PART 4SUPERVISION AND REGISTRATION

Supervision

Duties of supervisory authorities24

1

A supervisory authority must effectively monitor the relevant persons for whom it is the supervisory authority and take necessary measures for the purpose of securing compliance by such persons with the requirements of these Regulations.

F11A

The Authority, when carrying out its supervisory functions in relation to an auction platform—

a

must effectively monitor the auction platform’s compliance with—

i

the customer due diligence requirements of Articles 19 and 20(6) of the emission allowance auctioning regulation;

ii

the monitoring and record keeping requirements of Article 54 of the emission allowance auctioning regulation; and

iii

the notification requirements of Article 55(2) and (3) of the emission allowance auctioning regulation; and

b

may monitor the auction platform’s compliance with regulations 20 and 21 of these Regulations.

2

A supervisory authority which, in the course of carrying out any of its functions under these Regulations, knows or suspects that a person is or has engaged in money laundering or terrorist financing must promptly inform the Serious Organised Crime Agency.

3

A disclosure made under paragraph (2) is not to be taken to breach any restriction, however imposed, on the disclosure of information.

4

The functions of the Authority under these Regulations shall be treated for the purposes of Parts 1, 2 and 4 of F3Schedule 1ZA to the 2000 Act F4(the Financial Conduct Authority) as functions conferred on the Authority under that Act.

F25

The functions of the PRA under these Regulations shall be treated for the purposes of Parts 1, 2 and 4 of Schedule 1ZB to the 2000 Act (the Prudential Regulation Authority) as functions conferred on the PRA under that Act.