Chapter III, Article 13 · Commission Delegated Regulation (EU) 2023/2830

Contents

Article 13Annual volumes and calendars for individual auctions of allowances in respect of buildings, road transport and additional sectors#

1.The volume of allowances referred to in Article 30a of Directive 2003/87/EC to be auctioned for any given calendar year shall be the volume of allowances established in accordance with Articles 30c and 30d of that Directive.

2.The volume of allowances to be auctioned by each Member State for any given calendar year shall be based on the volume of allowances established pursuant to paragraph 1 of this Article and the share of allowances of that Member State determined pursuant to Article 30d(5) of Directive 2003/87/EC.

3.The volume of allowances referred to in paragraphs 1 and 2 of this Article shall take into account changes pursuant to Article 30e(3) or Articles 30h and 30j of Directive 2003/87/EC or pursuant to Article 1a of Decision (EU) 2015/1814.

4.The common auction platform shall, after having consulted the Commission, determine the auction calendars, including the bidding windows, the individual auction volumes, the auction dates, the auctioned product, and the payment and delivery dates for the allowances to be auctioned each calendar year in individual auctions in accordance with paragraph 2 of this Article. It shall publish the auction calendar for a calendar year by 31 July of the preceding year, or as soon as practicable thereafter, provided that the Commission has instructed the central administrator of the Union Registry to enter the auction table corresponding to the auction calendar into the Union Registry in accordance with Delegated Regulation (EU) 2019/1122.

5.The annual auction volumes of allowances referred to in Article 30d(3) and (4) of Directive 2003/87/EC shall be auctioned together with the respective annual volumes of allowances referred to in paragraph 1 of this Article. The initial volume of allowances to be auctioned from 1 January 2027 up to 31 December 2028 pursuant to Article 30d(3) and (4) of Directive 2003/87/EC shall be 450000000 allowances.

6.The annual volume of allowances to be auctioned to reach the revenue referred to in Article 30d(4) of Directive 2003/87/EC may be adjusted to ensure that the objectives set out in Article 30d of that Directive are met. For the purposes of that adjustment, the revenue already obtained, the average auction clearing price for the six preceding calendar months, and the time remaining until 31 December 2032 shall be taken into account. As a result of that adjustment, the auction calendars shall be adjusted in accordance with Article 14(1), point (p) of this Regulation.If the auction revenue referred to in Article 30d of Directive 2003/87/EC is reached before the date of the last auction scheduled for the Social Climate Fund, the subsequent auctions of allowances for that Fund shall be suspended in line with the relevant provisions for suspension of such auctions set out in Delegated Regulation (EU) 2019/1122. The relevant auction calendars shall be adjusted accordingly in accordance with Article 14(1), point (e) of this Regulation.

7.The volume of allowances to be auctioned on behalf of a Member State pursuant to paragraph 2 of this Article shall only be auctioned once that Member State has implemented national legislation on the obligation of regulated entities to surrender the amount of allowances set out in Article 30e(2) of Directive 2003/87/EC and on the penalties for excess emissions under Article 16(1) to (4) of Directive 2003/87/EC for emissions reported under Chapter IVa that Directive.Once the legislation referred to in the first subparagraph has been implemented, the volume of allowances referred to in the first subparagraph which was withheld for the period between the year from when emissions are subject to such legislation and the date of application of that legislation shall be added to the auction calendars.Where the volumes of allowances referred to in the second subparagraph is added back to the auction volumes, it shall be distributed over a period of time equivalent to the period of time during which those allowances were not auctioned.

