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Template:M summ EUA Annex Settlement Disruption and Suspension: Difference between revisions
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Template:M summ EUA Annex Settlement Disruption and Suspension (view source)
Revision as of 10:47, 13 July 2022
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===Priority=== | ===Priority=== | ||
The same event can be a {{euaprov|Settlement Disruption Event}} ''and'' a {{euaprov|Suspension Event}}: both are events beyond the control of the counterparties and for which neither is at fault (in contrast to {{euaprov|Failure to Deliver}}); however as Suspension Event is narrower, relating only to the failure of formal regulatory infrastructure in which the EUAs are held and registered, has priority over the wider {{euaprov|Settlement Disruption Event}} (which would take in general market settlement issues) if the same event could otherwise be both. | [[Settlement Disruption Event vs Suspension Event - Emissions Annex Provision|The]] same event can be a {{euaprov|Settlement Disruption Event}} ''and'' a {{euaprov|Suspension Event}}: both are events beyond the control of the counterparties and for which neither is at fault (in contrast to {{euaprov|Failure to Deliver}}); however as Suspension Event is narrower, relating only to the failure of formal regulatory infrastructure in which the EUAs are held and registered, has priority over the wider {{euaprov|Settlement Disruption Event}} (which would take in general market settlement issues) if the same event could otherwise be both. | ||
===Notification=== | ===Notification=== | ||
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The {{euaprov|Suspension Event}} contemplates an additional {{euaprov|Cost of Carry Amount}} payment — perhaps to reflect the fact that the delay period is a bit longer. | The {{euaprov|Suspension Event}} contemplates an additional {{euaprov|Cost of Carry Amount}} payment — perhaps to reflect the fact that the delay period is a bit longer. | ||
===Continuing Settlement Disruption Event=== | ==={{euaprov|Continuing Settlement Disruption Event}}s=== | ||
Now things start getting properly baroque. Settlement disruption contemplates the scenario where the disruption stretches out past the original scheduled {{euaprov|Delivery Date}}. After this time of course we must deal with the phantoms and succubi of unexpected reconciliation deadlines, end of phase reconciliation deadlines which of course we are not within the parties’ original contemplation, the original {{euaprov|Delivery Date}} scheduled to occur before any of these could happen. At the end of a period not longer than nine {{euaprov|Delivery Business Days}} after the original {{euaprov|Delivery Date}}, an “{{isdaprov|Illegality}}” {{isdaprov|Termination Event}} will be deemed to occur. | Now things start getting properly baroque. Settlement disruption contemplates the scenario where the disruption stretches out past the original scheduled {{euaprov|Delivery Date}}. After this time of course we must deal with the phantoms and succubi of unexpected reconciliation deadlines, end of phase reconciliation deadlines which of course we are not within the parties’ original contemplation, the original {{euaprov|Delivery Date}} scheduled to occur before any of these could happen. At the end of a period not longer than nine {{euaprov|Delivery Business Days}} after the original {{euaprov|Delivery Date}}, an “{{isdaprov|Illegality}}” {{isdaprov|Termination Event}} will be deemed to occur. | ||