Q-2, r. 46.1 - Regulation respecting a cap-and-trade system for greenhouse gas emission allowances

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50. During an auction, the account representative of a bidder may submit more than one bid, subject to the terms and conditions specified in the notice published in accordance with the second paragraph of section 45, stating the quantity of lots requested and the price offered per emission unit in dollars and whole cents, provided the maximum amount of all the bidder’s bids does not exceed the amount of the guarantee submitted in accordance with section 48.
For the purposes of the first paragraph, the maximum amount of all a bidder’s bids is calculated as follows:
(1)  by determining, for each bid submitted by the bidder, the value of a lot by multiplying the price offered for the lot by the total quantity of bids submitted at that price or at a higher price;
(2)  the maximum amount of a bidder’s bids corresponds to the maximum value of the lots calculated under subparagraph 1.
The total quantity of emission units of the current or a prior vintage or of a vintage subsequent to the current year that may be purchased by the same bidder at each auction is, however, limited to:
(1)  25% of the units to be auctioned in the case of an emitter; and
(2)  4% of the units to be auctioned in the case of a participant.
Bidders that are related entities have an overall purchasing limit. However, the purchasing limit for a group of participants related to an emitter may not exceed 4%.
In accordance with subparagraph 3 of the first paragraph of section 9, the related entities must indicate to the Minister the allocation of the overall purchasing limit among the related entities, by percentage.
If the auction is conducted jointly with a partner entity, the bids must be submitted in the same currency as the financial guarantee submitted in accordance with section 48.
O.C. 1297-2011, s. 50; O.C. 1184-2012, s. 32; O.C. 1138-2013, s. 14; O.C. 902-2014, s. 31.
50. During an auction, the account representative of a bidder may submit more than one bid, subject to the terms and conditions specified in the notice published in accordance with the second paragraph of section 45, stating the quantity of lots requested and the price offered per emission unit in dollars and whole cents, provided the maximum amount of all the bidder’s bids does not exceed the amount of the guarantee submitted in accordance with section 48.
For the purposes of the first paragraph, the maximum amount of all a bidder’s bids is calculated as follows:
(1)  by determining, for each bid submitted by the bidder, the value of a lot by multiplying the price offered for the lot by the total quantity of bids submitted at that price or at a higher price;
(2)  the maximum amount of a bidder’s bids corresponds to the maximum value of the lots calculated under subparagraph 1.
The quantity of emission units of the vintage of the current or a previous year that may be purchased by the same bidder at each is, however, limited to
(1)  20% of the emission units to be auctioned in the case of an emitter referred to in the first paragraph of section 2 who is eligible for the allocation of emission units free of charge in accordance with section 39;
(2)  40% of the emission units to be auctioned in the case of an emitter referred to in the first paragraph of section 2 who is not eligible for the allocation of emission units free of charge in accordance with section 39;
(3)  40% of the emission units to be auctioned in the case of an emitter referred to in subparagraphs 1 and 2 of the second paragraph of section 2; and
(4)  4% of the emission units to be auctioned in the case of a participant.
If more than one subparagraph from subparagraphs 1 to 3 of the third paragraph apply to an emitter, the emitter’s purchase limit for emission units corresponds to the highest percentage provided for in those subparagraphs.
The quantity of emission units of vintages subsequent to the current year that may be purchased by the same bidder at an auction is, however, limited to 25% of the emission units to be auctioned for all bidders.
Bidders that are related entities have an overall purchasing limit that is the highest limit that would have been assigned to any of them singly. However, the purchasing limit for a group of related participants cannot exceed 4% of the emission units to be auctioned at the same auction, even if they are related to an emitter.
In accordance with subparagraph 3 of the first paragraph of section 9, the related entities must indicate to the Minister the allocation of the overall purchasing limit among the related entities, by percentage.
If the auction is conducted jointly with a partner entity, the bids must be submitted in the same currency as the financial guarantee submitted in accordance with section 48.
O.C. 1297-2011, s. 50; O.C. 1184-2012, s. 32; O.C. 1138-2013, s. 14; O.C. 902-2014, s. 31.
50. During an auction, the account representative of a bidder may submit more than one bid, subject to the terms and conditions specified in the notice published in accordance with the second paragraph of section 45, stating the quantity of lots requested and the price offered per emission unit in dollars and whole cents, provided the maximum amount of all the bidder’s bids does not exceed the amount of the guarantee submitted in accordance with section 48.
For the purposes of the first paragraph, the maximum amount of all a bidder’s bids is calculated as follows:
(1)  by determining, for each bid submitted by the bidder, the value of a lot by multiplying the price offered for the lot by the total quantity of bids submitted at that price or at a higher price;
(2)  the maximum amount of a bidder’s bids corresponds to the maximum value of the lots calculated under subparagraph 1.
