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 MiFID Part 1 of Schedule 2 to the Regulated Activities Order137; or119
1. (b) any derivative of such an allowance, whether falling under paragraph (4) or (10) of Section C of Annex I of MiFID Part 1 of Schedule 2 to the Regulated Activities Order137.119