Defined terms · 43

Show every defined term

affiliate undertaking
means affiliate undertaking as defined in Article 2, point (12), of Directive 2013/34/EU;
auction platform
means any public or private entity appointed to carry out the tasks referred to in Articles 27, 28, 30 and 31;
auction process
means the process encompassing the setting of the auction calendar, the procedures for admission to bid, the procedures for submission of bids, the conduct of the auction, the calculation and announcement of the auction results, the arrangements for payment of the price due and transfer of auction proceeds, delivery of the allowances and management of the collateral needed to cover any transaction risks, as well as the surveillance and monitoring of the proper conduct of the auctions by an auction platform;
auctioneer
means any public or private entity appointed to carry out the tasks referred to in Article 23;
beneficial owner
means beneficial owner as defined in Article 3, point (6), of Directive (EU) 2015/849;
bid
means an offer in an auction to acquire a given volume of allowances at a specified price;
bidding window
means the time period during which bids may be submitted;
central counterparty
means an entity that interposes either directly between an auctioneer and a bidder or its successor in title, or between intermediaries representing them, and acts as the exclusive counterparty to each of them guaranteeing the payment of the auction proceeds to the auctioneer or an intermediary representing it or the delivery of the auctioned allowances to the bidder or an intermediary representing it;
clearing
means all processes taking place before the opening of the bidding window, during the bidding window and after the closing of the bidding window until settlement, and involving the management of any risks arising during that interval, including during margining, netting, or novation, or any other services, possibly carried out by a clearing or settlement system;
clearing system
means an infrastructure connected to the auction platform that provides clearing, margining, netting, management of collateral, settlement and delivery, and any other services, carried out by a central counterparty that is accessed either directly or indirectly through members of the central counterparty who act as intermediaries between their clients and the central counterparty;
collateral
means collateral security as defined in Article 2, point (m), of Directive 98/26/EC of the European Parliament and of the Council, including any allowances accepted as security by the clearing system or settlement system;
common auction platform
means the auction platform appointed following a joint procurement procedure between the Commission and the Member States, as contracting authorities, pursuant to Article 26(1)
control
means control as referred to in Article 3(2) and (3) of Council Regulation No 139/2004;
credit institution
means credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 of the European Parliament and of the Council;
criminal activity
means criminal activity as defined in Article 3, point (4), of Directive (EU) 2015/849;
customer due diligence measures
means the customer due diligence measures as referred to in Article 13 of Directive (EU) 2015/849 and the enhanced customer due diligence measures as set out in Articles 18, 18a and 20 of that Directive;
duly certified copy
means an authentic copy of an original document that is certified as being a true copy of the original by a qualified lawyer, accountant, notary public or similar professional who is recognised under the national law of the Member State concerned to attest officially as to whether a copy is in fact a true copy of its original;
exit strategy
means one or more documents that are determined in accordance with the contracts appointing the auction platform concerned and that set out detailed measures planned to ensure the following:
financial instrument
means financial instrument as defined in Article 4(1), point (15), of Directive 2014/65/EU;
inside information
means inside information as defined in Article 7 of Regulation (EU) No 596/2014;
insider dealing
means insider dealing as defined in Article 8 of Regulation (EU) No 596/2014;
investment firm
means investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU;
margining
means the process by which collateral is pledged by an auctioneer or a bidder, or one or more intermediaries acting on their behalf, to cover a given financial position, encompassing the entire process of measuring, calculating and administering the collateral put up to cover such financial positions, and which is intended to ensure that all payment commitments of a bidder and all delivery commitments of an auctioneer or one or more intermediaries acting on their behalf can be met within a very short period of time;
market abuse
means market abuse as defined in Article 1 of Regulation (EU) No 596/2014;
market manipulation
means market manipulation as defined in Article 12 of Regulation (EU) No 596/2014;
market operator
means market operator as defined in Article 4(1), point (18), of Directive 2014/65/EU;
Member State of establishment
means any of the following:
money laundering
means money laundering as defined in Article 1(3), (4) and (6) of Directive (EU) 2015/849 of the European Parliament and of the Council;
nominated bank account
means a bank account designated by an auctioneer, a bidder or bidder’s successor in title for the receipt of payments due under this Regulation;
nominated Union Registry account
means an account in the Union Registry established by Delegated Regulation (EU) 2019/1122;
opt-out auction platform
means the auction platform appointed by a Member State not participating in the joint action as provided in Article 26(1), as its own auction platform, pursuant to Article 29(1)
parent undertaking
means parent undertaking as defined in Article 2, point (9), of Directive 2013/34/EU of the European Parliament and of the Council;
politically exposed person
means politically exposed person as defined in Article 3, point (9), of Directive (EU) 2015/849;
regulated market
means regulated market as defined in Article 4(1), point (21), of Directive 2014/65/EU;
secondary market
means the market in which persons buy or sell allowances either before or after they are allocated either free of charge or through auctioning;
settlement
means payment by a successful bidder or its successor in title, or by a central counterparty or a settlement agent of the sum due for allowances to be delivered to that bidder or its successor in title or to a central counterparty or a settlement agent, and delivery of the allowances to the successful bidder or its successor in title, or to the central counterparty or the settlement agent;
settlement agent
means an entity acting as an agent providing accounts to the auction platform, through which accounts instructions for the transfer of the auctioned allowances given by the auctioneer or an intermediary representing it and for the payment of the auction clearing price by a successful bidder, its successor in title or an intermediary representing them are safely executed either simultaneously or nearly simultaneously in a guaranteed manner;
settlement system
means any infrastructure, whether or not connected to the auction platform, that provides settlement services, which include clearing, netting, management of collateral, or any other services and which ultimately enable the payment of the sum due by a successful bidder or its successor in title to an auctioneer, and the delivery of allowances on behalf of an auctioneer to a successful bidder or its successor in title, where those services are carried out through either of the following:
subsidiary undertaking
means subsidiary undertaking as defined in Article 2, point (10), of Directive 2013/34/EU;
terrorist financing
means terrorist financing as defined in Article 1(5) and (6) of Directive (EU) 2015/849;
trading day
means any day during which an auction platform and the clearing system or settlement system connected to it are open for trading;
two-day spot contracts
means contracts by which allowances are auctioned for delivery at an agreed date no later than the second trading day following the day of the auction;
unlawful disclosure of inside information
means unlawful disclosure of inside information as defined in Article 10 of Regulation (EU) No 596/2014;