EU ETS registry phase 4 – changes

The new version of the registry sees the introduction of new ways to set up your account in the EU ETS registry. These options include account settings that make it easier to carry out certain transactions. One of these changes relates to transfers to non-trusted accounts. In the previous version of the EU ETS registry, transferring emission allowances to non-trusted accounts was only possible from trading accounts. In the new version of the registry, it is also possible to transfer emission allowances from aviation and other operator holding accounts to non-trusted accounts, provided the account holder has consented to this.

Another key change is the ability to choose the two-eyes or four-eyes principle in relation to transactions in the EU ETS registry. Your company can choose to allow transactions to trusted accounts to be carried out without the approval of a second person. Surrender transactions and voluntary cancellation transactions also fall under this setting. The four-eyes principle is set as default.

Account holders can inform the NEa of these settings through a change request.

Since 2021, registry users are able to abort incorrect transactions during a waiting period. This may take place up to two hours before the transaction was to be processed in the registry. Transactions that were processed immediately by the registry cannot be aborted.

The new version of the registry sees a name change for user roles. A single user can also have multiple authorizations. This means users are now able to be both account representatives and approvers at the same time. The table belows show the default migration of user roles and authorizations per role.

* Actions include both transactions and additions to the trusted account list.

The Union Registry established by the new Commission Regulation does not apply to Kyoto accounts. This means that technical registry aspects will remain the same with regard to this type of account, with aspects such as waiting periods for transactions, the names of user roles and the absence of account settings remaining unchanged.

In order to simplify the system, the previous 26-hour waiting period has been changed. From January 2021, transactions subject to a delay are always processed at 12 PM:

• on the following working day if approved before 12 PM
• on the second working day if approved after 12 PM

The same rules remain in place for transactions not subject to a delay: if they are approved between 10 AM and 4 PM, they will be processed immediately. Transactions approved outside this period of time will be processed at 10 AM the following working day.

All information on transactions processing in the EU ETS registry is available in the background document.

With the onset of the new trading period, person holding accounts (PHA) have been automatically converted to trading accounts (TA). This resulted in some minor changes in transaction processes. For example, TAL-transactions are processed immediately without the usual waiting period. Account holders can configure their account settings according to their needs, as described under the ‘Account settings’ heading.

The European Commission has published a document containing frequently asked questions about the EU ETS registry in phase 4.