What changed, Commission Regulation (EU) No 920/2010 of 7 October 2010 establishing a Union Registry for the periods ending…

+ ### document
− ## CHAPTER I / **SUBJECT MATTER AND DEFINITIONS**
− 
− ### Article 1 — Subject matter
− 
− ►M1 This Regulation lays down general as well as operational and maintenance requirements for the periods ending 31 December 2012 concerning the standardised and secured registries system consisting of registries, and the independent transaction log provided for in Article 20(1) of Directive 2003/87…
− 
− ### Article 1a — Scope
− 
− This Regulation concerns allowances created in the Union emissions trading scheme for the periods ending 31 December 2012 and Kyoto units.
− 
− ### Article 2 — Definitions
− 
− For the purposes of this Regulation, the definitions laid down in Article 3 of Directive 2003/87/EC shall apply. The following definitions shall also apply:
− 
− 1. ‘account holder’ means a person who holds an account in the registries system;
− 
− 2. ‘Central Administrator’ means the person designated by the Commission pursuant to Article 20 of Directive 2003/87/EC;
− 
− 3. ‘competent authority’ means the authority or authorities designated by a Member State pursuant to Article 18 of Directive 2003/87/EC;
− 
− 4. ‘KP Party’ means a Party to the Kyoto Protocol;
− 
− 5. ‘trading platform’ is any type of multilateral exchange that brings together or facilitates the bringing together of multiple third-party buying and selling interests as defined in Article 4 of Directive 2004/39/EC of the European Parliament and of the Council (11), where the interests bought and…
− 
− 6. ‘verifier’ means a verifier as defined in Annex I(5)(m) to Commission Decision 2007/589/EC (12);
− 
− 7. ‘Assigned Amount Units’ or ‘AAUs’ are units issued pursuant to Article 7(3) of Decision No 280/2004/EC;
− 
− 8. ‘Chapter II allowances’ are allowances issued under Chapter II of Directive 2003/87/EC;
− 
− 9. ‘Chapter III allowances’ are all allowances not issued under Chapter II of Directive 2003/87/EC;
− 
− 10. ‘long-term CERs’ or ‘lCERs’ are units issued for an afforestation or reforestation project activity under the CDM which, subject to Decision 5/CMP.1 of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol, expires at the end of the emission reduction creditin…
− 
− 11. ‘Removal Units’ or ‘RMUs’ are units issued pursuant to Article 3 of the Kyoto Protocol;
− 
− 12. ‘temporary CERs’ or ‘tCERs’ are units issued for an afforestation or reforestation project activity under the CDM which, subject to Decision 5/CMP.1, expires at the end of the Kyoto Protocol commitment period following the one during which it was issued;
− 
− 13. ‘process’ means an automated technical means to carry out an action relating to an account or a unit in a registry;
− 
− 14. ‘transaction’ means a process that includes the transfer of an allowance or Kyoto unit from one account to another account;
− 
− 15. ‘surrender’ means the accounting of an allowance or a Kyoto unit by an operator or aircraft operator against the verified emissions of her installation or aircraft;
− 
− 16. ‘cancellation’ means the definitive disposal of a Kyoto unit by its holder without accounting it against verified emissions;
− 
− 17. ‘deletion’ means the definitive disposal of an allowance by its holder without accounting it against verified emissions;
− 
− 18. ‘retirement’ means the accounting of a Kyoto unit by a Party to the Kyoto Protocol against the reported emissions of that Party;
− 
− 19. ‘money laundering’ means the same as defined in Articles 1(2) of Directive 2005/60/EC of the European Parliament and the Council (13);
− 
− 20. ‘serious crime’ means the same as defined in Article 3(5) of Directive 2005/60/EC;
− 
− 21. ‘terrorist financing’ means the same as defined in Article 1(4) of Directive 2005/60/EC;
− 
− 22. ‘registry administrator’ shall refer to the registry administrator of the Union registry or any other Kyoto Protocol registry;
− 
− 23. ‘national administrator’ shall refer to the entity responsible for managing on behalf of a Member State a set of user accounts under the jurisdiction of a Member State in the Union registry, designated in accordance with Article 6;
− 
− 24. ‘administrator of an account’ shall refer to the administrator determined for a particular type of account in the third column of Table I-I in Annex I;
− 
− 25. ‘directors’ includes the persons effectively directing the day-to-day operations of a legal person;
− 
− 26. ‘central European time’ means central European summer time during the summer-time period as defined in Articles 1, 2 and 3 of Directive 2000/84/EC of the European Parliament and of the Council (14).
