The Financial Services and Markets Act 2000 (Regulated Activities) Order 20013

1

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 is amended as follows.

2

In article 3(1)7

a

in the appropriate places, insert—

  • “trading scheme order” means the Greenhouse Gas Emissions Trading Scheme Order 20208;

  • “UK auctioning regulations” means the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021;

b

for the definition of “aircraft operator”, substitute—

  • “aircraft operator” has the meaning given in article 6 of the trading scheme order;

c

in the definition of “auction platform”, at the end insert “or the UK auctioning regulations”;

d

in the definition of “greenhouse gas emissions allowances”, after “directive” insert “or in article 4(1) of the trading scheme order”;

e

in the definition of “operator”, for “emission allowance trading directive” substitute “trading scheme order”;

f

in the definition of “reception”, “transmission” and “submission”, after “emission allowance auctioning regulation” insert “or the UK auctioning regulations”.

3

In article 24A9, in paragraph (1)—

a

in sub-paragraph (a), after “platform” insert “in accordance with the UK auctioning regulations”;

b

in sub-paragraph (b)—

i

for “any other” substitute “an”,

ii

at the end insert “in accordance with that regulation”.

4

In article 24B—

a

in paragraph (1)—

i

in sub-paragraph (a), for “affiliate undertaking” substitute “affiliated undertaking”;

ii

in sub-paragraph (c), after “Member States” insert “or of the United Kingdom”;

b

omit paragraph (2);

c

in paragraph (3)—

i

for “affiliate undertaking” substitute “affiliated undertaking”;

ii

for “emission allowance auctioning regulation” substitute “UK auctioning regulations”.

5

In article 82A, after “auctioning regulation” insert “or regulation 2(1) of the UK auctioning regulations”.

6

In article 82B, for paragraph (1), substitute—

1

Subject to paragraph (2)—

a

emission allowances consisting of any units recognised for compliance (by an EEA State) with the requirements of the emission allowance trading directive; and

b

allowances created under article 18 of the trading scheme order and transferable in accordance with that order.

7

In Part 1 of Schedule 2, in paragraph 11, at the end, insert “or allowances created under article 18 of the trading scheme order”.