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The UK currently auctions EU emissions allowances through the Debt Management Office. Changes to the EU ETS from 2013 mean that national auctions must take place on regulated markets, rather than by government agencies.
The changes proposed will ensure that the necessary regulatory framework is in place to enable UK Regulated Investment Exchanges (RIEs) to auction EU Emissions Trading System (EU ETS) carbon allowances from 2013 on behalf of EU Member States.
It sets out the rationale for amendments proposed to existing legislation on financial services and draft regulations to enable EU emissions allowances to be auctioned on a regulated market.