What changed, Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of…

+ 1. Allowances shall be offered for sale on an auction platform by means of standardised electronic contracts (‘the auctioned product’).
− 1. Allowances shall be offered for sale on an auction platform by means of standardised electronic contracts traded on that auction platform (‘the auctioned product’). The auctioned products need not be traded on the same auction platform where the allowances are delivered within two trading days af…
+ 7. Before an auction is started, the auction platform shall determine the methodology for the application of paragraph 6, after consulting the auction monitor, if appointed, and notifying the competent national authorities referred to in Article 56.
− 7. Before an auction is started, the auction platform shall determine the methodology for the application of paragraph 6, after consulting the auction monitor and obtaining its opinion thereon and notifying the competent national authorities referred to in Article 56.
+ In between two bidding windows on the same auction platform, the auction platform concerned may modify the methodology. It shall notify the auction monitor, if appointed, and the competent national authorities referred to in Article 56 without delay.
− In between two bidding windows on the same auction platform, the auction platform concerned may modify the methodology after having consulted the auction monitor, obtained its opinion thereon, and notified the competent national authorities referred to in Article 56.
+ The auction platform concerned shall take the utmost account of the auction monitor’s opinion, where provided.
− Where the auction monitor has not been appointed at least one month prior to the start of the auction concerned, the auction platform may apply the intended methodology without having obtained the auction monitor’s opinion.
+ 8. Where one or more auctions are cancelled pursuant to paragraph 5 or 6 consecutively, the combined volume of allowances of those auctions shall be distributed evenly over the following auctions scheduled on the same auction platform.
− The auction platform concerned shall take the utmost account of the auction monitor’s opinion.
+ In the case of allowances covered by Chapter III of Directive 2003/87/EC the number of auctions over which the combined volume to be auctioned must be distributed shall equal four times the number of auctions that were cancelled.
− 8. Where an auction is cancelled pursuant to paragraphs 5 or 6, the auctioned volume shall be distributed evenly over the next auctions scheduled on the same auction platform.
+ In the case of allowances covered by Chapter II of Directive 2003/87/EC the number of auctions over which the combined volume to be auctioned must be distributed shall equal two times the number of auctions that were cancelled.
− In case of allowances covered by Chapter III of Directive 2003/87/EC the volume to be auctioned shall be distributed evenly over the next four scheduled auctions.
− In case of allowances covered by Chapter II of Directive 2003/87/EC the volume to be auctioned shall be distributed evenly over the next two scheduled auctions.
− 
+ 3. In exceptional circumstances, any auction platform may, after consulting the auction monitor, if appointed, change the times of any bidding window, by giving notice to all persons likely to be affected. The auction platform concerned shall take the utmost account of the auction monitor’s opinion,…
− 3. In exceptional circumstances, any auction platform may, after consulting the auction monitor and obtaining its opinion thereon, change the times of any bidding window, by giving notice to all persons likely to be affected. The auction platform concerned shall take the utmost account of the auctio…
− Where the auction monitor has not yet been appointed at least one month prior to the start of the auction concerned, the auction platform may proceed with the intended change of time.
− 
+ 5. The volume of allowances covered by Chapter III of Directive 2003/87/EC to be auctioned on the auction platform appointed pursuant to Article 26(1) or (2) shall be distributed evenly over the auctions held in a given year, except that volumes auctioned in August of each year shall be half of the …
+ 
+ The volume of allowances covered by Chapter II of Directive 2003/87/EC to be auctioned on the auction platform appointed pursuant to Article 26(1) or (2) shall in principle be distributed evenly over the auctions held in a given year, except that volumes auctioned in August of each year shall be hal…
− 5. As from the sixth auction or earlier, the volume of allowances to be auctioned on the auction platform appointed pursuant to Article 26(1) or (2) shall be distributed evenly over the auctions held in a given year, except that volumes auctioned in auctions held in August of each year shall be half…
+ Without prejudice to the application of the rules referred in Article 58 where appropriate, an auction platform may cancel an auction where the proper conduct of that auction is disrupted or is likely to be disrupted. Where one or more auctions are cancelled consecutively, the combined volume of all…
− Without prejudice to the application of the rules referred in Article 58 where appropriate, an auction platform may cancel an auction where the proper conduct of that auction is disrupted or is likely to be disrupted, due to any circumstance affecting the security or reliability of the information t…
+ In the case of allowances covered by Chapter III of Directive 2003/87/EC the number of auctions over which the combined volume to be auctioned must be distributed shall equal four times the number of auctions that were cancelled consecutively.
