Registry Operation - Emissions Annex Provision

EU Emissions Allowance Transaction Annex to the 2005 ISDA Commodity Definitions A Jolly Contrarian owner’s manual™ Registry Operation in a Nutshell™ The JC’s Nutshell™ summary of this term has moved uptown to the subscription-only ninja tier. For the cost of ½ a weekly 🍺 you can get it here. Sign up at Substack. You can even ask questions! Ask about it here. Registry Operation in all its glory Registry Operation: Means, other than by reason of the occurrence of an Administrator Event: (a) the establishment of and continuing functioning of the Relevant Registry; (b) the establishment of and continuing functioning of the EUTL; (c) the establishment of and continuing functioning of the link between each of the Relevant Registry and the EUTL; and/or (d) the continued functioning of the link between each of the LSTL and the EUTL. edit Comparison See our natty emissions comparison table between the IETA, EFET and ISDA versions of emissions trading docs Resources and Navigation Index: Click ᐅ to expand: ISDA Emissions TOC EUA Annex - Premium Emissions Pro tip: for tons of information about EU ETS and EU financial services regulation see Michał Głowacki’s magnificent emissions-euets.com website. Emissions trading documentation ISDA: EU Anatomy • EU Wikitext • EU Nutshell (premium) • UK Anatomy • UK Wikitext (to be merged into EU Anatomy) IETA: IETA Master Agreement • IETA Wikitext • IETA Nutshell (premium) EFET: EFET Allowances Appendix • EFET Allowances Wikitext • EFET Nutshell (premium) Premium version of this page

Overview

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The definition of Registry Operation is more or less the same in all three emissions trading documentation regimes. Compare:
ISDA: Registry Operation
IETA: Registry Operation
EFET: Registry Operation

Summary

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One of those definitions that appears to make little sense when viewed in isolation. The unhappy news is it doesn’t make a great deal more sense — at least as a piece of elegant draftspersonship — when you zoom out and view it in context. Parables of farmers and sheep come to mind.

What on earth could “Other than by reason of an Administrator Event” mean? typically, an Administrator Event would lead to a Registry non operation, you would think. As it turns out the definition “Registry Operation” is only used once, as an example of a Suspension Event, where it is used in the negative:

“(i) absence of Registry Operation; or”

Which then makes you think there is a curious, nested double negative: i.e., a Suspension Event is the absence of the Relevant Registry, EUTL or the link between them unless that was caused by an Administrator Event. Why would you exclude those, you wonder? Well, if you follow the rabbithole long enough, you get to a satisfactory answer — you don’t — because any Administrator Event, whether causing an absence of Registry Operation or not, is independently listed as a Suspension Event.

Seeing that “Administrator Event” itself (which is only used in the same context) is concerned with “the suspension of some or all of the processes of a Relevant Registry” you would like to think all of this could have been tidied up quite a bit.

In other words, this epically rubbish drafting from one of the carbon squads, which the other Carbons Squads have blindly adopted wholesale, which makes you glad to be alive.

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• The JC’s famous Nutshell™ summary of this clause
• The JC goes further into the weeds and immediately regrets it

See also

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• Suspension Event
• Administrator Event
• The farmer and the sheep