Template:EUA Annex Settlement Disruption Event: Difference between revisions
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{{euaprov|Settlement Disruption Event}}: Means [[an event or circumstance]] beyond the control of the party affected that cannot, after the use of [[all reasonable efforts]], be overcome and which makes it impossible for that party to perform its obligations either to deliver or to accept {{euaprov|Allowances}} in accordance with the terms of an {{euaprov|EU Emissions Allowance Transaction}}. | '''{{euaprov|Settlement Disruption Event}}''': Means [[an event or circumstance]] beyond the control of the party affected that cannot, after the use of [[all reasonable efforts]], be overcome and which makes it impossible for that party to perform its obligations either to deliver or to accept {{euaprov|Allowances}} in accordance with the terms of an {{euaprov|EU Emissions Allowance Transaction}}. | ||
[[For the avoidance of doubt]], the inability of a party to deliver {{euaprov|Allowances}} as a result of insufficient {{euaprov|Allowances}} in the relevant {{euaprov|Specified Holding Account}}, whether caused by the low or non-allocation of {{euaprov|Allowances}} by a Member State or any other state, the delay or failure of a Member State or {{euaprov|Central Administrator}} to replace {{euaprov|Allowances}} of the {{euaprov|Third Compliance Period}} with {{euaprov|Allowances}} for the {{euaprov|Fourth Compliance Period}}, or the failure of a party to procure sufficient {{euaprov|Allowances}} to meet its delivery obligations, shall not constitute a {{euaprov|Settlement Disruption Event}}. This is not an exhaustive list of events which will not constitute a {{euaprov|Settlement Disruption Event}} and is provided [[for the avoidance of doubt]] only. | [[For the avoidance of doubt]], the inability of a party to deliver {{euaprov|Allowances}} as a result of insufficient {{euaprov|Allowances}} in the relevant {{euaprov|Specified Holding Account}}, whether caused by the low or non-allocation of {{euaprov|Allowances}} by a Member State or any other state, the delay or failure of a Member State or {{euaprov|Central Administrator}} to replace {{euaprov|Allowances}} of the {{euaprov|Third Compliance Period}} with {{euaprov|Allowances}} for the {{euaprov|Fourth Compliance Period}}, or the failure of a party to procure sufficient {{euaprov|Allowances}} to meet its delivery obligations, shall not constitute a {{euaprov|Settlement Disruption Event}}. This is not an exhaustive list of events which will not constitute a {{euaprov|Settlement Disruption Event}} and is provided [[for the avoidance of doubt]] only. | ||
If an [[an event or circumstance|event or circumstance]] which would otherwise [[constitute]] or give rise to a {{euaprov|Settlement Disruption Event}} also [[constitute]]s a {{euaprov|Suspension Event}}, it will be treated as a {{euaprov|Suspension Event}} and will not constitute a {{euaprov|Settlement Disruption Event}}. | If an [[an event or circumstance|event or circumstance]] which would otherwise [[constitute]] or give rise to a {{euaprov|Settlement Disruption Event}} also [[constitute]]s a {{euaprov|Suspension Event}}, it will be treated as a {{euaprov|Suspension Event}} and will not constitute a {{euaprov|Settlement Disruption Event}}. | ||
Revision as of 10:59, 27 June 2022
Settlement Disruption Event: Means an event or circumstance beyond the control of the party affected that cannot, after the use of all reasonable efforts, be overcome and which makes it impossible for that party to perform its obligations either to deliver or to accept Allowances in accordance with the terms of an EU Emissions Allowance Transaction.
For the avoidance of doubt, the inability of a party to deliver Allowances as a result of insufficient Allowances in the relevant Specified Holding Account, whether caused by the low or non-allocation of Allowances by a Member State or any other state, the delay or failure of a Member State or Central Administrator to replace Allowances of the Third Compliance Period with Allowances for the Fourth Compliance Period, or the failure of a party to procure sufficient Allowances to meet its delivery obligations, shall not constitute a Settlement Disruption Event. This is not an exhaustive list of events which will not constitute a Settlement Disruption Event and is provided for the avoidance of doubt only.
If an event or circumstance which would otherwise constitute or give rise to a Settlement Disruption Event also constitutes a Suspension Event, it will be treated as a Suspension Event and will not constitute a Settlement Disruption Event.