Transfer of the auctioned allowances
Allowances auctioned by any auction platform shall be transferred by the Union registry prior to the opening of a bidding window, into a nominated Union Registry account, to be held in escrow by the clearing system or settlement system acting as custodian, until delivery of the allowances to successful bidders or their successors in title, pursuant to the results of the auction, as provided for in the applicable delegated acts adopted pursuant to Article 19(3) of Directive 2003/87/EC.
Delivering the auctioned allowances
1. The clearing system or settlement system shall allocate each allowance auctioned by a Member State to a successful bidder, until the total volume allocated matches the volume of allowances notified to the bidder pursuant to Article 52(3), point (a).
A bidder may be allocated allowances from more than one Member State auctioning in the same auction if necessary to make up the volume of allowances notified to the bidder pursuant to Article 52(3), point (a).
2. Upon payment of the sum due pursuant to Article 35(1), each successful bidder or its successors in title shall be delivered the allowances allocated to that bidder, as soon as practicable and in any event no later than the deadline for their delivery according to the two-day spot contract by transferring the allowances notified to the bidder pursuant to Article 52(3), point (a), from a nominated Union Registry account held in escrow by the clearing system or settlement system acting as custodian, in whole or in part into one or more nominated Union Registry accounts held by the successful bidder or by its successors in title, or into a nominated holding Union Registry account held in escrow by a clearing system or settlement system acting as custodian for the successful bidder or its successors in title.
Late delivery of the auctioned allowances
Where the clearing system or settlement system fails to deliver all or part of the auctioned allowances due to circumstances outside its control, it shall deliver the allowances at the earliest opportunity and the successful bidders or their successors in title shall accept delivery at that later date. No other remedy for late delivery shall be available for the successful bidder or its successors in title.