− In case of allowances covered by Chapter III of Directive 2003/87/EC the volume to be auctioned shall be distributed evenly over the next four scheduled auctions.
+ In the case of allowances covered by Chapter II of Directive 2003/87/EC the number of auctions over which the combined volume to be auctioned must be distributed shall equal two times the number of auctions that were cancelled consecutively.
− In case of allowances covered by Chapter II of Directive 2003/87/EC the volume to be auctioned shall be distributed evenly over the next two scheduled auctions.
+ 1. The auction platforms appointed pursuant to Article 26(1) or (2) of this Regulation shall determine and publish the bidding windows, individual volumes, auction dates as well as the auctioned product, payment and delivery dates of the allowances covered by Chapter III of Directive 2003/87/EC to b…
− 1. The auction platforms appointed pursuant to Article 26(1) or (2) of this Regulation shall determine and publish the bidding windows, individual volumes, auction dates as well as the auctioned product, payment and delivery dates of the allowances covered by Chapter III of Directive 2003/87/EC to b…
+ Article 32 shall also apply with respect to the auctions conducted pursuant to the second subparagraph of Article 30(7) by the auction platform appointed pursuant to Article 26(1) or (2).
+ 
+ 1. The volume of allowances covered by Chapter II of Directive 2003/87/EC to be auctioned each year shall be 15 % of the expected volume of those allowances in circulation for that year. Where the auctioned volume in a given year is more or less than 15 % of the volume actually put in circulation fo…
− 1. The volume of allowances covered by Chapter II of Directive 2003/87/EC to be auctioned in 2012 shall be the volume calculated and decided by the Commission pursuant to Article 3d(1) of that Directive.
+ The volume of allowances to be auctioned in the final year of each trading period shall take account of allowances remaining in the special reserve referred to in Article 3f of Directive 2003/87/EC.
− The volume of allowances covered by Chapter II of Directive 2003/87/EC to be auctioned each calendar year as from 2013 onwards shall be the volume calculated and decided by the Commission pursuant to Article 3d(2) of that Directive, divided equally over the number of years making up the trading peri…
+ 2. For each calendar year in a given trading period, each Member State’s share of allowances to be auctioned covered by Chapter II of Directive 2003/87/EC shall be determined in accordance with Article 3d(3) of that Directive.
− However, the volume of allowances to be auctioned in the final year of each trading period shall take account of allowances remaining in the special reserve referred to in Article 3f of Directive 2003/87/EC.
− 
− 2. For each calendar year in a given trading period, each Member State’s share of allowances to be auctioned covered by Chapter II of Directive 2003/87/EC shall be the share determined for that trading period pursuant to Article 3d(3) of that Directive divided by the number of years making up the tr…
+ 2. As from 2013, the auction platforms appointed pursuant to Article 26(1) or (2) of this Regulation shall in principle determine and publish the bidding windows, individual volumes, auction dates as well as the auctioned product, payment and delivery dates of the allowances covered by Chapter II of…
− 2. As from 2012, the auction platforms appointed pursuant to Article 26(1) or (2) of this Regulation shall determine and publish the bidding windows, individual volumes, auction dates as well as the auctioned product, payment and delivery dates of the allowances covered by Chapter II of Directive 20…
+ 
+ Article 32 shall also apply with respect to the auctions conducted pursuant to the second subparagraph of Article 30(7) by the auction platform appointed pursuant to Article 26(1) or (2).