− 
− ## CHAPTER V / **VERIFIED EMISSIONS AND COMPLIANCE**
− 
− ### Article 29 — Verified emissions data for an installation or aircraft operator
− 
− 1. Before submitting annual emissions data to the Union registry, each operator and aircraft operator shall select a verifier from the verifiers registered at the national administrator administering its account. If an operator or aircraft operator is also a verifier, it may not select itself as ver…
− 
− 2. The national administrator shall enter emissions data for a year between 1 January and 31 March of the following year. Emissions data for an installation may also be entered for a year during the course of that year if the installation's greenhouse gas permit has already expired. The competent au…
− 
− 3. Annual emissions data shall be submitted using the format set out in Annex X.
− 
− 4. Upon the satisfactory verification in accordance with Article 15, first paragraph of Directive 2003/87/EC of an operator’s report on the emissions from an installation during a previous year, or of an aircraft operator’s report on the emissions from all aviation activities it performed during a p…
− 
− 5. The emissions approved in accordance with paragraph 4 shall be marked as verified in the Union Registry by the national administrator or the competent authority. The competent authority may decide that instead of the national administrator, the verifier shall be responsible for marking emissions …
− 
− 6. The competent authority may instruct the national administrator to correct the annual verified emissions for an installation or an aircraft operator to ensure compliance with the detailed requirements established by the Member State pursuant to Annex V to Directive 2003/87/EC, by entering the cor…
− 
− 7. Where, on 1 May of each year, no verified emissions figure has been recorded in the Union registry for an installation or an aircraft operator for a previous year or the verified emissions figure was proven to be incorrect, any substitute emissions figure estimate entered in the Union registry sh…
− 
− ### Article 30 — Blocking of accounts due to a failure to submit verified emissions
− 
− 1. If, on 1 April of each year the annual verified emissions of an installation or aircraft operator for the preceding year have not been recorded in the Union registry, the Union registry shall set the corresponding operator holding account or aircraft operator holding account to blocked status.
− 
− 2. When all overdue verified emissions of the installation or aircraft operator for the year have been recorded in the Union registry, the Union registry shall set the account to open status.
− 
− ### Article 31 — Calculation of compliance status figures
− 
− 1. On 1 May of each year, the Union registry shall determine the compliance status figure for the preceding year for every installation and aircraft operator with an open or blocked operator holding account or aircraft operator holding account by calculating the sum of all allowances, CERs and ERUs …
− 
− 2. The correction factor referred to in paragraph 1. shall be zero if the compliance status figure of the last year of the previous period was greater than zero, but shall remain as the compliance status figure of the last year of the previous period if this figure is less than or equal to zero.
− 
− 3. The Union registry shall record the compliance status figure for every installation and aircraft operator for each year.
− 
− ### Article 32 — Excluded aircraft operator holding accounts
− 
− 1. If, by the deadline set out in Article 12(2a) of Directive 2003/87/EC for surrendering allowances, a verified emissions value of 0 is entered in the Union registry for an aircraft operator for the previous year in accordance with Article 29, the Union registry shall set the corresponding aircraft…
− 
− 2. The Union registry shall set the account to open status when the verified emissions value for year before the current year is not 0.
− 
− ## *SECTION 1* / ***Allocation and issue of allowances***
− 
− ### Article 32a — Execution of transfers
− 
− 1. For all transactions specified in Chapter VI that are not initiated by a trading platform, an out-of-band confirmation shall be required by the Union Registry before the transaction can be initiated. A transaction shall only be initiated where an additional authorised representative whose approva…
− 
− 2. For all transfers of allowances and Kyoto units specified in Articles 43 and 44, the transfer shall be initiated immediately if it is confirmed between 10:00 and 16:00 central European time between Monday and Friday inclusive, with the exception of public holidays in the Member States deciding to…
− 
− 3. For all transfers of allowances and Kyoto units specified in Articles 43 and 44, except for transfers from a trading account to an account on the trusted account list of that account, a delay of 26 hours shall apply between the initiation and the transfer being communicated for finalisation pursu…
− 
− 4. If an account representative suspects that a transfer was initiated fraudulently, at the latest two hours before the end of the delay provided in paragraph 3 they may request the national administrator to cancel the transfer on their behalf before the transfer is communicated for finalisation. Th…
− 
− 5. Upon initiation pursuant to paragraphs 1 and 2, a notification shall be sent to all account representatives indicating the proposed initiation of the transfer.
− 
− ### Article 32b — Nature of allowances and finality of transactions
− 
− 1. An allowance or Kyoto unit shall be a fungible, dematerialised instrument that is tradable on the market.
