Transaction rules (EU-ETS)

IMPORTANT : The transaction rules below are applicable to all EU-ETS accounts ; these are accounts starting with EU-100-...

Rules for surrendering, exchange, deletion and return of excess allocation (≠ transfers)

A surrendering, exchange, deletion or return of excess allocation is effectuated immediately regardless the day and time when the transaction has been started.

These transactions are by default bound to the 4-eyes principle, meaning that an AR with Initiator rights (role 2 or 4) has to enter the transaction in the registry and that an AR with Approver rights (role 3 or 4) has to confirm it by approving the corresponding task in the tasks' list afterwards.

Account holders can opt to abolish the 4-eyes principle. In that case, any surrendering, exchange, deletion or return of excess allocation will be effectuated immediately after being entered by an AR with Initiator rights (2-eyes principle).

In order to abolish or to re-activate the 4-eyes principle, an AR of the account has to submit a request to change the specific setting via the dedicated functionality available via the TAL tab of the account details. The Legal Representative (LR) of the account will need to sign of for this change via the PDF that will be sent after submission of such request.

En bref :
   - A surrendering, exchange, deletion or return of excess allocation transaction is effectuated immediately after approval by an AR with Approver rights.
   - If the account holder opted to abolish the 4-eyes principle, the transaction is effectuated immediately after initiation by an AR with Initiator rights.

Rules for transfers (= regular transactions)

Transfers of allowances and international credits in the registry are bound to certain transaction rules :

  • By default any transaction is bound to approval by a second (different) authorised representative (AR). This means that an AR with Initiator rights (role 2 or 4) has to introduce the transaction, after which a (different) AR with Approver rights (role 3 or 4) has to confirm it by approving the corresponding task in the registry.

    Account holders can opt to abolish this 4-eyes principle. In that case any transaction to an account on the TAL will be effectuated immediately after being entered by an AR with Initiator rights (2-eyes principle).

    In order to abolish or to re-activate the 4-eyes principle, an AR of the account has to submit a request to change the specific setting via the dedicated functionality available via the TAL tab of the account details. The Legal Representative (LR) of the account will need to sign of for this change via the PDF that will be sent after submission of such request.

    The preference regarding the 2-/4-eyes principle has an impact for transactions to accounts on the TAL only. Transactions outside the TAL always require approval by a second AR with Approver rights (role 3 or 4) ; those transactions are hence always bound to the 4-eyes principle.
  • Each user account has a specific list of trusted accounts, the so-called TAL. Authorised Representatives (ARs) can add new accounts to or remove accounts from this list.

    A second AR - an AR with Approver rights (role 3 or 4) - always needs to confirm a change (addition/removal) to the TAL !

    The addition of a new account to the list of trusted accounts only takes effect at 12.00 CET four working days after the approval by a second AR.

    By default, regular transfers from operator holding (OHA) and aircraft operator holding (AOHA) accounts can only be executed to accounts that are included in the TAL. An account holder of an OHA/AOHA can however explicitely opt to enable transfers outside the TAL (see further on this page).

    All accounts of the same (aircraft) operator in the same national registry are automatically added to the TAL. To carry out transactions between these accounts, it is therefore not necessary to add the destination account to the TAL of the source account.
    ARs of trading accounts (TA) can always make regular transfers to accounts that are not on the TAL. In this case, an AR with Initiator rights (role 2 or 4) needs to initiate and an AR with Approver rights (role 3 or 4) needs to approve the transfer (4-eyes principle).
  • An (aircraft) operator can explicitely opt to allow transfers from their account outside the TAL. In order to do so, an AR of the account has to submit a request to change the specific setting via the dedicated functionality available at the TAL tab of the account details. The Legal Representative (LR) of the account will need to sign of for this change via the PDF that will be sent after submission of such request.

  • The actual processing of a transfer introduced (and approved) during the weekend or on a public holiday will only occur at 10:00 hours CET/CEST of the next working day.

    The following days are public holidays :

    • New Year - January 1
    • Easter
    • Easter Monday
    • Labor Day - May 1
    • Feast of the Ascension
    • Pentecost
    • Pentecost Monday
    • Belgian National day - July 21
    • Assumption of Mary - August 15
    • All Saints' Day - November 1
    • Armistice Day - November 11
    • Christmas - December 25
  • IMPORTANT : a transaction is only processed after its approval, if approval is required.

    Transfers in the Union Registry are processed on working days from Mondays to Fridays 10:00 to 16:00 Central European (summer) time (CET/CEST). The actual processing of transfers started outside these business hours occurs only at 10:00 hours CET/CEST of the next working day.

    Example: A transfer introduced and approved on Friday at 16:31 CET will hence be processed on Monday at 10:00 CET only, if that Monday is not a public holiday. If it was a transfer towards an account of the TAL, the transfer will be effectuated immediately. If it was a transfer to an account outside the TAL, the transfer will be effectuated the next working day (hence Tuesday, unless that day would be a public holiday) at 12:00 CET.

  • IMPORTANT : a transaction can only be processed after its approval when approval is required.

    A transfer processed on a working day before 12 CET to an account that was not listed on the TAL will be effective the next working day at 12 CET. A transfer processed on a working day after 12 CET or not on a working day to an account that was not listed on the TAL will be effective the second next working day at 12 CET.

The following table provides you with a summary of all rules applicable to transfers of emission rights or international credits (hence NOT applicable to surrendering, exchange, deletion or return of excess allocation transactions) :
Originating account Destination account Transfers processed* on a working day Transfers not processed* on a working day
Prior to 10 CET Between 10-12 CET Between 12-16 CET After 16 CET
OHA/AOHA On TAL At 10 CET Immediate At 10 CET next working day
TA
OHA/AOHA NOT on TAL, if allowed** At 12 CET the next working day At 12 CET the second next working day
TA Not on TAL

* A transfer to an account on the TAL will be processed after initiation by an AR with Initiator rights (role 2 or 4) or after approval by an AR with Approver rights (role 3 or 4) depending the regime selected by the Account Holder (2-/4-eyes principle).

** Account Holders of (aircraft) operators must explicitely opt to allow transfers outside their TAL, otherwise - and by default - this is not possible.

TAL change / Transaction confirmation

After any change in the Trusted Account List (TAL) or after introduction of a transaction by an Authorised Representative (AR) that requires approval by a second person, a task is generated in the registry task list. This task needs to be approved by an AR with Approver rights (role 3 or 4).

Also see the page on task management in order to approve the task.

 

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