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Template:M comp disc EUA Annex Suspension Event: Difference between revisions
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Template:M comp disc EUA Annex Suspension Event (view source)
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[[Suspension Event - Emissions Annex Provision|This]] a ''limited'' thing — some would say, arbitrarily limited — where regulatory/government fiat at the heart of the [[European Union]] stops the system functioning as it should, but not permanently. So, taking the {{euaprov|Union Registry}} offline, an {{euaprov|Administrator Event}} — but not some other regulatory driven externalities. It doesn’t include {{euaprov|Abandonment of Scheme}} or an executive decision (however unlikely) that {{euaprov|Phase 3}} {{euaprov|Allowances}} are no longer elibigle for surrender in {{euaprov|Phase 4}}. | [[Suspension Event - Emissions Annex Provision|This]] a ''limited'' thing — some would say, arbitrarily limited — where regulatory/government fiat at the heart of the [[European Union]] stops the system functioning as it should, but not permanently. So, taking the {{euaprov|Union Registry}} offline, an {{euaprov|Administrator Event}} — but not some other regulatory driven externalities. It doesn’t include {{euaprov|Abandonment of Scheme}} or an executive decision (however unlikely) that {{euaprov|Phase 3}} {{euaprov|Allowances}} are no longer elibigle for surrender in {{euaprov|Phase 4}}. | ||
''Would'' {{euaprov|Phase 3}} {{euaprov|Allowances}} ever be ineligible for surrender in {{euaprov|Phase 4}}? Technically yes; practically no. Article [https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32003L0087 13 of the EU ETS Directive] requires | ''Would'' {{euaprov|Phase 3}} {{euaprov|Allowances}} ever be ineligible for surrender in {{euaprov|Phase 4}}? Technically yes; practically no. Article [https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32003L0087 13 of the EU ETS Directive] requires Member States to issue replacement {{euaprov|Phase 4}} {{euaprov|Allowances}} to those poor souls stuck with stale {{euaprov|Phase 3}} {{euaprov|Allowances}} — they are generally valid for eight years from issue). The result, as the Michał Głowacki’s excellent site [https://emissions-euets.com/euas-validity remarks], is | ||
{{quote|“Emission allowances will no more be replaced between periods, but will be valid indefinitely.”}} | {{quote|“Emission allowances will no more be replaced between periods, but will be valid indefinitely.”}} | ||
Therefore elaborate provisions to provide what happens in an Option or a Forward should Phase 3 EUAs become ineligibility, (we have seen this described, oddly, as a “Fungibility Event”, are | Therefore elaborate provisions to provide what happens in an Option or a Forward should Phase 3 EUAs become ineligibility, (we have seen this described, oddly, as a “Fungibility Event”, are | ||