Registry System

The Union Registry is a forum where companies and individuals can establish accounts to hold allowances, issued according to directive 2003/87/EU. Aircraft operators that fall under the scope of the directive are required to establish an aircraft operator holding account from which they can surrender allowances to fulfill their obligations regarding emissions. The Union Registry works in a similar way as an online banking system does as companies and individuals can transfer allowances between them according to purchase agreements. Companies and individuals that have not received allocation according to the above mentioned directive, can acquire allowances through auctions, exchanges or from owners of allowances through over the counter trade.

Further information regarding the establishment of account can be found in the tabs above and the information form is here.

The registries system composed of the EU ETS registries and the Community Independent Transaction Log (CITL) is at the core of the European Emissions Trading System (EU ETS). The registries system ensures the accurate accounting of all allowances issued under the EU ETS and keeps track of the ownership of allowances in the same way as a banking system keeps track of the ownership of money.

Non-confidential information of accounts and account holders are available on the website of the system.

The revised ETS Directive adopted in 2009 provides for the centralisation of the ETS operations into a single European Union registry. This new registry will be operated by the Commission and will replace all EU ETS registries currently hosted in the Member States.

The EU registry will be used by more than 25,000 end-users (e.g. operators, traders). All transactions taking place in the registry will be subject to the approval of the European Union Transaction Log (EUTL), the successor of the CITL.

National Administrator in Iceland

Iceland is a member of the Union Registry and the National Administrator, the Environment Agency of Iceland, takes care of all account applications. The application process involves a procedure at the Union registry’s website as well as delivery of documents to the Environment Agency. More detailed description regarding the application process can be found in the tabs above.

For further information contact: ets-registry@ust.is

Aircraft operators and the union registry

This guidance does not purport to be and should not be considered a legal interpretation of the provisions and requirements of Act No 70/2012 on Climate Change which transposes Regulation No. 1193/2011/EU or any other related legal instrument. 

All aircraft operators who undertake flights falling under the scope of Annex I of Directive 2003/87/EC (with later amendments) from 2012 and onwards are required to open an Aircraft Operator Holding Account in the Union Registry. Aircraft operators need an Aircraft Operator Holding Account for compliance purposes. Aircraft operators are required to monitor their greenhouse gas emissions in each year in accordance to their approved Annual Emissions Monitoring Plan (AEMP). In addition, aircraft operators must submit an Annual Emissions Report (AER) by 31 March, where the previous year´s greenhouse gas emissions are aggregated and verified by a verifier. This means that emissions for 2012 must be reported by 31 March 2013 and 2013 emissions must be reported by 31 March 2014, and so on. 

By 30 April each year aircraft operators must surrender allowances in the Union Registry equivalent to their previous year´s verified emissions. If allowances are not surrendered by 30 April or if the amount of allowances surrendered is not sufficient to cover the emissions of the preceding year, aircraft operators will be held liable for the payment of EUR 100 for each tonne of carbon dioxide equivalent emitted for which allowances have not been surrendered. That payment does not release the aircraft operator from the obligation to surrender the missing allowances and the net compliance obligation is carried forward to the next year´s compliance cycle. 

Please note that according to Act No 70/2012 on Climate Change which transposes Regulation No. 1193/2011/EU aircraft operators shall within 20 working days from the approval of the monitoring plan request the Environment Agency of Iceland to open an Aircraft Operator Holding Account in the Union Registry. Aircraft operators shall provide the Environment Agency with all documents required to open an account. 

Opening an aircraft operator holding account in the union registry

This guidance details information that must be provided to open an aircraft operator holding account in the Icelandic part of the Union Registry. Please note that accounts will not be opened until all required documents have been submitted and relevant fees paid. Incomplete applications will be returned. 

1. General Information

Authorised Representative (AR) 

Each account must have at least two individuals as Authorised Representatives. The Authorised Representatives have access to the Aircraft Operator Holding Account in the Union Registry and are authorised to initiate processes such as surrender of allowances and transfer of allowances on behalf of the account holder. 

More than two Authorised Representatives can be appointed to the account. You may also appoint Authorised Representative with ‘view only’ access to the account. A maximum of six Authorised Representatives may be appointed. 

