Among the necessary adaptations are the streamlining the ‘first come first serve’ rule as well as the amendments to the Financial Instruments Trading Law as regards emission allowances auctions.
The implementation of the EU ETS Directive (as amended by the Directive 2009/29/EC) is still lagging behind in Poland.
Legislative assumptions to the new greenhouse gas emissions trading law (draft version of 27 June 2012) underline the urgent need for transposition of the European Union law into national legal order, and in particular for implementation of the provisions enabling the Polish entities, installations and aircraft operators including, to carry out activities on an equal footing with their counterparts in other Member States.
The delayed implementation of the said Directive would mean that operators covered by the European Union Emissions Trading Scheme had not the possibility to make use of the so-called New Entrant Reserve (encompassing installations which obtained greenhouse gas emission permit after 30 June 2011 as well as installations which significantly extended their capacities (in the meaning of the Benchmarking Decision) after the said date).
Among the rules governing the allocations of emission allowances in the third trading period (2013-2020) from the said new entrant reserve is also the “first come first serve” principle, which means that emission allowances are allocated according to the priority of submissions.
The new emissions trading law transposing the provisions of the Directive 2009/29/EC is necessary inter alia in order to enable installations meeting the new-entrant criteria to make submissions to the New Entrant Reserve as promptly as possible.
Another, similarly important reason for immediate implementation of the 2009/29/EC Directive into the Polish national legal order represents the need for creating legislative framework for early auctions of emission allowances, which the Republic of Poland, as well as other Member States, is required to organise in 2012 already.
The Republic of Poland is scheduled to sell 14698000 emission allowances in the year 2012 from the installations pool of emission units, it also has a share of 15% of the entire European Union pool of the aircraft-operators emission allowances directed to be sold at the auction.
Accommodation of the Auctioning Regulation into the current Polish legislative framework will require:
1) the amendments to the Financial Instruments Trading Law of 29 July 2005 (Polish Journal of Laws of 2010 No 2011 item 1384 as amended) in order to extend the said law and the Polish Financial Services Authority oversight onto emission allowances auctions and auctioned products area,
2) the amendments to the Commodity Exchanges Law of 26 October 2000 (Polish Journal of Laws of 2010 No 48, item 284 as amended) to adapt its provisions to the Auctioning Regulation.
Moreover, it is necessary to implement provisions of the regulations:
1) the new Monitoring and Reporting Regulation,
2) the new Verification and Accreditation Regulation,
3) the Registry Regulation.
In conclusion, considering the legislative making is at the level of the publishing of the new law assumptions, public release of the first draft of the regulatory language can be expected in the later term.