Article 1 · Commission Delegated Regulation (EU) 2026/787

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Delegated Regulation (EU) 2023/2830 is amended as follows:

(1)Article 8 is amended as follows:

(a)in paragraph 4, the third and fourth subparagraphs are replaced by the following:‘Where the common auction platform conducts auctions of the allowances referred to in Articles 10 and 11 in one or two days a week, no opt-out auction platform shall conduct an auction on those days.Where the common auction platform conducts auctions of the allowances referred to in Articles 10 and 11 on more than two days a week, it shall choose two days on which no opt-out auctions may take place. It shall publish those days no later than at the publication of the auction calendar as referred to in Article 12(2).’;

(b)paragraph 5 is replaced by the following:‘5.The volume of allowances referred to in Articles 10 and 11 to be auctioned on a common auction platform shall in principle be distributed evenly over the auctions held in a given calendar year.The volume of allowances referred to in Article 13 to be auctioned on a common auction platform shall in principle be distributed evenly over the auctions held in a given calendar year.By way of derogation from the second subparagraph, the volume of allowances referred to in Article 13 to be auctioned for the first year of auctioning in accordance with Article 30d(2) of Directive 2003/87/EC, shall be distributed in the period from 1 January 2027 up to 31 December 2028.Where the annual volume of allowances of a Member State cannot be distributed evenly over the auctions in a given calendar year in accordance with the rules for minimum volume bid set out in Article 6(1), the relevant auction platform shall distribute that volume over fewer auctions, ensuring that the volume is auctioned, in principle, at least every quarter.’;

(2)Article 13 is amended as follows:

(a)paragraphs 1 and 2 are replaced by the following:‘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.’;

(b)paragraphs 5 and 6 are replaced by the following:‘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.’;

(c)paragraph 7 is added:‘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.’;

(3)in Article 14, paragraph 1 is amended as follows:

(a)point (j) is replaced by the following:

(j)changes to the appointed auctioneer(s) pursuant to Article 22(1) or withholding of allowances from the auctions pursuant to Article 22(4);’;

(b)the following point (q) is added:

(q)adjustments of the volume of allowances pursuant to Article 13(7).’;

(4)in Article 18, paragraph 2 is replaced by the following:‘2.By way of derogation from paragraph 1, persons covered by the exemption in Article 2(1), point (j), of Directive 2014/65/EU shall be eligible to apply for admission to bid directly in the auctions either on their own account or on behalf of clients of their main business.’;

(5)in Article 22, paragraph 1 is replaced by the following:‘1.Each Member State shall appoint at least one auctioneer. No Member State shall auction allowances without appointing an auctioneer. The same auctioneer may be appointed by more than one Member State.’;

(6)in Article 50, paragraphs 4, 5 and 6 are replaced by the following:‘4.The competent national authorities designated in accordance with Regulation (EU) No 596/2014 and Directive (EU) 2015/849 by the Member States where the persons referred to in paragraph 1 are established shall be responsible for monitoring and enforcing compliance by such persons with the conduct rules set out in paragraphs 2 and 3, including the handling of any complaints made for non-compliance with such conduct rules.5.The persons referred to in paragraph 1 shall fulfil the following conditions:

(a)they are of sufficiently good repute and sufficiently experienced as to ensure proper respect of the conduct rules provided for in paragraphs 2 and 3;

(a)its competent national authorities have at their disposal investigative powers and sanctions that are effective, proportionate and dissuasive;

(b)they have put in place the necessary processes and checks to manage conflicts of interest and to serve the best interests of their clients;

(b)a mechanism is established for the handling of complaints and to allow its competent national authorities to prohibit the persons referred to in paragraph 1 from bidding on behalf of clients where those persons have seriously and systematically breached their obligations under paragraphs 2, 3 and 5.’

(c)they comply with the requirements of Directive (EU) 2015/849;

(d)they comply with any other measures deemed necessary having regard to the nature of the bidding services being offered and the level of sophistication of the clients in question in terms of their investor or trading profile as well as any risk-based assessment of the likelihood of money laundering, terrorist financing or criminal activity.

6.The competent national authorities of the Member State where the persons referred to in paragraph 1 are established shall monitor and enforce the conditions set out in paragraph 5. The Member State shall ensure that:.

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