
3f93e6ff799c47fd89caec086e52b42f.ppt
- Количество слайдов: 17
AB IETA, Registries Side Event Legal aspects of a registry SBSTA, Bonn 4 th June 2003 Anthony Hobley Senior Associate Baker & Mc. Kenzie Global Climate Change and Clean Energy anthony. hobley@bakernet. com © 2003 Baker & Mc. Kenzie
AB Important Notice This presentation was prepared for the IETA Side Event solely in order to explain the content and timetable of the study referenced ENV. E. 1/ETU/2002/0014 which is being carried out by CDC IXIS, PWC & Baker & Mc. Kenzie for the European Commission and to draw the attention of the Side Event to certain issues arising from this study. All views, opinions and statements in this presentation are only those of Baker & Mc. Kenzie. No inference should be drawn that any of the content of this presentation represents in any form or substance the opinion of the European Commission or of its officers nor that any of the proposed schemes herein have been or will be approved or validated by the European Commission or its officers in the context or otherwise of the above-mentioned study. Whilst every effort has been made by Baker & Mc. Kenzie to ensure the proposals and schemes shown in this presentation are well founded, no responsibility in any form is assumed by Baker & Mc. Kenzie for any actions that any parties may take with respect to any of the proposals and/or statements and content in this presentation. Each party should take its own precautionary measures and conduct its own verifications before basing any action or decision in whatever context on any subject contained in this document. 7941031758788 2
AB Objectives of the EU Study Objective 1 § to provide the Commission with input towards a draft of the Regulation for a standardised and secured system of registries as described in the Common Position adopted by the Council on 13 March 2003 -15792/02. Objective 2 § to produce a demonstration CD-ROM that enables the illustration of all the registries system’s functions, including those of the Central Administrator - Courtesy of CDC Ixis 3
AB The Legal Framework International § The KP, Article 7, paragraph 4 § The Marrakech Accords: § Decision 18/CP. 7 § Decision 19 CP. 7 § The Delhi Decisions 7941031758788 4
AB The Legal Framework - Europe § Proposed European Directive – The Common Position § Article 19 Registries 7941031758788 § § § Each MS shall establish registry Accurate accounting Holding, Transfer and Cancellation Consolidated system Any person may hold allowances Public accessibility Separate account Standardised Secure Electronic Database Transfers compatible with KP obligations 5
AB The Legal Framework - Europe § Proposed European Directive – The 7941031758788 Common Position – Article 20 - Central Administrator § European Transaction Log (“ETL”) § Automated Checks on All Transactions/Transfers § Irregularities = No registration of transfer 6
AB The Legal Framework – Domestic Level Within EU Member States § EU Regulation § Directly Binding § To be passed through delegated powers § Subsidiarity, how much flexibility will 7941031758788 each Member State have? 7
AB Fundamental Legal Issues § § § A Single Registry? Link between AAUs and EU Allowances CERs, ERUs, RMUs and Non-Kyoto Units? Legal Nature and title of EU Allowances Subject matter of EU Allowances – Property? 7941031758788 8
AB Other Legal Issues § § § § 7941031758788 Point & Time of Transfers Liability of Registries Dispute Resolution Access and Core Terms Access to Information Scope to amend technical specifications Administrative Costs 9
AB Link between EU Allowances and AAUs § Exact link to be determined by Registries Regulation – what conversion/exchange process? § Relationship between the ETL & ITL § Are AAUs de facto converted into allowances through the allocation process under the ETD? § is every cross-border trade in allowances ‘shadowed’ by a trade in KP units? § (how) can allowances be converted back into KP units? § CERs, ERUs, RMUs & Non Kyoto Units 7941031758788 10 Courtesy of the Foundation for International Environmental Law and Development (FIELD)
AB Legal Nature & Title of EU Allowances § Policy derived instrument § Ownership rests with Operator of Installation (property rights protected under EU law, ECHR and domestic law) § EU Allowances can be sold among Persons within EU and countries with which an agreement is closed § Transfer of allowances to take place in accordance with Registries Regulation 7941031758788 11 Courtesy of the Foundation for International Environmental Law and Development (FIELD)
AB Subject Matter of Allowances § § § 7941031758788 Property Legal Status Ability to Transfer Seller Liability Commoditisation The Registry 12
AB Are Allowances Property “Property is not a term of art – depends on its circumstances” 7941031758788 Celtic Extraction Ltd & Bluestone Chemicals v EA [1998] CA 3 TESTS: 1. There must be a statutory framework conferring an entitlement on one who satisfies certain conditions even though there are some elements of discretion exercisable with the framework 2. The permit must be transferable 3. The exemption or licence will have value Celtic Extraction Ltd & Bluestone Chemicals v EA [1998] CA 13
EU TRADING PRE 2008 – ONE POSSIBLE SCENARIO AAU and/or EUAs? (10) AAU and/or EUAs? ETL (10) REQUEST 110 EMISSIONS 7941031758788 CONFIRMATION 100 90 100 Trade (Contract) (10) (110) UK 14 EMISSIONS (90)
EU TRADING POST 2008 – ONE POSSIBLE SCENARIO AAU and/or EUAs? (10) AAU and/or EUAs? ETL (10) REQUEST 110 EMISSIONS 7941031758788 CONFIRMATION 100 ITL 90 100 Trade (Contract) (10) (110) UK 15 EMISSIONS (90)
AB Contacts CDC IXIS Heneage Legge Bourke E-mail: h. legge-bourke@cdcixis. com BAKER & Mc. KENZIE Anthony Hobley E-mail: anthony. hobley@bakernet. com PRICEWATERHOUSE COOPERS Laurent Segalen E-mail: laurent. segalen@fr. pwc. com 7941031758788 16
AB IETA, Registries Side Event SBSTA, Bonn 4 th June 2003 Anthony Hobley Senior Associate Baker & Mc. Kenzie Global Climate Change and Clean Energy anthony. hobley@bakernet. com © 2003 Baker & Mc. Kenzie
3f93e6ff799c47fd89caec086e52b42f.ppt