+ 
+ 1a. Admission to the auctions shall not be dependent on becoming a member of or a participant in the secondary market organised by the auction platform or any other trading place operated by the auction platform or by any third party.
+ 3. An auction platform may offer, and Member States may require an auction platform to offer, one or more alternative means of accessing its auctions, should the main means of access be inaccessible for whatever reason, provided that such alternative means of access are secure and reliable and their…
− 3. An auction platform appointed pursuant to Article 26(1) or 30(1) may offer one or more alternative means of accessing its auctions, should the main means of access be inaccessible for whatever reason, provided that such alternative means of access are secure and reliable and their use does not le…
+ (a) an operator or an aircraft operator having an operator holding account or an aircraft operator holding account, bidding on its own account, including any parent undertaking, subsidiary undertaking or affiliate undertaking forming part of the same group of undertakings as the operator or the airc…
− (a) an operator or an aircraft operator having an operator holding account, bidding on its own account, including any parent undertaking, subsidiary undertaking or affiliate undertaking forming part of the same group of undertakings as the operator or the aircraft operator;
+ 2. An application for admission to bid made under paragraph 1 shall be made by submitting a completed application form to the auction platform. The application form and its access through the internet shall be provided and maintained by the auction platform concerned.
− 2. An application for admission to bid made under paragraph 1 shall be made by completing an electronic application accessible through the internet. The electronic application and its access through the internet shall be provided and maintained by the auction platform concerned.
+ 3. For Member States not participating in the joint actions as provided in Article 26(1) and (2), the auctioneer shall be appointed by the appointing Member State so as to conclude and implement the necessary arrangements with the auction platforms appointed pursuant to Article 26(1) and (2), includ…
− 3. For Member States not participating in the joint actions as provided in Article 26(1) and (2), the auctioneer shall be appointed by the appointing Member State in good time prior to the commencement of the auctions on the auction platforms appointed pursuant to Article 26(1) and (2) so as to conc…
+ 4. Member States shall refrain from disclosing inside information to persons working for the auctioneer unless the person working or acting for the Member State makes such disclosure on a need-to-know basis in the normal course of the exercise of their employment, profession or duties and the Member…
− 4. Member States shall refrain from disclosing any inside information within the meaning of point (29) of Article 3 and point (a) of Article 37 to any person working for an auctioneer.
− 
− In the event of any unauthorised disclosure of inside information to persons working for the auctioneer, the terms of appointment of the auctioneer shall provide for adequate measures to remove from the auctions any persons to whom such unauthorised disclosure has been made.
− The second subparagraph of this paragraph shall apply without prejudice to the application of Articles 11 to 16 of Directive 2003/6/EC and Article 43 of this Regulation to any contravention of the prohibition of the first subparagraph of this paragraph.
− 
+ Where reasons of *force majeure* prevent the auction monitor from performing its tasks in respect of a given auction, in full or in part, the auction platform concerned may decide to conduct that auction provided that it takes appropriate measures to ensure adequate monitoring of the auction itself.…
− Where reasons of *force majeure* prevent the auction monitor from performing its tasks in respect of a given auction, in full or in part, the auction platform concerned may decide to conduct that auction provided that it takes appropriate measures to ensure adequate monitoring of the auction itself.…
+ 6. The auction monitor shall provide opinions pursuant to Articles 7(7), 8(3), 27(3) and 31(1) and as provided in Annex III. Opinions shall be delivered within a reasonable time.
− 6. The auction monitor shall provide opinions pursuant to Articles 7(7) and 8(3), and as provided in Annex III. Opinions shall be delivered within a reasonable time.
