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Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 [SI 2021 No. 484]Introductory TextPart 1 General Provisions (regs. 1-3)Regulation 1 Citation and commencementRegulation 2 InterpretationRegulation 3 Meaning of UK ETS authorityPart 2 Auction Design (regs. 4-7)Regulation 4 Auctioned productsRegulation 5 Submission and withdrawal of bidsRegulation 6 Auction clearing price and resolution of tied bidsRegulation 7 Auction clearing pricePart 3 Auction Calendar (regs. 8-12)Regulation 8 Calendar for individual auctionsRegulation 9 Annual volumes of allowancesRegulation 10 Adjustments of the auction calendarRegulation 11 Circumstances preventing the conduct of auctionsRegulation 12 Cost containment mechanismPart 4 Access to Auctions (regs. 13-19)Regulation 13 Persons who may submit bids directly in an auctionRegulation 14 Means of accessRegulation 15 Training and helplineRegulation 16 Persons eligible to apply for admission to bidRegulation 17 Requirements for admission to bidRegulation 18 Submission and processing of applications for admission to bidRegulation 19 Refusal, revocation or suspension of admissionPart 5 Appointment of the Auctioneer and its Functions (regs. 20-21)Regulation 20 Appointment of the auctioneerRegulation 21 The auctioneer’s functionsPart 6 Appointment and Functions of Auction Platform (regs. 22-23)Regulation 22 Appointment of the auction platformRegulation 23 Functions of the auction platformPart 7 Appointment Requirements for the Auctioneer and the Auction Platform (regs. 24-25)Regulation 24 Appointment requirements applicable to the auctioneerRegulation 25 Appointment requirements applicable to any auction platformPart 8 Reporting on Transactions (reg. 26)Regulation 26 Obligation to report transactionsPart 9 Payment and Transfer of the Auction Proceeds (regs. 27-28)Regulation 27 Payment by successful bidders and transfer of proceedsRegulation 28 Consequences of late or non-paymentPart 10 Delivery of the Auctioned Allowances (regs. 29-31)Regulation 29 Transfer of the auctioned allowancesRegulation 30 Delivering the auctioned allowancesRegulation 31 Late delivery of the auctioned allowancesPart 11 Management of Collateral (regs. 32-33)Regulation 32 Collateral given by the bidderRegulation 33 Collateral given by the auctioneerPart 12 Fees and Costs (regs. 34-35)Regulation 34 Structure and level of feesRegulation 35 Costs of the auction processPart 13 Auction Surveillance, Remedial Measures and Sanctions (regs. 36-42)Regulation 36 Monitoring of auctionsRegulation 37 Monitoring the relationship with biddersRegulation 38 Notification of money laundering, terrorist financing or other criminal activityRegulation 39 Notification of market abuseRegulation 40 Maximum bid-size and other remedial measuresRegulation 41 Market conduct rules or any other contractual arrangementsRegulation 42 Conduct rules for other persons authorised to bid on behalf of othersPart 14 Transparency and Confidentiality (regs. 43-46)Regulation 43 PublicationRegulation 44 Announcement and notification of the auction resultsRegulation 45 Protection of confidential informationRegulation 46 Language regimePart 15 Final Provisions (regs. 47-48)Regulation 47 Right of appealRegulation 48 Correction of errorsSchedule - List of the elements referred to in regulation 18(5)SignatureExplanatory NoteExplanatory MemorandumDe minimis assessment
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 21 April 2021

Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 [SI 2021 No. 484]

Introductory Text
Part 1 General Provisions (regs. 1-3)
Regulation 1 Citation and commencement
Regulation 2 Interpretation
Regulation 3 Meaning of UK ETS authority
Part 2 Auction Design (regs. 4-7)
Regulation 4 Auctioned products
Regulation 5 Submission and withdrawal of bids
Regulation 6 Auction clearing price and resolution of tied bids
Regulation 7 Auction clearing price
Part 3 Auction Calendar (regs. 8-12)
Regulation 8 Calendar for individual auctions
Regulation 9 Annual volumes of allowances
Regulation 10 Adjustments of the auction calendar
Regulation 11 Circumstances preventing the conduct of auctions
Regulation 12 Cost containment mechanism
Part 4 Access to Auctions (regs. 13-19)
Regulation 13 Persons who may submit bids directly in an auction
Regulation 14 Means of access
Regulation 15 Training and helpline
Regulation 16 Persons eligible to apply for admission to bid
Regulation 17 Requirements for admission to bid
Regulation 18 Submission and processing of applications for admission to bid
Regulation 19 Refusal, revocation or suspension of admission
Part 5 Appointment of the Auctioneer and its Functions (regs. 20-21)
Regulation 20 Appointment of the auctioneer
Regulation 21 The auctioneer’s functions
Part 6 Appointment and Functions of Auction Platform (regs. 22-23)
Regulation 22 Appointment of the auction platform
Regulation 23 Functions of the auction platform
Part 7 Appointment Requirements for the Auctioneer and the Auction Platform (regs. 24-25)
Regulation 24 Appointment requirements applicable to the auctioneer
Regulation 25 Appointment requirements applicable to any auction platform
Part 8 Reporting on Transactions (reg. 26)
Regulation 26 Obligation to report transactions
Part 9 Payment and Transfer of the Auction Proceeds (regs. 27-28)
Regulation 27 Payment by successful bidders and transfer of proceeds
Regulation 28 Consequences of late or non-payment
Part 10 Delivery of the Auctioned Allowances (regs. 29-31)
Regulation 29 Transfer of the auctioned allowances
Regulation 30 Delivering the auctioned allowances
Regulation 31 Late delivery of the auctioned allowances
Part 11 Management of Collateral (regs. 32-33)
Regulation 32 Collateral given by the bidder
Regulation 33 Collateral given by the auctioneer
Part 12 Fees and Costs (regs. 34-35)
Regulation 34 Structure and level of fees
Regulation 35 Costs of the auction process
Part 13 Auction Surveillance, Remedial Measures and Sanctions (regs. 36-42)
Regulation 36 Monitoring of auctions
Regulation 37 Monitoring the relationship with bidders
Regulation 38 Notification of money laundering, terrorist financing or other criminal activity
Regulation 39 Notification of market abuse
Regulation 40 Maximum bid-size and other remedial measures
Regulation 41 Market conduct rules or any other contractual arrangements
Regulation 42 Conduct rules for other persons authorised to bid on behalf of others
Part 14 Transparency and Confidentiality (regs. 43-46)
Regulation 43 Publication
Regulation 44 Announcement and notification of the auction results
Regulation 45 Protection of confidential information
Regulation 46 Language regime
Part 15 Final Provisions (regs. 47-48)
Regulation 47 Right of appeal
Regulation 48 Correction of errors
Schedule - List of the elements referred to in regulation 18(5)
Signature
Explanatory Note
Explanatory Memorandum
De minimis assessment
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