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The rationale for the proposed amendments to existing legislation on financial services and includes draft implementing Orders.
This consultation ran from
EU regulation requires certain persons that wish to bid in EU ETS auctions of aviation and phase III emissions allowances across Europe, to be regulated by the competent national authority (in the UK this is the Financial Services Authority (FSA)).
These changes will directly affect:
- Investment firms and credit institutions authorised under the Markets in Financial Instruments Directive (2004/39/EC) or the Capital Requirements Directive (2006/48/EC) that wish to bid in auctions on behalf of others
- persons covered by the exemption in Article 2(1)(i) of the Markets in Financial Instruments Directive (2004/39/EC) that wish to bid in auctions on their own account or on behalf of others.
The proposed changes contained in this consultation document will ensure that the necessary regulatory framework is in place to allow specific categories of persons to participate in Government auctions of aviation and phase III EU emissions allowances under the EU Emissions Trading System (EU ETS).
Information provided in response to this call for evidence will be dealt with in accordance with the access to information regimes. These are primarily the Freedom of Information Act (2000), the Data Protection Act (1998) and the Environmental Information Regulations (2004).
Please note that unless confidentiality is specifically requested, each representation has the potential to be made public.
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Published: 14 February 2012
From: HM Treasury