- Latest available (Revised)
- Original (As made)
There are currently no known outstanding effects for the The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021, Section 23.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
23.—(1) The appointed auction platform must provide the following services to the auctioneer as more particularly delineated in the contract appointing it—
(a)providing access to the auctions, pursuant to regulations 13 to 19, including the provision and maintenance of the necessary internet-based electronic interfaces and website;
(b)conducting the auctions in accordance with regulations 4 to 7;
(c)announcing and notifying the results of an auction, pursuant to regulation 44;
(d)providing, or ensuring the provision of, the requisite clearing system or settlement system needed for—
(i)the handling of payments made by successful bidders or their successors in title and distribution of the proceeds of the auctions to the auctioneer, pursuant to regulations 27 and 28;
(ii)delivering the auctioned allowances to successful bidders or their successors in title, pursuant to regulations 29, 30 and 31;
(iii)managing collateral including any margining, provided by the auctioneer or bidders, pursuant to regulations 32 and 33;
(e)surveying the auctions, notifying suspicions of money laundering, terrorist financing, other criminal activity or market abuse as required by regulations 38 and 39, administering any required remedial measures or sanctions including the provision of an extra-judicial dispute resolution mechanism, pursuant to regulations 37 to 42 and 47(1);
(f)reporting, pursuant to regulation 26.
(2) At least 20 trading days prior to the opening of the first bidding window, the auction platform must be connected to at least one clearing system or settlement system.
(3) Within three months from the date of its appointment, the auction platform must submit its detailed exit strategy to the [F1auctioneer and the Treasury].
(4) For the purposes of this regulation, “exit strategy” means one or more documents determined in accordance with the contracts appointing the auction platform concerned, setting out detailed measures planned to ensure the following—
(a)the transfer of all tangible and intangible assets necessary for the uninterrupted continuation of the auctions and the smooth operation of the auction process by an auction platform's successor;
(b)the provision of all information relating to the auction process, that is necessary for the procurement procedure for the appointment of the auction platform's successor;
(c)the provision of the technical assistance that enables the contracting authorities or the auction platform's successor or any combination of these, to understand, access or use the relevant information provided pursuant to sub-paragraphs (a) and (b).
Textual Amendments
F1Words in reg. 23(3) substituted (25.8.2021) by The Greenhouse Gas Emissions Trading Scheme Auctioning (Amendment) (No. 2) Regulations 2021 (S.I. 2021/917), regs. 1(2), 9(2)
Commencement Information
I1Reg. 23 in force at 22.4.2021, see reg. 1(2)
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: