These Regulations may be cited as the Recognised Auction Platforms Regulations 2011.

In these Regulations—

• “the Act” means the Financial Services and Markets Act 2000 M1;

• “auction platform” means a platform on which auctions of emissions allowances are held in accordance with the emission allowance auctioning regulation;

• “auction recognition requirements” mean the requirements set out in Part 5 of these Regulations together with any requirements contained in the emission allowance auctioning regulation, or in any directly applicable Community regulation made under the market in financial instruments directive.

• F1“the Authority” means the FCA;

• “bid” means an offer in an auction of emission allowances to acquire a given volume of allowances at a specified price;

• “emission allowance” means an allowance to emit one tonne of carbon dioxide equivalent during a specified period, which is valid for the purposes of meeting the requirements of the emission allowance trading directive, and which is transferable in accordance with the provisions of that directive;

• “emission allowance trading directive” means Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowances trading within the Community M2;

• “emission allowance auctioning regulation” means Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to the emission allowance trading directive M3;

• “recognised investment exchange” means an investment exchange other than an overseas investment exchange in relation to which a recognition order has been made under section 290(1)(a);

• “recognised auction platform” means a recognised investment exchange in relation to which a recognition order is in force;

• “recognition order” means an order made under regulation 2;