The European Commission has published today, 3 May 2012, the timetable of the transition towards a single registry for EU emissions allowances. The full activation is scheduled for 20 June 2012, after a three-week transition period starting on 14 May with full suspension from 3 June. Three weeks before that date, the holders of account in national registries will not be able to open or close accounts, or to modify details of the account representatives. Two weeks before the activation date, the operation of the registry system will suspended. All account holders will not be able to access registry accounts.
The detailed timetable is as follows:
- Starting on 14 May at 10:00 CEST, account holders will not be able to open or close accounts or to modify account and account representatives details, neither in national registries nor in the single registry;
- From 3 June at 10:00 CEST, the operation of national registries and the single registry will be suspended and account holders will not be able to access registry accounts - including allowances held in these accounts;
- On 20 June at 12:00 CEST, the single registry will be fully activated. Users of existing national registries will be able to use the single registry as soon as they receive their new authentication credentials from their national administrator.
The establishment of the single registry requires the migration of over 30,000 EU ETS accounts previously hold by national registries. This transition will have obvious consequences for trading activities in spot delivery carbon contracts, delivered over the registries (physically), but little impact on larger volumes on futures / forward / options products. The new system entails an increased level of requirements as to documentation and security criteria to access and operate on the registry.
All functionalities to operate in phase III of the EU ETS (2013-2020) will be made available progressively.
More information: Directorate General for Climate Action, DG Clima