A draft version of the Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 has been published, together with an explanatory memorandum. This follows confirmation from the UK government in its Energy White Paper published in December 2020 that a new Emissions Trading Scheme (ETS) would be established (since the UK would no longer participate in the EU ETS following the end of the Brexit transition period). The draft Regulations form part of the legislative effort to establish the UK ETS and accompanying emissions allowances market. More specifically, they govern access to an auction platform for the auctioning and trading of emissions allowances as financial instruments and establish an oversight role for the FCA.
The FCA will consult on its own rule changes once the Regulations become effective.
Draft version of the Recognised Auction Platforms Regulations
Explanatory memorandum
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