Climate Change (Auctions, Limits, and Price Controls for Units) Regulations 2020

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2020/264

Coat of Arms of New Zealand

Climate Change (Auctions, Limits, and Price Controls for Units) Regulations 2020

Patsy Reddy, Governor-General

Order in Council

At Wellington this 21st day of September 2020

Present:
The Right Hon Jacinda Ardern presiding in Council

These regulations are made under sections 30GA and 30GB of the Climate Change Response Act 2002

(a)

on the advice and with the consent of the Executive Council; and

(b)

on the recommendation of the Minister for Climate Change made—

(i)

after meeting the requirements of sections 3A, 3B, 30GB, and 30GC of that Act; and

(ii)

having applied section 30GC(2)(a) as set out in clause 7(1) of Schedule 1AA of that Act (because these regulations are made before there is an emissions budget).

Contents

1Title
2Commencement
3Interpretation
4Transitional, savings, and related provisions
5When auctions commence
6Indicative schedule for auctions
7Chief executive must set auction dates
8Restrictions on when auctions may be held
9Chief executive must make annual auction calendar publicly available
10Postponement of auctions
11Postponed auction must be rescheduled
12New Zealand units available at auction
13Meanings of cumulative volume, distributed volume, and reserve volume
14Limit on units available by auction and other unit limits
15Price control settings for units
16Auction operator must make auction notices publicly available
17Auction operator must make general information about auctions publicly available
18Requirement for bidders to be registered
19Who may apply to be registered
20Application to register
21Decision on application to register
22Register of bidders
23Meaning of bidding window
24Requirements for bids
25Requirement to provide collateral for bids
26Requirement to agree to terms and conditions
27How bids are made
28How bids are amended or withdrawn
29Restriction on disclosure of bids
30Process for determining auction results
31Allocating New Zealand units to bids
32Determining clearing price
33Requirement to sell at final clearing price
34Payment required before units transferred
35Consequences if payment requirements not met
36Requirement to make auction results publicly available
37Revocation
Explanatory note
Administrative Information