The quantity of emission units of the vintage of the current or a previous year that may be purchased by the same bidder at each is, however, limited to
(1)  15% of the emission units to be auctioned in the case of an emitter referred to in the first paragraph of section 2 who is eligible for the allocation of emission units free of charge in accordance with section 39;
(2)  40% of the emission units to be auctioned in the case of an emitter referred to in the first paragraph of section 2 who is not eligible for the allocation of emission units free of charge in accordance with section 39;
(3)  40% of the emission units to be auctioned in the case of an emitter referred to in subparagraphs 1 and 2 of the second paragraph of section 2; and
(4)  4% of the emission units to be auctioned in the case of a participant.
If more than one subparagraph from subparagraphs 1 to 3 of the third paragraph apply to an emitter, the emitter’s purchase limit for emission units corresponds to the highest percentage provided for in those subparagraphs.
The quantity of emission units of vintages subsequent to the current year that may be purchased by the same bidder at an auction is, however, limited to 25% of the emission units to be auctioned for all bidders.
Bidders that are related entities have an overall purchasing limit that is the highest limit that would have been assigned to any of them singly. However, the purchasing limit for a group of related participants cannot exceed 4% of the emission units to be auctioned at the same auction, even if they are related to an emitter.
In accordance with subparagraph 3 of the first paragraph of section 9, the related entities must indicate to the Minister the allocation of the overall purchasing limit among the related entities, by percentage.
If the auction is conducted jointly with a partner entity, the bids must be submitted in the same currency as the financial guarantee submitted in accordance with section 48.
Despite subparagraph 3 of the third paragraph, in the case of an emitter referred to in subparagraph 2 of the second paragraph of section 2 registered for the system before 1 January 2015, the emitter’s purchase limit is 15% until that date.
O.C. 1297-2011, s. 50; O.C. 1184-2012, s. 32; O.C. 1138-2013, s. 14.
50. During an auction, the account representative of a bidder may submit more than one bid, subject to the terms and conditions specified in the notice published in accordance with the second paragraph of section 45, stating the quantity of lots requested and the price offered per emission unit in dollars and whole cents, provided the maximum amount of all the bidder’s bids does not exceed the amount of the guarantee submitted in accordance with section 48.
For the purposes of the first paragraph, the maximum amount of all a bidder’s bids is calculated as follows:
(1)  by determining, for each bid submitted by the bidder, the value of a lot by multiplying the price offered for the lot by the total quantity of bids submitted at that price or at a higher price;
(2)  the maximum amount of a bidder’s bids corresponds to the maximum value of the lots calculated under subparagraph 1.
The quantity of emission units of the vintage of the current or a previous year that may be purchased by the same bidder at each is, however, limited to
(1)  15% of the emission units to be auctioned in the case of an emitter referred to in the first paragraph of section 2 who is eligible for the allocation of emission units free of charge in accordance with section 39;
(2)  40% of the emission units to be auctioned in the case of an emitter referred to in the first paragraph of section 2 who is not eligible for the allocation of emission units free of charge in accordance with section 39;
(3)  40% of the emission units to be auctioned in the case of an emitter referred to in subparagraphs 1 and 2 of the second paragraph of section 2; and
(4)  4% of the emission units to be auctioned in the case of a participant.
The quantity of emission units of vintages subsequent to the current year that may be purchased by the same bidder at an auction is, however, limited to 25% of the emission units to be auctioned for all bidders.
Bidders that are related entities have an overall purchasing limit that is the highest limit that would have been assigned to any of them singly. However, the purchasing limit for a group of related participants cannot exceed 4% of the emission units to be auctioned at the same auction, even if they are related to an emitter.
In accordance with subparagraph 3 of the first paragraph of section 9, the related entities must indicate to the Minister the allocation of the overall purchasing limit among the related entities, by percentage.
If the auction is conducted jointly with a partner entity, the bids may be submitted in Canadian or US dollars.
O.C. 1297-2011, s. 50; O.C. 1184-2012, s. 32.
50. During an auction, a bidder may submit more than one bid, subject to the terms and conditions specified in the notice published in accordance with the second paragraph of section 45, stating the quantity of emission units the bidder wishes to purchase, by vintage, and the price bid.
The quantity of emission units that may be purchased by a single bidder at an auction held prior to 1 January 2015 is, however, limited to
(1)  for vintage 2013 and 2014 emission units, 15%, in the case of an emitter referred to in section 2, except an emitter referred to in subparagraph 1 of the second paragraph of that section, or 4%, in the case of a participant;
(2)  for vintage 2015 and subsequent emission units, 25%, in the case of any bidder.
When bidders are related entities, the purchase limit applies to all those entities. They must indicate to the Minister, in the application for registration for the auction referred to in the second paragraph of section 46, the distribution of the overall purchasing limit among the related entities, in percentages.
A bid submitted by an emitter or a participant will be refused by the Minister if it specifies a quantity of emission units that exceeds the quantity to be auctioned, causes the purchase limit determined in accordance with this section, or the holding limit determined in accordance with section 32, to be exceeded, or exceeds the financial guarantee submitted in accordance with section 48, in value terms.
O.C. 1297-2011, s. 50.