− 
− 2. The dematerialised nature of allowances and Kyoto units shall imply that the record of the Union Registry shall constitute prima facie and sufficient evidence of title over an allowance or Kyoto unit, and of any other matter which is by this Regulation directed or authorised to be recorded in the…
− 
− 3. The fungibility of allowances and Kyoto units shall imply that any recovery or restitution obligations that may arise under national law in respect of an allowance or Kyoto unit shall only apply to the allowance or Kyoto unit in kind. In particular:
− 
− (a) subject to Article 51 and the reconciliation process foreseen in Article 69 of this Regulation, a transaction shall become final and irrevocable upon its finalisation pursuant to Article 70. Without prejudice to any provision of or remedy under national law that may result in a requirement or or…
+ 2010R0920 — EN — 01.10.2013 — 003.001 This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents ►B COMMISSION REGULATION (EU) No 920/2010 of 7 October 2010 establishing a Union Registry for the periods ending 31 December 2012 of the Union…
− (b) nothing within this Article shall prevent an account holder or a third party from exercising any right or claim resulting from the underlying transaction that they may have in law, including to recovery, restitution, or damages, in respect of a transaction that has become final in the registry, …
− 
− 4. A purchaser and holder of an allowance or Kyoto unit acting in good faith shall acquire title to an allowance or Kyoto unit free of any defects in the title of the transferor.
− 
− ### Article 33 — National allocation plan tables
− 
− 1. The EUTL shall contain one national allocation plan table for each Member State for the 2008-2012 period. National allocation plan tables shall include the following information:
− 
− (a) total number of allowances to issue to installations: in a single cell the total number of allowances that will be issued to installations for the period covered by the national allocation plan;
− 
− (b) total number of allowances not allocated to incumbent installations (reserve): in a single cell the total number of allowances (issued or purchased) that are set aside for new entrant installations and auctioning for the period covered by the national allocation plan;
− 
− (c) years: in individual cells for each of the years covered in the national allocation plan in ascending order;
− 
− (d) Installation identification code of every installation that has a valid permit at the moment: in individual cells in ascending order. The installations listed shall include installations unilaterally included under Article 24 of Directive 2003/87/EC and shall not include any installations tempor…
− 
− (e) Allocated allowances: the allowances to be allocated for a specified year for a specified installation shall be entered into the cell connecting that year to that installation’s identification code.
− 
− 2. The national allocation plan tables shall follow the format set out in Annex XI.
− 
− ### Article 34 — Union aviation allocation table
− 
− 1. The EUTL shall contain a single Union aviation allocation table for the year 2012. This table shall tabulate the following information:
− 
− (a) the total number of Chapter II allowances to be allocated in the Union in 2012;
− 
− (b) the number of Chapter II allowances already allocated for free to each account holder listed in the table;
− 
− (c) the number of Chapter II allowances not yet allocated by the Member States, shown separately for each Member State;
− 
− (d) the identity of the receivers of the allocation (in the case of allowances allocated through auction, the receiver shall be the account set up for that purpose by Commission Regulation (EU) No 1193/2011 (15)).
− 
− 2. The Union aviation allocation table shall follow the format set out in Annex XII.
− 
− ### Article 35 — Entry into the EUTL of national allocation plan tables
− 
− 1. At least 12 months before the start of the 2008-2012 period, each Member State shall notify to the Commission its national allocation plan table, corresponding to the decision taken under Article 11(2)of Directive 2003/87/EC.
− 
− 2. If the national allocation plan table is based upon the national allocation plan notified to the Commission which was not rejected under Article 9(3) of Directive 2003/87/EC or on which the Commission has accepted proposed amendments, the Commission shall instruct the Central Administrator to ent…
− 
− ### Article 36 — Entry of allocation decisions in the Union aviation allocation table
− 
− If the Chapter II allowance allocation decisions taken by Member States under Article 3e(4), of Directive 2003/87/EC with respect to the year 2012 are in conformity with Directive 2003/87/EC, the Commission shall instruct the Central Administrator to enter the allocation decisions into the Union avi…
− 
− ### Article 37 — Corrections of national allocation plan tables
− 
− 1. For the 2008-2012 period, the national administrator shall carry out corrections to the national allocation plan table in the EUTL without notifying the Commission in advance, where:
− 
− (a) a new entrant was granted an allocation;
− 
− (b) the Member State has replenished the reserve through the purchase of allowances;
− 
− (c) an installation's permit has expired and any allocation not yet delivered to its account are moved to the reserve;
− 
− (d) an installation was split into two or more installations;
− 
− (e) two or more installations were merged into one installation.
− 
− Those corrections shall not change the total issued quantity of allowances set out in the national allocation plan table.
