Commission Regulation (EU) No 1031/2010Dangos y teitl llawn

CHAPTER IX U.K. APPOINTMENT REQUIREMENTS APPLICABLE TO THE AUCTIONEER AUCTION MONITOR AND ANY AUCTION PLATFORM

Article 34 U.K. Appointment requirements applicable to the auctioneer and the auction monitor

1. When appointing auctioneers and the auction monitor, the Member States shall take into account the extent to which candidates:

(a) exhibit the least risk of conflict of interest or market abuse having regard to the following:

(i)

any activities on the secondary market;

(ii)

any internal processes and procedures to mitigate the risk of conflict of interest or market abuse;

(b) are able to fulfil the auctioneer’s or the auction monitor’s functions, in a timely manner, in accordance with the highest professional and quality standards.

2. The auctioneer’s appointment shall be subject to the conclusion of the arrangements referred to in Article 22(2) and (3) between the auctioneer and the auction platform concerned.

Article 35 U.K. Appointment requirements applicable to any auction platform

1. Auctions shall only be conducted on an auction platform authorised as a regulated market under paragraph 5 by the competent national authorities referred to in the second subparagraph of paragraph 4.

2. Any auction platform appointed under this Regulation for the auctioning of two-day spot or five-days futures shall be allowed, without further legal or administrative requirements by the Member States, to provide appropriate arrangements so as to facilitate access to and participation in auctions by bidders referred to in Article 18(1) and (2).

3. When appointing any auction platform, the Member States shall take into account the extent to which candidates demonstrate fulfilment of all of the following:

(a) ensuring respect of the principle of non-discrimination both de facto and de jure;

(b) full, fair and equitable access to bid in the auctions for SMEs covered by the Union scheme and access to bid in the auctions for small emitters;

(c) ensuring cost-efficiency and avoiding undue administrative burden;

(d) robust auction supervision, notification of suspicions of money laundering, terrorist financing, criminal activity or market abuse, administration of any required remedial measures or sanctions, including the provision of an extra-judicial dispute resolution mechanism;

(e) avoiding distortions of competition in the internal market including the carbon market;

(f) ensuring the proper functioning of the carbon market including the implementation of the auctions;

(g) connecting to one or more clearing system or settlement system;

(h) the provision of adequate measures requiring an auction platform to hand over all tangible and intangible assets necessary for the conduct of the auctions by an auction platform’s successor.

4. An auction platform auctioning two-day spot or five-days futures shall only be appointed after the Member State where the candidate regulated market and its market operator are established has ensured in good time, and in any event prior to the opening of the first bidding window that the national measures transposing the provisions of Title III of Directive 2004/39/EC apply to the auctioning of two-day spot or five-days futures to the extent relevant.

An auction platform auctioning two-day spot or five-days futures shall only be appointed after the Member State, where the candidate regulated market and its market operator are established, has ensured in good time, and in any event prior to the opening of the first bidding window, that the competent national authorities of that Member State are able to authorise and supervise them in accordance with the national measures transposing Title IV of Directive 2004/39/EC to the extent relevant.

Where the candidate regulated market and its market operator are not established in the same Member State, the first and second subparagraphs shall apply to both the Member State where the candidate regulated market is established and the Member State where its market operator is established.

5. The competent national authorities of the Member State referred to in the second subparagraph of paragraph 4 of this Article designated pursuant to Article 48(1) of Directive 2004/39/EC shall decide on the authorisation of a regulated market for the purposes of this Regulation, provided that the regulated market and its market operator comply with the provisions of Title III of Directive 2004/39/EC, as transposed into the national legal order of the Member State of their establishment pursuant to paragraph 4 of this Article. The decision on authorisation shall be taken in accordance with Title IV of Directive 2004/39/EC as transposed into the national legal order of the Member State of their establishment pursuant to paragraph 4 of this Article.

6. The competent national authorities referred to in paragraph 5 of this Article shall maintain effective market oversight and take the necessary measures to ensure that the requirements referred to in that paragraph are complied with. To that effect, they shall be able to exercise directly, or with the assistance of other competent national authorities designated pursuant to Article 48(1) of Directive 2004/39/EC, the powers provided for in the national measures transposing Article 50 of that Directive with regard to the regulated market and its market operator referred to in paragraph 4 of this Article.

The Member State of each competent national authority referred in paragraph 5 shall ensure that the national measures transposing Articles 51 and 52 of Directive 2004/39/EC apply in relation to the persons responsible for failure to comply with their obligations under Title III of Directive 2004/39/EC as transposed into the national legal order of the Member State of their establishment pursuant to paragraph 4 of this Article.

For the purposes of this paragraph, national measures transposing Articles 56 to 62 of Directive 2004/39/EC shall apply to cooperation between competent national authorities of different Member States.