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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2019-12-09.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

emission allowance

    (1) an ‘allowance’, within the meaning of article 3(a) of the Emission Allowance Trading Directive;119

    (2) (in relation to MiFID business other than in MAR 10 (Commodity derivative position limits and controls and position reporting)) the investment, specified in article 82B of the Regulated Activities Order (‘Emission Allowances’), which is in summary emission allowances:119

      1. (a) consisting of any units recognised for compliance with the Emission Allowance Trading Directive; and119
      1. (b) to which article 82B of the Regulated Activities Order applies; and119

    (3) (in MAR 10 (Commodity derivative position limits and controls and position reporting)):119

      1. (a) an allowance consisting of any units recognised for compliance with Directive 2003/87/EC (Emission Trading Scheme), as specified in paragraph (11) of Section C of Annex I of MiFID; or119
      1. (b) any derivative of such an allowance, whether falling under paragraph (4) or (10) of Section C of Annex I of MiFID.119