− 
− 2. A Member State shall notify in advance any correction other than those referred to in paragraph 1 to its national allocation plan together with each corresponding correction in its national allocation plan table to the Commission. If the correction to the national allocation plan table is based u…
− 
− 3. Subsequent to any correction made pursuant to paragraph 2 which occurs after allowances have been issued or allocated, and which reduces the total quantity of allowances for the 2008-2012 period, the national administrator shall transfer the number and type of allowances specified by the Union re…
− 
− ### Article 38 — Corrections of the Union aviation allocation table
− 
− 1. The national administrator may carry out the corresponding corrections to the Union aviation allocation table in the EUTL without notifying the Commission in advance, where:
− 
− (a) a new aircraft operator started operating;
− 
− (b) an auctioneer was awarded Chapter II allowances for auctioning;
− 
− (c) an aircraft operator was split into two or more aircraft operators;
− 
− (d) two or more aircraft operators have merged into a single aircraft operator.
− 
− 2. Such corrections shall not change the total quantity of Chapter II allowances set out in the Union aviation allocation table.
− 
− 3. A Member State shall notify any correction other than those referred to in paragraph 1. and required to correct an over-allocation caused by an error by the Commission or a Member State to its Chapter II allowance allocation decision taken under Article 3e, paragraph (4) of Directive 2003/87/EC t…
− 
− 4. After any correction made pursuant to paragraph 2. which occurs after Chapter II allowances have been allocated in accordance with Article 41 and which reduces the total quantity of Chapter II allowances for the 2008-2012 period, the national administrator shall, transfer the number of Chapter II…
− 
− 5. If a merger between aircraft operators involves aircraft operators that are administered by different Member States, the correction under paragraph (1)(d) shall be initiated by the national administrator administering the aircraft operator whose allocation is to be merged into the allocation of a…
− 
− ### Article 39 — Issuance of Chapter III allowances
− 
− 1. After the national allocation plan table has been entered into the EUTL, the national administrator shall, by 28 February of the first year of the 2008-12 period:
− 
− (a) transfer an amount of AAUs issued for the 2008-2012 period that is equal to the quantity of Chapter III allowances to be issued from a KP Party holding account to the ETS AAU deposit account;
− 
− (b) issue the total quantity of Chapter III allowances set out in the national allocation plan table into its national allowance holding account in the Union registry.
− 
− 2. Prior to the action referred to in paragraph 1, KP registry administrators shall notify the account ID of the designated ETS AAU deposit account in their KP registry to the Central Administrator.
− 
− 3. The Union registry shall assign each allowance a unique unit identification code upon their issuance in accordance with paragraph 1.
− 
− 4. Member States with no KP registry shall not carry out the action under point (a) of paragraph 1.
− 
− ### Article 40 — Allocation of Chapter III allowances
− 
− 1. Without prejudice to Articles 37 and 47, by 28 February of each year, the national administrator shall transfer from the national allowance holding account to the relevant open operator holding account the proportion of the total quantity of Chapter III allowances issued which has been allocated …
− 
− 2. Where foreseen for an installation in the national allocation plan of the Member State, the national administrator may transfer that proportion at a later date of each year.
− 
− 3. If an installation is allocated additional Chapter III allowances in the national allocation plan table as a result of corrections in accordance with Article 37, the national administrator shall transfer from the national allowance holding account to the relevant open operator holding account the…
− 
− ### Article 41 — Allocation of Chapter II allowances
− 
− 1. After the Union aviation allocation table has been entered into the EUTL, the national administrator shall by 28 February 2012, create a quantity of Chapter II allowances on each open aircraft operator holding account that is equal to the allocation set out in the Union aviation allocation table …
− 
− 2. The Union registry shall assign each allowance a unique unit identification code upon their creation in accordance with paragraph 1.
− 
− 3. If an account holder is allocated additional Chapter II allowances in the Union aviation allocation table as a result of corrections in accordance with Article 38, the national administrator shall, when instructed by the competent authority, create an additional quantity of allocated Chapter II a…
− 
− 4. Where an excluded aircraft operator holding account does not receive allowances under paragraph 1, those allowances shall not be created in the account should it be subsequently set to open status.
− 
− ### Article 42 — Allocation of Chapter III allowances following their sale by Member State
− 
− During the 2008-2012 period, if instructed to do so by the competent authority, following a sale of 2008-2012 Chapter III allowances by a Member State, the national administrator shall transfer a quantity of Chapter III allowances from the national allowance holding account to the holding account de…
− 
− ## *SECTION 2* / ***Transfers of allowances and Kyoto units***
− 
− ### Article 43 — Transfers of allowances by account holders
− 
− 1. Subject to paragraph 2, upon request of an account holder, the Union Registry shall carry out any transfer of allowances held in its Union Registry account to any other account in the Union Registry, unless such transfer is prevented by the status of the initiating account or the type of allowanc…
− 
− 2. From 30 June 2012, the operator holding accounts, aircraft operator holding accounts, person holding accounts and trading platforms may only transfer allowances to an account on the trusted account list set up pursuant to Article 21a.
