Registry Operation - IETA Provision

From The Jolly Contrarian
Jump to navigation Jump to search
IETA Emissions Trading Master Agreement

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 continuing functioning of the Relevant Registry;
(b) the continuing functioning of the EUTL; and/or
(c) the continuing functioning of the link between each of the Relevant Registry and the EUTL.

Comparison

See our natty emissions comparison table between the IETA, EFET and ISDA versions of emissions trading docs

Resources and Navigation

Emissions trading documentation

ISDA: EU AnatomyEU Wikitext EU Nutshell (premium) • UK AnatomyUK Wikitext (to be merged into EU Anatomy)
IETA: IETA Master AgreementIETA WikitextIETA Nutshell (premium)
EFET: EFET Allowances AppendixEFET Allowances WikitextEFET Nutshell (premium)

Index: Click to expand:

Pro tip: for tons of information about EU ETS and EU financial services regulation see Michał Głowacki’s magnificent emissions-euets.com website.

Overview

edit

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

edit

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.

Premium content

Here the free bit runs out. Subscribers click 👉 here. New readers sign up 👉 here and, for ½ a weekly 🍺 go full ninja about all these juicy topics 👇
  • The JC’s famous Nutshell summary of this clause

Template:M premium IETA Registry Operation

edit

See also

edit

References