28The overall structure of Directive 2003/87 is based on the strict accounting of the issue, holding, transfer and cancellation of greenhouse gas emission allowances, the framework for which is provided for by Article 19 thereof and requires the establishment of a system of standardised registries by means of a separate Commission regulation. That accurate accounting is inherent in the very purpose of the directive, consisting in the establishment of a Community scheme for greenhouse gas emission allowance trading, which aims to reduce greenhouse gas emissions in the atmosphere to a level that prevents dangerous anthropogenic interference with the climate, with the ultimate objective of protection of the environment. In addition, the EU legislature wished, by itself introducing a predefined penalty, to shield the allowance trading scheme from distortions of competition resulting from market manipulations (judgment in Billerud Karlsborg and Billerud Skärblacka, C‑203/12, EU:C:2013:664, paragraph 27).
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