− 
− ### Article 44 — Transfers of Kyoto units by account holders
− 
− 1. Subject to paragraph 2, upon request of an account holder, the Union Registry shall carry out any transfer of Kyoto units held in a Union registry account to any other account in the Union Registry or in a KP registry, unless such transfer is prevented by the status of the initiating account or t…
− 
− 2. From 30 June 2012, the operator holding accounts, aircraft operator holding accounts, person holding accounts and trading platforms may only transfer Kyoto units to an account on the trusted account list set up pursuant to Article 21a.
− 
− ### Article 45 — Minimum holding of Chapter III allowances in Union registry holding accounts administered by the same Member State
− 
− 1. If a proposed transfer of allowances by an account holder in accordance with Article 43 would result in the total amount of 2008-12 period Chapter III allowances held in all the Union registry accounts administered by the national administrator of a particular Member State dropping below the quan…
− 
− 2. If a proposed transfer of allowances by an account holder in accordance with Article 43 would result in the total amount of 2008-2012 period Chapter III allowances held in all the Union registry accounts administered by the national administrators of the oldest fifteen Member States dropping belo…
− 
− ## *SECTION 3* / ***Surrender of allowances, ERUs and CERs***
− 
− ### Article 46 — Surrender of allowances
− 
− 1. An operator or aircraft operator shall surrender allowances for the 2008-2012 period by proposing to the Union registry to:
− 
− (a) move a specified number of 2008-12 period allowances from the relevant operator holding account or aircraft operator holding account into the Union allowance deletion account;
− 
− (b) record the number and type of transferred allowances as surrendered for the emissions of the operator's installation or the emissions of the aircraft operator in the current period.
− 
− 2. Chapter II allowances may only be surrendered by aircraft operators.
− 
− 3. An allowance that was already surrendered may not be surrendered again.
− 
− ### Article 47 — Surrender of allowances on instruction of the competent authority
− 
− If instructed to do so by the competent authority, the national administrator shall surrender part or all of the proportion of the total quantity of allowances issued which has been allocated to an installation or an aircraft operator for a specific year, by recording the number of surrendered allow…
− 
− ### Article 48 — The surrender of CERs and ERUs
− 
− 1. The surrender of ERUs and CERs by an operator in accordance with Article 11a of Directive 2003/87/EC shall take place through an operator proposing to the Union registry to:
− 
− (a) move a specified number of 2008-2012 period CERs or ERUs from the relevant operator holding account into:
− 
− (i) a KP Party holding account of the administering Member State, in the case of accounts administered by Member States with a KP registry;
− 
− (ii) the cancellation account of the Union registry, in the case of accounts administered by Member States with no KP registry;
− 
− (b) record the number of transferred CERs and ERUs as surrendered for the emissions of the operator's installation in the current period.
− 
− 2. The surrender of ERUs and CERs by an aircraft operator in accordance with Article 11a of Directive 2003/87/EC shall take place through the aircraft operator proposing to the Union registry to:
− 
− (a) move a specified number of 2008-2012 period CERs or ERUs from the relevant aircraft operator holding account into the aviation surrender set-aside account in the Union registry;
− 
− (b) record the number of transferred CERs and ERUs as surrendered for the emissions of the aircraft operator in the current period.
− 
− 3. The Union registry shall only allow surrenders of CERs and ERUs up to:
− 
− (a) the maximum quantity set by the national administrator of an operator holding account, in the case of operators;
− 
− (b) for 2012, 15 % of the number of allowances required to be surrendered pursuant to Article 12(2a) of Directive 2003/87/EC in the case of aircraft operators.
− 
− 4. The Union registry shall reject any request to surrender CERs and ERUs that would surpass the maximum amount of CERs and ERUs that may be surrendered by the operators of a Member State in accordance with the national allocation plan of the Member State.
− 
− 5. The Union registry shall reject any request to surrender CERs or ERUs that are prohibited from being used in the ETS in accordance with Article 11a of Directive 2003/87/EC.
− 
− 6. A CER or ERU that was already surrendered may not be surrendered again nor transferred to an operator or person holding account in the EU ETS.
− 
− 7. The Union registry shall provide automated processes to ensure that account holders cannot surrender units into incorrect accounts under Articles 46 and 48.
