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

Reprint as at 15 March 2021

Coat of Arms of New Zealand

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

(LI 2020/264)

Patsy Reddy, Governor-General

Order in Council

At Wellington this 21st day of September 2020

Present:
The Right Hon Jacinda Ardern presiding in Council

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

These regulations are administered by the Ministry for the Environment.

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
When auctions are held
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
Auction volumes
12New Zealand units available at auction
13Meanings of cumulative volume, distributed volume, and reserve volume
Limits and price control settings for units
14Limit on units available by auction and other unit limits
15Price control settings for units
Methodology and calculation of confidential reserve prices for auctions
15AMinister must set methodology for calculating confidential reserve price
15BMinister must review methodology after certain auctions
15CAuction operator must calculate confidential reserve price
15DMethodology and calculated prices are confidential
Auction notices and information
16Auction operator must make auction notices publicly available
17Auction operator must make general information about auctions publicly available
Registration of bidders
18Requirement for bidders to be registered
19Who may apply to be registered
20Application to register
21Decision on application to register
22Register of bidders
How auctions are run
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
How auction results are determined
30Process for determining auction results
31Allocating New Zealand units to bids
32Determining clearing price
33Requirement to sell at final clearing price
Settlement of auction sales
34Payment required before units transferred
35Consequences if payment requirements not met
Publication of auction results and provision of certain information
36Requirement to make auction results publicly available
36ARequirement to provide information relevant to confidential reserve price
Revocation
37Revocation
Schedule 1
Transitional, savings, and related provisions
Schedule 2
Auction dates included in indicative schedule
Schedule 3
Limits and price control settings
Gazette Information
Reprint notes