+ 
+ 3. Within three months from the date of its appointment, the auction platform shall submit its detailed exit strategy to the Commission, who will consult the auction monitor thereon. Within two months from the date of receipt of the auction monitor’s opinion pursuant to Article 25(6), the auction pl…
+ (c) the auctioned product and any information necessary for the Commission to assess whether the envisaged auction calendar is compatible with any prevailing or envisaged auction calendar of the auction platforms appointed pursuant to Article 26(1) or (2) as well as other auction calendars proposed …
− (c) the proposed bidding windows, individual volumes, auction dates indicating the occurrence of relevant public holidays, as well as the auctioned product, payment and delivery dates of the allowances to be auctioned in individual auctions in a given calendar year and any other information necessar…
+ 1. Any auction platform appointed pursuant to Article 30(1) shall carry out the same functions as the auction platform appointed pursuant to Article 26(1) as provided for in Article 27.
+ 
+ However, an auction platform appointed pursuant to Article 30(1) shall be exempted from the provisions of Article 27(1)(c) and it shall submit the exit strategy referred to in Article 27(3) to the appointing Member State, who must consult the auction monitor thereon.
− 1. Any auction platform appointed pursuant to Article 30(1) shall carry out the same functions as the auction platform appointed pursuant to Article 26(1) as provided for in Article 27 except for Article 27(1)(c) on the auction calendar which shall not apply.
+ 4. The auction platforms appointed pursuant to Article 30(1) or (2) of this Regulation shall determine and publish the bidding windows, individual volumes, auction dates as well as the auctioned product, payment and delivery dates of the allowances, covered by Chapters II and III of Directive 2003/8…
− 4. The auction platforms appointed pursuant to Article 30(1) or (2) of this Regulation shall determine and publish the bidding windows, individual volumes, auction dates as well as the auctioned product, payment and delivery dates of the allowances, covered by Chapters II and III of Directive 2003/8…
+ Upon delivery by the auction monitor of the annual consolidated report concerning the auctions conducted in 2014, the Commission shall review the arrangements provided for in this Regulation including the operation of all auction processes.
− Upon delivery of the annual consolidated report drawn up by the auction monitor pursuant to Article 25(2) which shall be delivered no later than 31 December 2014, the Commission shall review the arrangements provided for in this Regulation including the operation of all auction processes.
+ 1. Auctions shall only be conducted on an auction platform authorised as a regulated market whose operator organises a market in allowances or allowances derivatives.
− 1. Auctions shall only be conducted on an auction platform authorised as a regulated market.
+ 2. An auction platform including the clearing system(s) or settlement system(s) connected to it shall transfer the payments made by the bidders or any successors in title arising from the auctioning of allowances covered by Chapters II and III of Directive 2003/87/EC to the auctioneers that auctione…
− 2. An auction platform including the clearing system(s) or settlement system(s) connected to it, shall transfer the payments made by the bidders or any successors in title arising from the auctioning of allowances covered by Chapters II and III of Directive 2003/87/EC to the auctioneers that auction…
+ | ▼M4 |  |  |
+ |  | Legal basis | Article 30(2) |
+ | ▼M4 |  |  |
+ |  | Legal basis | Article 30(1) |
+ | **Auction platforms appointed by Germany** |  |  |
+ | 3 | Auction Platform | European Energy Exchange AG (EEX) |
+ |  | Legal basis | Article 30(1) |
+ |  | Term of appointment | From 15 November 2013 at the earliest until 14 November 2018 at the latest, without prejudice to the second subparagraph of Article 30(5). |
+ |  | Conditions | Admission to the auctions shall not be dependent on becoming a member of or a participant in the secondary market organised by EEX or of any other trading place operated by EEX or by any third party. |
+ |  | Obligations | 1. Within two months from 15 November 2013, EEX shall submit its exit strategy to Germany for consultation of the auction monitor. The exit strategy shall be without prejudice to the obligations upon EEX pursuant to the contract with the Commission and the Member States concluded …