− 
− ## *SECTION 4* / ***Deletion of allowances and cancellation of Kyoto units***
− 
− ### Article 49 — Deletion of allowances
− 
− 1. The Union registry shall carry out any request from an account holder pursuant to Article 12(4) of Directive 2003/87/EC to delete allowances held in the accounts of the account holder by:
− 
− (a) transferring a specified number of allowances from the relevant account into the Union allowance deletion account; and
− 
− (b) recording the number of transferred allowances as deleted for the current year.
− 
− 2. Deleted allowances shall not be recorded as surrendered for any emissions.
− 
− 3. The Union registry shall reject the request for the deletion of allowances if it is initiated by an account administered by a Member State that has no KP registry and it would result in a minimum deposited quantity calculated for that Member State in accordance with Article 52 that is lower than …
− 
− ### Article 50 — Cancellation of Kyoto units
− 
− The Union Registry shall carry out any request from an account holder pursuant to Article 12(4) of Directive 2003/87/EC to cancel Kyoto units held in the accounts of the account holder by transferring a specified type and number of Kyoto units from the relevant account into the cancellation account …
− 
− ## *SECTION 5* / ***Transaction reversal***
− 
− ### Article 51 — Reversal of finalised processes initiated in error
− 
− 1. If an account holder or a registry administrator acting on behalf of the account holder unintentionally or erroneously initiated one of the transactions listed in paragraph 2, the account holder may propose to the administrator of its account to carry out a reversal of the completed transaction i…
− 
− 2. Account holders may propose the reversal of the following transactions:
− 
− (a) allocation of Chapter III allowances;
− 
− (b) allocation of Chapter II allowances;
− 
− (c) surrender of allowances;
− 
− (d) surrender of CERs and ERUs;
− 
− (e) deletion of allowances;
− 
− (f) cancellation of Kyoto units.
− 
− 3. If the administrator of the account establishes that the request fulfils the conditions under paragraph 1 and the administrator agrees with the request, it may propose the reversal of the transaction in the Union registry.
− 
− 4. The Union registry shall accept the proposal for reversal, block the units that are to be transferred by the reversal and forward the proposal to the Central Administrator provided that all of the following conditions are met:
− 
− (a) the transaction to be reversed was not completed more than 30 working days prior to the account administrator’s proposal in accordance with paragraph 3, except for allocation of Chapter III allowances and allocation of Chapter II allowances;
− 
− (b) no operator would become non-compliant for a previous year as a result of the reversal;
− 
− (c) the destination account of the transaction to be reversed still holds the amount of units of the type that were involved in the transaction to be reversed;
− 
− (d) the transaction to be reversed was not yet followed up by a deduction in accordance with Article 52 from the minimum deposited quantity after an accounting transfer made on the basis of the transaction to be reversed;
− 
− (e) the allocation of Chapter III allowances to be reversed was carried out after the expiry date of the installation's permit.
− 
− 5. The Central Administrator shall approve the proposal within 10 working days. Where the transaction to be reversed involves transfers of Kyoto units from one KP registry to another KP registry, this approval shall only be given if the ITL administrator agreed to reverse the transaction in the ITL.
− 
− 6. The Union registry may complete the reversal with different units of the same unit type that are on the destination account of the transaction that is being reversed.
− 
− ## *SECTION 6* / ***Accounting mechanisms***
− 
− ### Article 52 — Minimum deposited quantity on the ETS AAU deposit account
− 
− 1. The EUTL shall record a minimum deposited quantity for each Member State. In the case of Member States with KP registries, the EUTL will prevent transfers of Kyoto units from their ETS AAU deposit account that would result in Kyoto unit holdings on the ETS AAU deposit account that are below the m…
− 
− 2. The EUTL shall add a quantity to the minimum deposited quantity after an issue of Chapter III allowances has taken place in accordance with Article 39, where the addition shall be equal to the amount of Chapter III allowances issued.
− 
− 3. The EUTL shall deduct a quantity from the minimum deposited quantity immediately after:
− 
− (a) a transfer of Chapter III allowances to the Union allowance deletion account has taken place as a result of downwards correction of Chapter III allowances after their allocation in accordance with Article 37(3), where the deduction shall be equal to the amount of Chapter III allowances transferr…
− 
− (b) a set-aside of Kyoto units against surrenders of Chapter III allowances by aircraft operators in accordance with Article 54 has taken place, where the deduction shall be equal to the amount set-aside;
− 
− (c) a cancellation of Kyoto units against deletions of Chapter III allowances in accordance with Article 55(1) has taken place, where the deduction shall be equal to the quantity cancelled;
− 
− (d) a deletion of allowances set out in Article 55(2) took place, where the deduction shall be equal to the quantity deleted.
