UK Statutory Instrument SI 2021/484 United Kingdom

The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person13 Applicant1 Client1 Financial Services Firm1

Plus 9 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Applicant — also bound by 307 other Acts
Client — also bound by 62 other Acts
Financial Services Firm — also bound by 167 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

sch. para. 6 For legal persons, proof of: (a) their incorporation stating— Regulated
  • Submit proof of incorporation when applying to bid for emissions allowancesAny Person
s.004 Auctioned products Regulated
  • Follow bidding and payment rules at UK ETS auctionsAny Person
s.006 Auction clearing price and resolution of tied bids Regulated
Other duties (1) — Crown / regulator
  • Auction platform must sort bids and handle tied bids randomlyStatutory regulator
s.007 Auction clearing price Regulated
  • Appointed auction platform must set methodology for auction clearing price thresholdAny Person
s.008 Calendar for individual auctions Regulated
Other duties (1) — Crown / regulator
  • Auctioneer and auction platform must publish annual auction calendar by 15 JulyStatutory regulator
s.009 Annual volumes of allowances Regulated
Other duties (1) — Crown / regulator
  • Auctioneer must adjust auction volumes when aviation free allocation changesStatutory regulator
s.010 Adjustments of the auction calendar Regulated
Other duties (1) — Crown / regulator
  • Auction platform must consult FCA and auctioneer before making unprovided modificationsStatutory regulator
s.014 Means of access Regulated
  • Provide non-discriminatory remote access to auctions via secure internetAny Person
s.015 Training and helpline Regulated
Other duties (1) — Crown / regulator
  • Provide online auction training and telephone/email helplineStatutory regulator
s.016 Persons eligible to apply for admission to bid Regulated
  • Ensure clients are eligible to bid in carbon auctionsClient
s.019 Refusal, revocation or suspension of admission Regulated
Other duties (1) — Crown / regulator
  • The auction platform must refuse, revoke or suspend bidders who fail eligibility or break rulesStatutory regulator
s.021 The auctioneer's functions Regulated
Other duties (1) — Crown / regulator
  • Auctioneer must auction allowances and pay proceeds to governmentCrown / Minister / Government department
s.023 Functions of the auction platform Regulated
  • Auction platform must run auctions, manage payments, prevent abuse, and plan an exitAny Person
s.025 Appointment requirements applicable to any auction platform Regulated
  • Obtain FCA authorisation and organise a secondary market if appointed as auction platformFinancial Services Firm
s.026 Obligation to report transactions Regulated
  • Report all auction transactions to the FCA within one trading dayAny Person
s.027 Payment by successful bidders and transfer of proceeds Regulated
  • Pay for allowances won at auction by the delivery deadlineAny Person
s.032 Collateral given by the bidder Regulated
  • Give collateral before bidding in emissions trading auctionAny Person
s.036 Monitoring of auctions Regulated
Other duties (1) — Crown / regulator
  • Auctioneer must monitor auction platform performance and publish annual reportsStatutory regulator
s.037 Monitoring the relationship with bidders Regulated
  • Monitor bidders and keep records throughout the auction relationshipAny Person
s.039 Notification of market abuse Regulated
  • Set up systems to prevent, detect and report market abuse in auctionsAny Person
s.043 Publication Regulated
  • Publish auction information on dedicated websiteAny Person
s.044 Announcement and notification of the auction results Regulated
  • Announce auction results and notify successful bidders within strict time limitsAny Person
s.045 Protection of confidential information Regulated
  • Protect confidential information obtained in auction operationsAny Person
s.046 Language regime Regulated
  • Communicate in English when bidding in UK ETS auctionsApplicant
s.047 Right of appeal Regulated
Other duties (1) — Crown / regulator
  • Provide a fair complaints and appeals process for biddersStatutory regulator
41 other provisions — procedural and definitional
s.001 Citation and commencement
s.001 Proof of eligibility pursuant to regulation 16(1) or (2). (opens in a new tab)
s.002 Interpretation
s.002 The applicant's name, address, telephone and electronic mail address. (opens in a new tab)
s.003 Meaning of UK ETS authority
s.003 The account identifier of the applicant's nominated holding account. (opens in a new tab)
s.004 Full details of the applicant's nominated bank account. (opens in a new tab)
s.005 Submission and withdrawal of bids
s.005 The name, address, telephone and the electronic mail address of... (opens in a new tab)
s.007 For legal persons or unincorporated associations or other legal arrangements,... (opens in a new tab)
s.008 For natural persons, proof of their identity, by means of... (opens in a new tab)
s.009 For operators, their permit (within the meaning of article 4... (opens in a new tab)
s.010 For aircraft operators, the emissions monitoring plan issued under article... (opens in a new tab)
s.011 Circumstances preventing the conduct of auctions
s.011 Such information as is required to carry out the customer... (opens in a new tab)
s.012 Cost containment mechanism
s.012 The applicant's latest audited annual report and accounts including the... (opens in a new tab)
s.013 Persons who may submit bids directly in an auction
s.013 The United Kingdom VAT registration number, if any, and, where... (opens in a new tab)
s.014 A statement that, to the best of the applicant's knowledge,... (opens in a new tab)
s.015 Proof of compliance with the requirements of regulation 17(2)(g). (opens in a new tab)
s.016 Proof that the applicant satisfies the requirements of regulation 17(3).... (opens in a new tab)
s.017 Requirements for admission to bid
s.017 A statement that the applicant has the necessary legal capacity... (opens in a new tab)
s.018 Submission and processing of applications for admission to bid
s.018 A statement that to the best of the applicant's knowledge... (opens in a new tab)
s.020 Appointment of the auctioneer
s.022 Appointment of the auction platform
s.024 Appointment requirements applicable to the auctioneer
s.028 Consequences of late or non-payment
s.029 Transfer of the auctioned allowances
s.030 Delivering the auctioned allowances
s.031 Late delivery of the auctioned allowances
s.033 Collateral given by the auctioneer
s.034 Structure and level of fees
s.035 Costs of the auction process
s.038 Notification of money laundering, terrorist financing or other criminal activity
s.040 Maximum bid-size and other remedial measures
s.041 Market conduct rules or any other contractual arrangements
s.042 Conduct rules for other persons authorised to bid on behalf of others
s.048 Correction of errors

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.