Please note that certain transactions in the Union Registry require actions to be undertaken by two Authorised Representatives in order to be finalised (or by an Authorised Representative and an Additional Authorised Representative, see below). These are: 

  • Addition to the Trusted Account List 
  • Surrender of allowances
  • Deletion of allowances and cancellation of Kyoto Units 
  • Exchange of allowances 

Additional Authorised Representative (AAR) 

You may appoint an Additional Authorised Representative to the aircraft operator holding account, but it is not mandatory. By appointing an AAR you ensure maximum security on your account. Where AAR is appointed, the AAR has access to the Aircraft Operator Holding Account and is required to authorise processes which were initiated by the account’s Authorised Representatives. The AAR does therefore act as a ‘second signatory’ for actions on the account which provides additional security. 

You may appoint more than one AAR. A maximum of ten AARs may be appointed. 

Please note that where an AAR is appointed to an account, the AAR approval is generally required for all transactions, such as: 

  • Transfer of allowances to other accounts 
  • Surrender of allowances 

Mandating a natural person or a legal entity 

Aircraft operators performing aviation activities with total annual emissions lower than 25 000 tonnes of carbon dioxide equivalent per year or operating fewer than 243 flights per period for three consecutive four-month periods may mandate a natural person or a legal entity to open an Aircraft Operator Holding Account and to surrender allowances on their behalf. Responsibility for compliance still remains with the aircraft operator. When mandating the natural person or the legal entity, the aircraft operator shall ensure that there is no conflict of interest amongst the mandated person or entity and competent authorities, national administrators, verifiers or other bodies subject to the provisions of Directive 2003/87/EC and the acts adopted for its implementation. 

2. Steps to be completed to open an aircraft operator holding account

The following steps must be completed in order to apply for an Aircraft Operator Holding Account in the Union Registry. 

  1. Read the Terms of Use of the Icelandic Emissions Trading Registry in the Union Registry.
  2. Fill out the electrical information form
  3. Create users in the Union Registry for each nominated Authorised Representative for the account. 
  4. Send all required documents (listed below) to the Environment Agency of Iceland. 
  5. Pay required fees (see below). 

Fees

The following fees are charged for opening and maintaining an aircraft operator holding account in the Icelandic part of the Union Registry. 

  • Account establishment fee       62 900 ISK 
  • Annual fee*                              56 000 ISK 

* The annual fee for an account is calculated from the date when the account is created. The annual fee collected shall be multiplied by X/365, where X represents the number of days remaining in the year when the account is created. 

An invoice will be sent to applicants of Aircraft Operator Holding Account by the Environment Agency of Iceland. The account will not be opened until the payment has been received. 

Address and support 

All documents shall be sent in a hard copy to the Environment Agency of Iceland at the address below. An additional electronic copy can also be sent to: ets-registry@ust.is.

 If you have any further questions, please don’t hesitate to contact via e-mail or phone. 

Address E-mail Telephone
Environment Agency of Iceland
Att: ETS Registry
Sudurlandsbraut 24
108 Reykjavík
Iceland
 ets-registry@ust.is 
 +354 591 2000 

The Environment Agency has 40 working days after the receipt of a complete set of information as specified below to open the Aircraft Operator Holding Account or to inform the prospective account holder of refusal to open the account. 

3. Required documents

The documents listed below must be submitted to the Environment Agency of Iceland to open an Aircraft Operator Holding Account in the Union registry. 

Legal entity documents 

  1. Power of Attorney form, appointing your Authorised Representatives and Additional Authorised Representatives (optional). The form must be signed by a beneficial owner or a listed director of the Legal Entity. 
  2. Copy of document proving the registration of the Legal Entity, e.g. Certificate of Incorporation. 
  3. List of beneficial owners of the Legal Entity (those who own more than 25% of the legal entity’s shares or voting rights). 
  4. List of directors of the Legal Entity. 

If you choose to mandate a natural person or a legal entity to open the aircraft operator holding account and surrender allowance on your behalf, please submit the forms listed below in addition to the Legal Entity documents. 

