Regulation on the auctioning of emission allowances in accordance with the 2012 Allocation Act (emissions trading regulation 2012-EHVV 2012)

Unofficial table of contents

EHVV 2012

Date of completion: 17.07.2009

Full quote:

" Emissions Trading Ordinance 2012 of 17 July 2009 (BGBl. I p. 2048), which is defined by Article 5 of the Law of 21 July 2011 (BGBl. I p. 1475).

Status:

Amended by Art. 5 G v. 21.7.2011 I 1475

For more details, please refer to the menu under Notes

Footnote

(+ + + Text proof: 23.7.2009 + + +) 

  

Unofficial table of contents

Input formula

On the basis of § 21 (2) of the Allocation Act 2012 of 7 August 2007 (BGBl. I p. 1788), the Federal Government decrees with the consent of the Bundestag: Unofficial table of contents

§ 1 Scope

This Regulation regulates the auctioning of allowances within the meaning of Section 3 (4) of the Greenhouse Gas Emissions Trading Act of 8 July 2004 (BGBl. I p. 1578), most recently by Article 9 of the Law of 11 August 2010 (BGBl. 1163), as from 1 January 2010. Unofficial table of contents

§ 2 auctioning quantity, auctioning dates

(1) Each year the following total amount of allowances is auctioned by shops for immediate fulfilment (Spothandel) as well as by shops for delivery on appointment (futures trading):

1.

40 million allowances in accordance with § 19 sentence 1 of the Allocation Act 2012 as well as

2.

the amount of allowances required to cover the costs in accordance with the first sentence of § 5 (3) sentence 1 of the Allocation Act 2012.

For the purpose of auctioning the total quantity referred to in paragraph 1, an auctioning shall take place once a week from the beginning of the year until the total quantity is auctioned. In the years 2010 and 2011, the weekly auctioning amounts are 870 000 allowances and in 2012 there are 945 000 allowances. For the distribution of the auctioning quantities in accordance with the second sentence, the weekly auctioning dates in 2010 and 2011 will each have 570 000 allowances per appointment and in 2012 645 000 allowances per appointment in the months of January. offered until October in the futures trading for delivery in December of the current year; moreover, the allowances are offered in the Spothandel. If the remaining amount of auctioning falls below the quantity referred to in the second sentence, the remaining quantity shall be offered in the following auction date. (3) If the trading system becomes one of the proposed auctioning dates due to a technical If a fault is not available, or if the total bid quantity is left behind the offered auction quantity in a sales date, the auction will not take place at the proposed auction date. A replacement date shall be set for the cancelled auctioning date within the following 15 trading days. The competent authority shall ensure that the replacement date is made public in accordance with the second sentence. (4) For the determination of the amount of allowances required under paragraph 1 (2), the net proceeds from the auctioning of a number of The costs incurred by the German Federal Environment Agency for the financial year in order to compensate for the costs of the German Emissions Trading Authority (German Emissions Trading Authority), which are not covered by fee income, shall be determined from the Federal budget, Section of the Federal Ministry for the Environment, Nature Conservation and Reactor safety, Chapter 1605 "Umweltbundesamt" (Federal Environment Agency). Overlappings and undercover are to be calculated on the future refinancing needs. In 2012, the total amount of allowances referred to in paragraph 1 (2) shall be increased by a total number of allowances whose net proceeds from the auctioning shall be increased by the total expenditure of the Federal Environment Agency in connection with the refund of the General emissions trading fee according to the Emissions Trading Scheme-Costing 2007. The refinancing requirement according to records 1 and 3 shall be covered in proportion to the net proceeds of the auctions in the months of January to October of a year. Unofficial table of contents

§ 3 Auctioning procedure

(1) The execution of the auction shall be carried out separately in accordance with the division in accordance with Article 2 (2), second sentence, as an integral part of the stock exchange trading on a regulated market in which a market for the trading of spouse and the futures trading is carried out with (2) Authorized to participate as a tenderer in the auction in the trading or in the futures trading are all trading participants admitted to the relevant exchange for the respective trading with authorizations. The provider of the allowances to be auctioned is the competent authority. (3) The minimum bid quantity is 500 allowances at the auction in the Spothandel, otherwise 1 000 allowances. Higher bid quantities must be equal to an integer multiple of the minimum bid quantity. The bid price must be given in euros with two decimal places. (4) The auction procedure shall be carried out in accordance with the unit price procedure with a bidding round for each auction. Each bidder can only view their own submitted bids (closed order book). (5) At the fixed point in time, the bids issued are ranked according to the amount of the bid price, with the same bid price according to the time Order of access of the commandments. The quantities of bids set out in the bids shall be summed up, starting at the highest bid price. The price of the bid, in which the summed bid quantities reach or exceed the offered quantity of allowances, is the surcharge price. All bids entered into the total formation shall be allocated according to the amount of the award price. The last successful bid is added to the remaining amount of permissions. Unofficial table of contents

§ 4 Resolution

(1) The settlement of the successful bids of auctioning in the trading and futures trading shall be subject to the same conditions as those which apply to the passing exchange for the settlement of the corresponding trade in allowances. (2) For the setting and changing of the bids as well as for the determination of the successful bids, the passing exchange may not require the participants to pay higher fees or charges than with the respective trading with authorizations. This also applies to the execution of the fulfillment operations in the case of successful bids (clearing) by the conducting exchange or an affiliated institution. Unofficial table of contents

§ 5 Reporting obligations, monitoring

(1) The passing stock exchange shall inform the competent authority after each date of auctioning of the surcharge price, in an anonymized form, on the distribution of the bids and on the number of the auction, in particular the total number of the bids. tenderers, the number of successful bidders, the ratio of the total bid quantity to the auctioning quantity as well as the span of the bid prices. The competent authority shall ensure that the surcharge price is made known in a timely and customary manner. (2) The passing stock exchange is obliged to continuously monitor the bending behaviour. Where there is evidence of a bidding behaviour which is directed at a distortion of the award price, the stock exchange shall take the necessary countermeasures, and the award shall then be determined in accordance with Article 3 (5). The leading exchange informs the supervisory authority of the stock exchange as well as the competent body about the measures taken. The prudential rules applicable to the respective trading venue shall remain unaffected. (3) In the case of information referred to in the second sentence of paragraph 2, the competent authority may apply the total bid quantity per bidder to 100 000 allowances per Restrict auction in spoon trade or futures trading or set other countermeasures customary at auctions of allowances. The prudential rules applicable to the respective trading venue shall remain unaffected. The competent authority shall ensure that the measures referred to in the first sentence are published on a stock exchange basis. (4) The competent authority shall publish the quantity increased in accordance with Article 2 (1) (2) by 5 November of each year. Permissions. Unofficial table of contents

§ 6 Auctions on behalf of other Member States

The stock exchange may carry out auctioning of allowances on behalf of other Member States of the European Union. With the agreement of the competent authority, the auctioning quantities may be combined in an auctioning date under similar auctioning conditions. Unofficial table of contents

Section 7 Competent authority

The competent authority under this Regulation shall be the Federal Environment Agency. Unofficial table of contents

Section 8 Entry into force

This Regulation shall enter into force on the day following the date of delivery.