Commission Regulation (EC) No 994/2008 (repealed)Show full title

SECTION 6 Clearing of allowance transfers with Kyoto unit transfers

Article 55 Clearing of allowance transfers

1. In order to ensure that the amount of AAUs in the ETS AAU deposit account of a registry is equal to the amount of allowances held in that registry on the first working day following 1 May the following steps shall be taken:

(a) on the first working day following 1 May, the Central Administrator shall make a snapshot for each registry of all the allowances held in the registry and the AAUs held in the ETS AAU deposit account of the registry;

(b) by 10 May, the registry administrator shall, upon notification by the Central Administrator, transfer any quantity of AAUs in the ETS AAU deposit account that exceeded the quantity of allowances held in the registry according to the snapshot to the ETS central clearing account in the Community registry using the clearing of allowance transfers with AAUs process;

(c) by 15 May, the administrator of the Community registry shall, upon notification by the Central Administrator, transfer a quantity of AAUs equal to the quantity of allowances held in the registry that exceeded the quantity of AAUs in the ETS AAU deposit account of that registry according to the snapshot, to the ETS AAU deposit account of that registry using the clearing of allowance transfers with AAUs process.

2. For the purposes of this article, allowances in the national allowance deletion account for which no retirement or cancellation has yet been made in accordance with Articles 56 and 58 shall be considered to be allowances held in the registry.

3. If a registry administrator has not carried out the tasks described under paragraph 1 within the deadlines, the Central Administrator shall block all processes referred to in points (d) to (h) of Article 31(1), except for the clearing of allowance transfers with AAUs process until those tasks are completed.

4. The Central Administrator may initiate additional clearing processes at times other than specified in paragraph 1, after giving appropriate advance notice to registry administrators.