− 
− 4. The central administrator shall carry out a deduction of a quantity from the minimum deposited quantity recorded in the EUTL after the clearing transactions in accordance with Article 56 have taken place. The deduction shall equal the total amount of Chapter III allowances surrendered by operator…
− 
− ### Article 53 — Gateway quantity and gateway deposit account
− 
− 1. The EUTL shall record a gateway quantity for each Member State with no KP registry.
− 
− 2. The EUTL shall add a quantity to the gateway quantity after Chapter III allowances are transferred from a user account administered by a Member State with no KP registry to a user account administered by another Member State, where the addition shall be equal to the amount of Chapter III allowanc…
− 
− 3. The EUTL shall deduct a quantity from the gateway quantity after Chapter III allowances are transferred from a user account administered by a Member State to a user account administered by a Member State with no KP registry, where the deduction shall be equal to the amount of Chapter III allowanc…
− 
− 4. The EUTL will not allow any transfer of Chapter III allowances out of accounts administered by a Member State with no KP registry that would result in a gateway quantity that is higher than the amount of Kyoto units held in the gateway deposit account for that Member State.
− 
− 5. Until 1 July 2013 or the completion of the clearing set out in Article 56, whichever is later, the EUTL will not allow any transfer of Kyoto units out of the gateway deposit account for a particular Member State with no KP registry that would result in holdings on the gateway deposit account for …
− 
− 6. After 1 July 2013 or the completion of the clearing set out in Article 56, whichever is later, the Central Administrator shall reset the gateway quantity to zero and empty the gateway deposit account through transfers carried out in the following order of precedence:
− 
− (a) transfers in accordance with in Article 54(2);
− 
− (b) transfers to the ETS AAU deposit account of the Member State served by the gateway up to the quantity needed to ensure the banking of all Chapter III allowances in accordance with Article 57;
− 
− (c) transfers to the KP Party holding account of the European Union up to the amount of any previous transfers from that account to the gateway deposit account;
− 
− (d) transfers to the KP Party holding account of the Member State served by the gateway deposit account.
− 
− ### Article 54 — Setting aside of AAUs against surrenders of Chapter III allowances by aircraft operators
− 
− 1. By 5 May 2013 and each year thereafter, KP registry administrators of Member States with KP registries shall transfer to the aviation surrender set-aside account in the Union registry an amount of AAUs that is equal to the amount of Chapter III allowances surrendered for the current period by air…
− 
− 2. By 1 July 2013 or when the clearing process in Article 56 is completed, whichever is later, the Central Administrator shall transfer from the gateway deposit account of a Member State with no KP registry to the aviation surrender set-aside account in the Union registry an amount of Kyoto units th…
− 
− (a) the total amount of Chapter III allowances surrendered from aircraft operator holding accounts administered by that Member State with no KP registry;
− 
− (b) the total amount of units held on the gateway account.
− 
− ### Article 55 — Cancellation of Kyoto units against deletions of Chapter III allowances
− 
− 1. By 5 May 2013 and each year thereafter each KP registry administrator shall transfer an amount of AAUs, ERUs or CERs, but not lCERs or tCERs to the cancellation account in the Union registry. The transferred amount shall be equal to the amount of Chapter III allowances deleted in accordance with …
− 
− 2. By way of derogation from paragraph 1 a registry administrator is not obliged to transfer to the cancellation account in the Union registry amounts of AAUs, ERUs, or CERs equal to deletions which meet one of the following conditions:
− 
− (a) the deletion was carried out in an account administered by a Member State that has no KP registry;
− 
− (b) the deletion took place after 30 April of the year following the last year of the period.
− 
− ### Article 56 — Clearing of allowance transfers
− 
− 1. After the end of the 2008-2012 period, in order to ensure that transfers of Chapter III allowances between accounts administered by national administrators of different Member States are followed up with an equal amount of Kyoto units transferred between KP registries, paragraphs 2 to 4 shall app…
− 
− 2. On the first working day following 1 June 2013, or the day after all changes to minimum deposit quantities related to downwards corrections to allowances set out in Article 52(3)(a) are completed, whichever is later, the Central Administrator shall calculate a clearing value for each Member State…
− 
− 3. In the case of Member States with a KP registry, the clearing value shall be equal to:
− 
− (a) the minimum deposit quantity on 1 June; minus
− 
− (b) the total amount of Chapter III allowances surrendered by operators administered by the national administrator of the Member State for the 2008-12 period.
