11Secondly, Article 11a of Directive 2003/87, inserted by Directive 2004/101/EC of the European Parliament and of the Council of 27 October 2004 amending Directive 2003/87 (OJ 2004 L 338, p. 18), offers, subject to various reservations, certain natural and legal persons the possibility of obtaining emission allowances ‘in exchange’ for CERs or ERUs.
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