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Adjustment of the Community-wide quantity of allowances - very short term for a submission of emission data |
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Friday, 19 February 2010 11:25 |
On the Internet (at web pages of the Polish Ministry of the Environment) appeared a new draft of the Statute on the Community Emission Trading Scheme (version of 4 February 2010). The intention of the draft bill is, inter alia, implementation of Article 9a (2) and Article 11 of the Directive 2003/87/EC. These provisions of the amended Directive should be transposed into national legal systems of the Member States by 31 December 2009.
The Article 9 (2) of the Directive (as amended by the Directive 2009/29/EC) provides that in respect of installations carrying out activities listed in Annex I of the Directive, which are only included in the Community scheme from 2013 onwards, Member States shall ensure that the operators of such installations submit to the relevant competent authority duly substantiated and independently verified emissions data in order for them to be taken into account for the adjustment of the Community-wide quantity of allowances to be issued.
Any such data shall be submitted, by 30 April 2010, to the relevant competent authority in accordance with the provisions adopted pursuant to Article 14 (1). Competent authority shall notify the Commission thereof by 30 June 2010.
Taking into account that the deadline for the submission of the emission data (which should be independently verified), according to the Article 9 (2) of the Directive, is 30 April 2010 and the said draft of the new bill is not a binding law yet, the term seems to be very urgent.
The national authority entrusted with these tasks in Poland will be the National Centre for the Balancing and Management of Emissions.
Lets remind that in other Member States relevant consultations started far earlier – in the mid-2009 for instance in Great Britain.
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Banking of EUA’s – is the Directive 2003/87/EC properly implemented? |
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Friday, 11 December 2009 14:14 |
Someone wishing to bank emission allowances from second to third trading period can be surprised by the relevant provisions of some national laws of the Member States.
Take for instance the Articles 28 and 29 of the Polish bill on the GHG and other substances emission allowances trading.
Despite unambiguous Community law and the European Commission’s guidance, the Polish law provides for additional legal preconditions for banking of emission allowances. Some authorizations are also required.
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The new SO2 i NOx emissions market in Poland – some issues are controversial |
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Sunday, 15 November 2009 21:30 |
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Poland is preparing a new system of emission trading of sulphur dioxides (SO2) and nitrous oxides (NOx).
According to the draft of the new statute, financial institutions won’t be admitted to the market (as well as traders and brokers).
But why the new law restricts the emissions market also as regards the range of possible types of civil contracts?
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The authorization for brokers dealing in CO2 spot markets? |
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Friday, 20 November 2009 14:44 |
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The MIFID Directive does not regulate, in general, the legal requirements for spot markets in CO2 emissions allowances. The legal base for such a view is the Article 38 of the Commission Regulation No 1287/2006 of 10 August 2006 (subject to conditions described in detail in the said provision).
On the other hand, taking into account the economic side of the issue, it is often pointed out, that spot trading of EUA, CER and ERU serves, in principle, commercial purposes (and not the speculative ones).
So, in general, in most cases, the commodities spot markets have different, in relation to markets in financial instruments, national legal schemes.
It applies also to Poland, where the Commodity Exchanges Act of 24 October 2000 sets particular requirements as regards CO2 brokers wishing to trade in spot CO2 markets on the Polish Power Exchange.
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Current provisions for VAT treatment of CO2 transfers in the EU |
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Thursday, 08 October 2009 10:25 |
What is current situation in the European Union as regards VAT taxation of transfers of CO2 allowances? The answer is complex.
It should be noted, that four different approaches are being taken across European Union in that matter now.
In the most of EU countries nothing have changed up to now, in some (like United Kingdom, France and Netherlands) in June and July this year were introduced (unilaterally) new measures (different in each of them) and the European Commission also proposes something new – temporary measure in the VAT Directive.
There is of course also a differentiation in VAT treatment of domestic and cross-border transactions.
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