  1. Declaration regarding mandate for aircraft operator holding account 
  2. Contact Person Information 

Authorised Representatives documents

  1. Criminal record 
  2. Affidavit declaration 
  3. Statement 
  4. Proof of identity, this may be a copy of one of the following 
    • a) a passport 
    • b) an identity card issued by a state that is a member of the European Economic Area or the Organisation for Economic Cooperation and Development 
  5. Proof of permanent address, this may be a copy of one of the following 
    • a) the identity document submitted under point 4(b), if it contains the address of the permanent residence 
    • b) any other government-issued identity document that contains the address of permanent residence 
    • c) if the country of permanent residence does not issue identity documents that contain the address of permanent residence, a statement from the local authorities confirming the nominee's permanent residence

Language 

All application documents submitted shall be in English or Icelandic. If the original document is in another language the documents must be accompanied with a certified translation to English or Icelandic. 

Document Certification 

All copies of documents submitted as evidence must be certified as a true copy by a Notary Public. If documents are issued outside Iceland, the copy must be Apostilled. The date of the certification or Apostille must not be more than three months prior to the date of the application.

All data are handled in accordance with the Personal Data Protection Act (no. 77/2000) and Act No 70/2012 on Climate Change which transposes Regulation No. 1193/2011/EU for a standardized and secured registry system.

Verifiers and the union registry

This guidance does not purport to be and should not be considered a legal interpretation of the provisions and requirements of Act No 70/2012 on Climate Change which transposes Regulation No. 1193/2011/EU, or any other related legal instrument. 

A request for a verifier account in the Union Registry shall be submitted to the national administrator. The person requesting the account shall provide information as required by the national administrator including the information set out in Annex II and Annex IV. 

According to article 19 of the Commission Regulation (EU) No 1193/2011 the national administrator shall open the verifier account in the Union Registry or inform prospective account holder of the refusal to open the account within 20 working days of the receipt of a complete set of information. 

Opening an verifier account in the union registry

This guidance details information that must be provided to open a verifier account in the Icelandic part of the Union Registry. Please note that accounts will not be opened until all required documents have been submitted and relevant fees paid. Incomplete applications will be returned. 

1. General information

Authorised Representative (AR) 

A verifier account shall have at least one authorised representative. 

Additional Authorised Representative (AAR) 

You may appoint an Additional Authorised Representative to the verifier account, but it is not mandatory

You may appoint more than one AAR. A maximum of ten AARs may be appointed. 

2. Steps to be completed to open an Verifier Account

The following steps must be completed in order to apply for a Verifier Account in the Union Registry. 

  1. Read the Terms of Use of the Icelandic Emissions Trading Registry in the Union Registry. 
  2. Fill out the electrical information form
  3. Create users in the Union Registry for each nominated Authorised Representative for the account. 
  4. Send all required documents (listed below) to the Environment Agency of Iceland. 
  5. Pay required fees (see below). 

Additional information to be provided for opening a verifier account is a document proving that the person requesting the account opening is accredited as as verifier in accordance with Article 15 of Directive 2003/87/EC. 

Fees

The following fees are charged for opening and maintaining an Verifier Account in the Icelandic part of the Union Registry. 

  • Account establishment fee       40 500 ISK 
  • Annual fee*                              33 600 ISK 

* The annual fee for an account is calculated from the date when the account is created. The annual fee collected shall be multiplied by X/365, where X represents the number of days remaining in the year when the account is created. 

An invoice will be sent to applicants of Verifier Account by the Environment Agency of Iceland. The account will not be opened until the payment has been received. 

Address and support 

All documents shall be sent in a hard copy to the Environment Agency of Iceland at the address below. An additional electronic copy can also be sent to: ets-registry@ust.is.

 If you have any further questions, please don’t hesitate to contact via e-mail or phone. 

Address E-mail Telephone
Environment Agency of Iceland
Att: ETS Registry
Sudurlandsbraut 24
108 Reykjavík
Iceland
 ets-registry@ust.is 
 +354 591 2000 

The Environment Agency has 40 working days after the receipt of a complete set of information as specified below to open the Verifier Account or to inform the prospective account holder of refusal to open the account. 

3. Required documents

The documents listed below must be submitted to the Environment Agency of Iceland to open a Verifier Account in the Union registry. 

Legal entity documents: 

  1. Power of Attorney form, appointing your Authorised Representatives and Additional Authorised Representatives (optional). The form must be signed by a beneficial owner or a listed director of the Legal Entity.
  2. A document proving that the person requesting the account opening is accredited as as verifier in accordance with Article 15 of Directive 2003/87/EC 

Additional documents (if applicable): 

  1. Declaration regarding mandate for approval of annual emissions figure entered by an aircraft operator in the Union Registry. 

