Template:M summ EUA Annex (d)(i)(2): Difference between revisions

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[[(d)(i)(2) - Emissions Annex Provision|All]] tediously quotidian, largely-goes-without-saying stuff, until you stumble over subparagraph (B) like an inattentive trail-runner not noticing a tree-root.
[[(d)(i)(2) - Emissions Annex Provision|All]] tediously quotidian, largely-goes-without-saying stuff, until you stumble over subparagraph (B) like an inattentive trail-runner not noticing a tree-root.


So:  
So: <br>
:(A) you have to comply with the {{euaprov|Scheme}}, and deliver from your {{euaprov|Holding Account}} to the {{euaprov|Receiving Party}}’s. (Quite why it matters ''whence'' the {{euaprov|Allowances}} come we cannot say — a vague fretfulness about theft perhaps? — but ok; let’s run with it. The transfer is done once the {{euaprov|Allowances}} hit the {{euaprov|Receiving Party}}’s account (I know, I know: ''you don’t say''.)
(A)  
:(B) We’ll talk about (B) in the premium section.
{{Emissions transfer of allowances summ|euaprov}}
:(C) If the {{euaprov|Receiving Party}} has designated multiple {{euaprov|Specified Holding Account}}s — as to ''why'' it would ''have'' multiple accounts, let alone specify them for a single {{euaprov|Transaction}} we can provide no answer beyond basic bloody-minded perversity — but let’s just say — Delivering Party starts at the top and, if for some reason the first-named accounts are subject to some kind of disruption and the later ones are not — again, search us what might cause that — work its way down until it has delivered all EUAs. (If it gets to the bottom unfulfilled, see {{euaprov|Settlement Disruption Event}} and {{euaprov|Suspension Event}}).
:(D) If you deliver outside the normal window during business hours, your delivery is deemed satisfied at the next moment where a window on business hours opens. Workaday stuff that will be familiar with anyone who deals with the settlement of securities for a living.


But (B) — what this is getting at is harder to figure. By simply designating a {{euaprov|Holding Account}} — thereby turning it into a {{euaprov|Specified Holding Account}} — why should a {{euaprov|Delivering Party}}’s obligation thereby be ''limited'' to delivering from that {{euaprov|Holding Account}}?
(B) <br>
We’ll talk about (B) in the {{premium}} section. <br>


If it is empty, does that create some kind of [[impossibility]] or [[frustration of contract|frustration]] as a grounds for release from the contract? That would seem a peculiar outcome. If {{euaprov|Delivering Party}} has other {{euaprov|Holding Account}}s is it not obliged to deliver from those? We cannot imagine this was intended. If the {{euaprov|Specified Holding Account}} is empty or immobilised, perhaps due to some service-provider failure elsewhere, could not the {{euaprov|Delivering Party}} nominate delivery directly from a market counterparty into the {{euaprov|Receiving Party}}’s account?
(C) <br>
If the {{euaprov|Receiving Party}} has designated multiple {{euaprov|Specified Holding Account}}s — as to ''why'' it would ''have'' multiple accounts, let alone specify them for a single {{euaprov|Transaction}} we can provide no answer beyond basic bloody-minded perversity — but let’s just say — Delivering Party starts at the top and, if for some reason the first-named accounts are subject to some kind of disruption and the later ones are not — again, search us what might cause that — work its way down until it has delivered all EUAs. (If it gets to the bottom unfulfilled, see {{euaprov|Settlement Disruption Event}} and {{euaprov|Suspension Event}}). <br>


So many questions.
(D) <br>
If you deliver outside the normal window during business hours, your delivery is deemed satisfied at the next moment where a window on business hours opens. Workaday stuff that will be familiar with anyone who deals with the settlement of securities for a living.
 
But (B)? That’s weird. For more discussion on that, and a compare and contrast with the corresponding IETA provision, see the {{premium}}.

Latest revision as of 08:54, 14 September 2023

All tediously quotidian, largely-goes-without-saying stuff, until you stumble over subparagraph (B) like an inattentive trail-runner not noticing a tree-root.

So:
(A)

Transfer from a specified Holding Account

Curious conditionality, across all three versions, where the Delivering Party specifies a Holding Account from which Allowances must be delivered, and not just the account to which they must be delivered. Quite why it should matter whence the Allowances come we cannot say — a vague fretfulness about theft perhaps? — but ok; let’s run with it.

Note, in any case, its moderation in IETA (5.2) whereby one has an obligation to make sure there are sufficient allowances in your account to satisfy your delivery obligation. So even though you can’t be forced to deliver from anywhere else, you can be sued for losses arising from your failure to ensure there was something to deliver in your Holding Account. All rather cack-handed, but in “fundamental upshot” terms, this does get to the right place.

The transfer is done once the Allowances hit the Receiving Party’s account (I know, I know: you don’t say.) But wait: there is an interesting use of the word “whereupon” here, upon which we dwell in a bit more detail in the premium section.

(B)
We’ll talk about (B) in the premium content section.

(C)
If the Receiving Party has designated multiple Specified Holding Accounts — as to why it would have multiple accounts, let alone specify them for a single Transaction we can provide no answer beyond basic bloody-minded perversity — but let’s just say — Delivering Party starts at the top and, if for some reason the first-named accounts are subject to some kind of disruption and the later ones are not — again, search us what might cause that — work its way down until it has delivered all EUAs. (If it gets to the bottom unfulfilled, see Settlement Disruption Event and Suspension Event).

(D)
If you deliver outside the normal window during business hours, your delivery is deemed satisfied at the next moment where a window on business hours opens. Workaday stuff that will be familiar with anyone who deals with the settlement of securities for a living.

But (B)? That’s weird. For more discussion on that, and a compare and contrast with the corresponding IETA provision, see the premium content.

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