Following its March 2012 consultation “Regulating bidding for emissions allowances under phase three of the EU Emissions Trading Scheme”, FSA has now published its policy statement and final rules, which come into force on 27 July. They include some amendments in respect of appointed representatives, passporting and administrative issues. FSA has also published forms for firms applying to carry on MiFID business bidding or applying to undertake exclusively auction regulation bidding. These latter firms will be assessed against the EU Commission Auction Regulation. FSA will accept applications to carry out this new regulated activity from 27 July. Amendments to the Regulated Activities Order, making bidding in auctions of emissions allowances an FSA-regulated activity, came into force on 20 July. Additionally, from 7 July, bidding on behalf of others in an auction of emission allowances was added to the definition of regulated business for the purpose of the money laundering offences contained in the Terrorism Act 2000 and the Proceeds of Crime Act 2002. (Source: PS 12/12 Regulating Bidding for Emissions Allowances, FSMA 2000 (Regulated Activities) (Amendment) Order 2012, and The Terrorism Act 2000 and Proceeds of Crime Act 2000 (Business in the Regulated Sector) Order 2012)
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FSA finalises emissions allowances auctioning rules
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