. 11. Such information as is required to carry out the customer...

       12. 12. The applicant’s latest audited annual report and accounts including the...

       13. 13. The VAT registration number, if any, and, where the applicant...

       14. 14. A statement that, to the best of the applicant’s knowledge,...

       15. 15. Proof of compliance with the requirements of regulation 17(2)(g).

       16. 16. Proof that the applicant satisfies the requirements of regulation 17(3)....

       17. 17. A statement that the applicant has the necessary legal capacity...

       18. 18. A statement that to the best of the applicant’s knowledge...

19. Explanatory Note