EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations are made in exercise of the powers conferred by section 96 of the Finance Act 2020 (c. 14).
These Regulations amend the Recognised Auction Platform Regulations 2011 (S.I. 2011/2699) to clarify those persons who must be permitted by rules made by the auction platform to apply for access to bid in emissions auctions. They also amend the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 (S.I. 2021/484), which provide for the auctioning of allowances created for the purposes of the UK Emissions Trading Scheme, to correct errors and to adjust the provision made in relation to the auction clearing price, the cost containment mechanism which applies where the monthly average carbon price exceeds the limits specified in regulation 12, and the persons eligible to apply for admission to bid.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.