(1) In these Regulations -

"affiliated undertaking" means any undertaking within a group;

"allowance" means, except where the context requires otherwise, an allowance created under the Trading Scheme Order [S.I. 2020/1265, amended by S.I. 2020/1557.] to emit 1 tonne of carbon dioxide equivalent;

"appointed auction platform" means the auction platform appointed by the auctioneer under regulation 22(1);

"auction process" means the process encompassing the setting of the auction calendar, the procedures for admission to bid, the procedures for submission of bids, the conduct of the auction, the calculation and announcement of the auction results, the arrangements for payment of the price due, delivery of the allowances and management of the collateral needed to cover any transaction risks, as well as the surveillance and monitoring of the proper conduct of the auctions by recognised auction platform;

"auctioned product" has the meaning given in regulation 4(1);