Template:M summ EUA Annex Unauthorised Transfers: Difference between revisions

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(Replaced content with "{{emissions Unauthorised Transfers summ|euaprov}}")
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[[Unauthorised Transfer - Emissions Annex Provision|This]] is the {{icds}}’s round about way of saying the {{euaprov|Allowances}} you have been delivered, good sir, are ''hot''. Nicked. Half-inched. Fell off the back of an electric truck. ''Stolen''.
{{emissions Unauthorised Transfers summ|euaprov}}
 
Once this regrettable state of affairs has been confirmed by an {{euaprov|Appropriate Source}}, your {{euaprov|Allowances}} become “{{euaprov|Affected Allowances}}”, and the poor sap from whom they were stolen, becomes an {{euaprov|Original Affected Party}}.
 
If they are nicked then the {{euaprov|No Encumbrances}} representation which accompanied their delivery to you has turned out to be false, and there are unwind consequences.
 
It’s all so ''bloodless'', isn’t it.
 
Note, though: There is much talk (especially in the trade financings and [[SPV]] world, where [[carry trade]]s are popular — about allowances that are ''due to be delivered'' being nicked ''before they can be delivered''. This wording does ''not'' cater for that. Nor should it, in the theoretical derivativesy world in which we live, where a Delivering Party’s obligation is not to deliver ''these'' {{euaprov|Allowances}} in this account, or ''those'' {{euaprov|Allowances}} in that account, but just {{euaprov|Allowances}}, in the abstract, and if the Allowances in the {{euaprov|Specified Holding Account}} I was going to deliver to you got nicked while I wasn’t looking that is not a problem for the {{euaprov|Transaction}}, or for innocent old you, but for stupid old ''me''.
 
I have to go and get some more {{euaprov|Allowances}} from somewhere, or suffer the ignominy of a {{isdaprov|Failure to Pay or Deliver}}.

Latest revision as of 10:48, 17 October 2023

This is Carbon Squad’s round-about way of saying the Allowances you have been delivered, good sir, are hot. Nicked. Half-inched. Fell off the back of an electric truck. Stolen.

Once this regrettable state of affairs has been confirmed by an Appropriate Source, your Allowances become “Affected Allowances”, and the poor sap from whom they were stolen, becomes an Original Affected Party.

If they are nicked then the “No Encumbrances” representation that accompanied their delivery to you has turned out to be false, and there are unwind consequences.

It’s all so bloodless, isn’t it?

Well the bits that don’t resemble the ritualised murder of the English language, that is. We have tried in or premium content section to boil this down to what it is trying to say, but honestly, it is hard to know. It looks like one of those parlour games where you have to describe something really mundane without using any verbs or the letter “e”.

We think the Enbumbrance Loss Amount arises (a) if the Delivering Party acted in bad faith or (b) it didn’t, and the Receiving Party shipped a claim from an Original Affected Party or just anyone else (who? Search me) and despite using its best efforts to knock the claim back, it was unsuccessful. So it is passing on an actually incurred losses.

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