− 
− 4. In the case of Member States with no KP registry, the clearing value shall be equal to the gateway quantity calculated in accordance with Article 53 on 1 June 2013.
− 
− 5. Within 5 working days of the notification set out in paragraph 2, each KP registry administrator whose Member State has a positive clearing value shall transfer an amount of AAUs equal to the clearing value to the ETS central clearing account in the Union registry. In the case of Member States wi…
− 
− 6. Within 5 working days of the completion of the transfers set out in paragraph 5, the Central Administrator shall transfer an amount of AAUs from the ETS central clearing account in the Union registry to a KP Party holding account in the KP registry of each Member State with a negative clearing va…
− 
− ### Article 57 — Banking between periods
− 
− Within ten working days of the completion of the clearing transactions set out in Article 56, the Union registry shall delete Chapter II allowances valid for the 2008-2012 period held in user accounts in the Union registry and issue an equal amount of Chapter II allowances valid for the 2013-2020 pe…
− 
− ### Article 58 — Retirement of AAUs, ERUs or CERs against the domestic aviation emissions of aircraft operators
− 
− 1. By 30 September of the year following the year of entry into force of this Regulation, the Central Administrator shall transfer an amount of Kyoto units from the aviation surrender set-aside account in the Union registry to the Party holding account of each Member State that is equal to those ver…
− 
− 2. If the holdings of the aviation surrender set-aside account are not enough to carry out the transfer set out in paragraph 1, all amounts to be transferred shall be reduced with a factor that shall equal the total units held on the aviation surrender set-aside account divided by the total amount o…
− 
− ## CHAPTER IX / **TRANSITIONAL AND FINAL PROVISIONS**
− 
− ### Article 80 — Entry into force
− 
− This Regulation shall enter into force on the day following its publication in the *Official Journal of the European Union*.
− 
− Articles 2 to 76 and the Annexes shall apply from 1 January 2012.
− 
− This Regulation shall be binding in its entirety and directly applicable in all Member States.
− 
− ### ANNEX I
− 
− **Table I-I:** **Account types and unit types that may be held in each account type**
− 
− | Account type name | Account holder | Account Administrator | No of accounts of this type | Allowances (Non-Kyoto units) | Kyoto units |  |  |  |  |
− | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
− | Chapter III allowances | Chapter II allowances | AAU | CER | ERU | lCER/tCER/RMU |  |  |  |  |
− | I. *KP Party accounts in KP registries (including the Union registry)* |  |  |  |  |  |  |  |  |  |
− | Party holding account | KP Party | KP registry Administrator (in the Union registry: the Central Administrator) | at least 1 | No | No | Yes | Yes | Yes | Yes |
− | Cancellation account | 1 | No | No | Yes | Yes | Yes | Yes |  |  |
− | Retirement account | 1 | No | No | Yes | Yes | Yes | Yes |  |  |
− | ETS AAU deposit account | 1 | No | No | Yes | No | No | No |  |  |
− | II. *Management accounts in the Union registry* |  |  |  |  |  |  |  |  |  |
− | National allowance holding account | Member State | Nat'l Admin of the MS holding the account | 1 for each MS | Yes | Yes | No | No | No | No |
− | ETS central clearing account | EU | Central Administrator | 1 | No | No | Yes | No | No | No |
− | Gateway deposit account | 1 for each MS with no KP Reg. | No | No | Yes | No | No | No |  |  |
− | Union allowance deletion account | 1 | Yes | Yes | No | No | No | No |  |  |
− | Aviation Surrender Set-Aside Account | 1 | No | No | Yes | Yes | Yes | No |  |  |
− | III. *User accounts in the Union registry* |  |  |  |  |  |  |  |  |  |
− | Operator holding account | Operator | Nat'l Admin of the MS where installation is located | one for each installation/aircraft operator/person/ trading platform in MS | Yes | No | by MS (1) | Yes | Yes | by MS (1) |
− | Aircraft Operator holding account | Aircraft operator | Nat'l Admin of the MS administering the aircraft operator | Yes | Yes | by MS (1) | Yes | Yes | by MS (1) |  |
− | Person holding account | Person | Nat'l Admin that has opened the account | Yes | Yes | by MS (1) | Yes | Yes | by MS (1) |  |
− | Trading Platform holding Account | Trading platform | Yes | Yes | by MS (1) | Yes | Yes | by MS (1) |  |  |
− | Verifier Account | Verifier | One for each verifier | No | No | No | No | No | No |  |
− | (1)The MS National Administrator can decide whether the account (or the account type) may hold this type of unit. |  |  |  |  |  |  |  |  |  |
… diff truncated at 500 changed lines …