In relation to regulation 9, explain why “EU emissions allowance” is defined in regulation 12(5) when the term does not appear in that regulation.
2.The defined term should have been “EU allowance”, not “EU emissions allowance”: the former is used in the definition of “relevant December futures contract” in substituted regulation 12(5).
3.HM Treasury is considering with the Statutory Instrument Registrar whether the error can be addressed by a correction slip. If not, it will be corrected at the next available opportunity. In the meantime, HM Treasury does not consider that there is any scope for confusion as to what is intended.
4.HM Treasury is grateful to the Committee for drawing the matter to its attention.
28 May 2021