Authorised Representatives documents: 

  1. Criminal record 
  2. Affidavit declaration 
  3. Proof of identity, this may be a copy of one of the following 
    • a) a passport 
    • b) an identity card issued by a state that is a member of the European Economic Area or the Organisation for Economic Cooperation and Development
  4. Proof of permanent address, this may be a copy of one of the following 
    • a) the identity document submitted under point 4(b), if it contains the address of the permanent residence 
    • b) any other government-issued identity document that contains the address of permanent residence 
    • c) if the country of permanent residence does not issue identity documents that contain the address of permanent residence, a statement from the local authorities confirming the nominee's permanent residence 

Language 

All application documents submitted shall be in English or Icelandic. If the original document is in another language the documents must be accompanied with a certified translation to English or Icelandic. 

Document Certification 

All copies of documents submitted as evidence must be certified as a true copy by a Notary Public. If documents are issued outside Iceland, the copy must be Apostilled. The date of the certification or Apostille must not be more than three months prior to the date of the application. 

All data are handled in accordance with the Personal Data Protection Act (no. 77/2000) and Commission Regulation (EU) No 389/2013 for a standardized and secured registry system.

For Icelandic accounts within the EU ETS registry the running of 26 hour transaction delay will be suspended on the following national holidays in 2014.

2014

  • 1st of January 2014 (New Year’s Day) 
  • 17th of April 2014 (Maundy Thursday) 
  • 18th of April 2014 (Good Friday) 
  • 21st of April 2014 (Easter Monday) 
  • 24th of April 2014 (First Day of summer) 
  • 1st of May 2014 (Labour Day) 
  • 29th of May 2014 (Ascension Day) 
  • 9th of June 2014 (White Monday) 
  • 17th of June 2014 (Iceland’s Independence Day) 
  • 4th of August 2014 (Public Holiday) 
  • 24th of December 2014 (Christmas) 
  • 25th of December 2014 (Christmas ) 
  • 26th of December 2014 (Christmas) 
  • 31th of December 2014 (New Year’s Eve)

Publicly accessible information

Regarding operation of EU ETS and the Icelandic Kyoto Registry, The Environment Agency of Iceland is required to make the following information publicly accessible. 

Standard Electronic Format (SEF) Report:

As Iceland has not yet transferred or acquired any Kyoto Protocol Units, SEF is not reported. 

Decision 13/CMP.1 of the Kyoto Protocol:

  • Paragraph 45:
    • Information on account holders names and account type can be found here *The file is updated on a monthly basis. 
    • So far, Iceland has not opened cancellation and retirement accounts. Therefore no information is provided regarding the commitment period with which a cancellation or retirement account is associated. 
    • Disclosures of contact information, paragraph 45 (d, e), are prohibited under Art. 38 of the Icelandic Climate Change Act No 70/2012, with later amendments. 
  • Paragraph 46:
    • No Joint Implementation projects have been approved in Iceland, so no information concerning Article 6 projects are available. 
  • Paragraph 47:
    • Disclosure of account holdings and transactions is prohibited under Art. 38 of the Icelandic Climate Change Act No 70/2012, with later amendments 
    • The total quantity of Assigned Amount Units (AAUs), pursuant to Article 3, paragraphs 7 and 8, issued by the Icelandic registry for the first commitment period, from 2008 to 2012, was 18,523,847 AAUs. 
    • Iceland has not issued RMUs on the basis of each activity under Article 3, paragraphs 3 and 4. 
    • No ERUs, CERs, AAUs and RMUs have been cancelled in the Icelandic registry on basis of activity under Article 3, paragraphs 3 and 4. 
    • No ERUs, CERs, AAUs and RMUs have been cancelled following determination by the Compliance Committee that the Party is not in compliance with its commitment under Article 3, paragraph 1. 
    • No ERUs, CERs, AAUs and RMUs have been cancelled.  No ERUs, CERs, AAUs and RMUs have been retired. 
    • Carry over has not yet taken place. 
  • Paragraph 48:
    • Disclosures of legal entity information’s are prohibited under Art. 38 of the Icelandic Climate Change Act No 70/2012, with later amendments. 

 Further public information’s are available via the EUTL

Information regarding Iceland´s greenhouse gas inventory including National Inventory Reports and numerical data contained in the Common Reporting Format can be found here.


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