The registry system guarantees the exact accounting of the transactions by virtue of the Emissions Trading System, the Kyoto Protocol and Decision No. 406/2009/EC.
A "transaction" is any process carried out on the registry system, which includes the transfer of emission allowances, Kyoto units, units from the annual allocation of emissions (or a part of the authorised credits) from one account to another.
"Internal" transfers of units are those where the origin registry and target registry are the same and "external" are those where the registry is different. Therefore, any transfer made between an account held in the Kyoto National Registry (ES accounts) and an account held in the Spanish Section of the Union Registry (EU accounts) would be considered an external transfer. Transfers within the Union Registry are internal transfers, regardless of whether the accounts are held in sections administered by different States.
Furthermore, we can distinguish between ordinary and special transfers. Therefore, the surrender of allowances, the exchange of international credits and the cancellation of allowances are considered special transfers.
In order for an Installation Operator Holding Account, Aircraft Operator Holding Account or Person Holding Account to be able to make an ordinary transfer of units, it is necessary for the target account to be registered on the list of trusted accounts. The period for appearing on the list of trusted accounts is seven business days (not including Saturdays, Sundays or public holidays), counted from the moment in which the second authorised representative approves the task. Trading Accounts do not require the target accounts of the transfers be included on the list of trusted accounts.
For security reasons, generally speaking, the execution of a transfer will involve a delay of 26 hours. This delay is not applicable to special transfers, nor to transfers carried out from a Trading Account to account included in its list of trusted accounts.
Transfers may be initiated at any time, event though they may be processed only within the following time frame: 10:00h – 16:00h, not counting Saturdays, Sundays or bank holidays according to the Target calendar.
|Time windows (pdf)||Special and Ordinary Transfers (pdf)|