Read the untranslated law here: http://www.gesetze-im-internet.de/ehvv_2012/BJNR204800009.html
Regulation on the auctioning of emission allowances under the allocation Act 2012 (ETS auctioning regulation 2012 - EHVV 2012) EHVV 2012 copy date: 17.07.2009 full quotation: "ETS auctioning regulation 2012 from July 17, 2009 (BGBl. I S. 2048), by article 5 of the law of July 21, 2011 (BGBl. I p. 1475) is changed" stand: amended by art. 5 G v. Article I 1475 for details on the stand number you see in the menu see remarks footnote (+++ text detection off) : 23.7.2009 +++) input formula on the basis of § 21 paragraph 2 of the allocation Act 2012 August 7, 2007 (BGBl. I S. 1788) enacted the Federal Government with the consent of the Bundestag: article 1 scope this regulation regulates the auctioning of allowances within the meaning of § 3 paragraph 4 of the greenhouse gas emission trading law of 8 July 2004 (BGBl. I S. 1578), most recently by article 9 of the law of August 11, 2010 (BGBl. I p. 1163) has been changed , from January 1, 2010.
§ 2 auction lot, auction dates (1) per year will be auctioned following total amount of permissions by shops to meet immediate (spot trading), as well as by local businesses to deliver on Futures (Futures): 1 40 million permission according to § 19 set 1 of allocation Act 2012 and 2 the amount of permissions required to cover the costs according to § 5 paragraph 3 sentence 1 of the allocation Act 2012.
(2) to the auction of the total amount referred to in paragraph 1 an auction will take place from the start of the year each once a week, until the total amount is sold at auction. In the years 2010 and 2011, the weekly auction volume is 870 000 permissions and in 2012, there are 945 000 permissions. Apportioning the quantities in the auction pursuant to sentence 2 in 2010 and 2011 respectively 570 000 permissions per appointment and in 2012 offered at the weekly auction dates between January of this year each 645 000 permissions per appointment in the months until October in the futures for delivery in December; In addition, the permissions in the spot market are offered. Drops the remaining auction amount, the amount referred to in sentence 2, the remaining amount is offered in the following auction date.
(3) if the trading system is one of the intended auction dates because of a technical breakdown not available or in an auction date falls short of the total bid amount behind the offered amount of auction, the auction does not take place on the scheduled auction. For the failed auction date, a replacement date will be set within the following 15 days of trading. The competent authority ensures that the alternative date pursuant to sentence 2 is made stock-common known.
(4) for the determination of the required amount of permissions referred to in paragraph 1, the net proceeds from the auction of a number of allowances are instrumental, that are required to offset of the cost of the German emissions trading authority at the Federal Environmental Agency for each fiscal year covered by fee income; number 2 These costs arise from the were, single plan of the Federal Ministry for environment, nature conservation and nuclear safety, section 1605 "UBA". Overfunding and underfunding are to be expected on the future funding needs. In 2012 the amount of permissions increases number 2 referred to in paragraph 1 total to a number of permissions, which Nettoerlöse from the auction 2007 cover the total expenditure of the Federal Environmental Agency in connection with the reimbursement of the General emissions trading fee under the emissions trading scheme cost regulation. The funding requirement pursuant to sentences 1 and 3 is prorated from the net of the auctions in the months of January to October one year covered.
§ 3 auction (1) conducting the auction takes place each separated according to the distribution according to section 2 paragraph 2 sentence 2 as part of trading on a State-supervised market in which there is a market for spot trading and futures trading (implementing Exchange).
(2) all trading participants admitted to the operating stock exchange for the respective trading are be entitled to participate as a bidder in the auction in the spot trading or futures trading. Provider of the permissions to be auctioned is the competent authority.
(3) the minimum bid amount is otherwise 1 000 permissions at the auction in spot trading, 500 permissions. Higher bid amounts must be an integer multiple of the minimum bid amount. The bid price must be indicated in euro to two decimal places.
(4) the auction procedure according to the unit price method with a round of bidders per auction. Each bidder can see only the own bids (closed order book).
(5) to the fixed time, the bids are ranked according to the bid price at the same bid price according to the chronological order of the access of the commandments. The bid amounts set forth in the commandments are summed up, starting with the highest bid price. The price of the bid in which the aggregate bid amounts reach the offered amount of permissions, or exceed, is the price. All bids are entered into in the summation, are allocated according to the height of the hammer price. The remaining amount of permissions will be added to the last successful bid.
Section 4 processing (1) is subject to settlement of the successful bids the auction in the spot trading and futures trading each apply same conditions as them performing stock exchange for carrying out of appropriate trade with permissions.
(2) for setting and modifying the bids as well as for determining the successful bids the implementing Exchange participants may require no higher fees or charges as in the corresponding allowance trading. This also applies to the fulfilment of transactions at the successful bids (clearing) through the substitute Exchange or an affiliated institution.
§ 5 reporting requirements, monitoring (1) the operating stock exchange informed the competent authority after each auction date of the hammer price, in an anonymous form about the distribution of the commandments as well as indicators of the auction, in particular the total number of bidders, the number of successful tenderers, the ratio of the total bid amount to the amount of the auction, as well as the range of bid prices. The competent authority shall ensure the hammer price will be made promptly and Exchange common known.
(2) the implementing Exchange is obliged continuously to observe the behavior. If there are signs of a behavior that is a distortion of the hammer price, the implementing Exchange shall take the necessary countermeasures; then, the discovery of the hammer price according to § 3 paragraph 5. The operating stock exchange informed the stock legally competent authority and the competent authority of the measures taken. The regulatory requirements that apply to the respective place, remain unaffected.
(3) in the case of information referred to in paragraph 2, sentence 2 can set the authority limiting total bid per bidder on each 100 000 permissions per auction in spot trading or futures trading or other auctions permissions common countermeasures. The regulatory requirements that apply to the respective place, remain unaffected. The competent authority shall ensure that the measures be made each usual Exchange known pursuant to sentence 1.
(4) the competent authority each published until November 5 a year according to § 2 para 1 No. 2 auctioned amount of permissions.
Auctions of privilege on behalf of other Member States of the European Union do auctions on behalf of other Member States which can substitute Exchange § 6. With the consent of the competent authority, a merger of the auction amounts in an auction date is possible with similar terms and conditions of auction.
Article 7 competent authority competent authority under this regulation is the Federal Environmental Agency.
Article 8 entry into force this regulation enter into force on the day after the announcement.
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