emission allowance

(1) an allowance consisting of any units recognised for compliance with Directive 2003/87/EC (Emission Trading Scheme) or created under article 18 of the trading scheme order 2020, as specified in paragraph (11) of Part 1 of Schedule 2 to the Regulated Activities Order149;(2) (in relation to MiFID business other than in MAR 10 (Commodity derivative position limits and controls and position reporting)) the investment, specified in article 82B of the Regulated Activities Order (‘Emission Allowances’), which is in summary emission allowances:119

1. (a) consisting of any units recognised for compliance with the Emission Allowance Trading Directive or the trading scheme order 2020149 ; and119
2. (b) to which article 82B(2) 149 of the Regulated Activities Order relates149; and119

(3) (in MAR 10 (Commodity derivative position limits and controls and position reporting)) in addition to (1)149

1. 137119
2. any derivative of such an allowance, whether falling under paragraph (4) or (10) of Section C of Annex I of MiFID Part 1 of Schedule 2 to the Regulated Activities Order137.119