Citation and commencement

1. This Order may be cited as the Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the Regulated Sector) Order 2011 and comes into force on 12th December 2011.

Amendment of Schedule 3A to the Terrorism Act 2000

2. —(1)Part 1 of Schedule 3A to the Terrorism Act 2000 (regulated sector)(( 3 )) is amended as follows.

(2) In paragraph 1 (business in the regulated sector)—

(a) after sub-paragraph (1)(r) insert—

“ (s) the auctioning by an auction platform of two-day spot or five-day futures, within the meanings given by Article 3 of the Emission Allowance Auctioning Regulation. ” ;

(b) after sub-paragraph (8), insert—

“ (9) For the purposes of sub-paragraph (1)(s) “auction platform” means a platform on which auctions of emissions allowances are held in accordance with the Emission Allowance Auctioning Regulation. ” .

(3) In paragraph 3(1) (interpretation), at the appropriate place insert—

“ “the Emission Allowance Auctioning Regulation” means Commission Regulation ( EU ) No. 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/ EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community; ” ( 4 ).

Amendment of Schedule 9 to the Proceeds of Crime Act 2002

3. —(1)Part 1 of Schedule 9 to the Proceeds of Crime Act 2002 (business in the regulated sector)( 5 ) is amended as follows.

(2) In paragraph 1 (business in the regulated sector)—

(a) after sub-paragraph (1)(r) insert—

“ (s) the auctioning by an auction platform of two-day spot or five-day futures, within the meanings given by Article 3 of the Emission Allowance Auctioning Regulation. ” ;

(b) after sub-paragraph (8), insert—

“ (9) For the purposes of sub-paragraph (1)(s) “auction platform” means a platform on which auctions of emissions allowances are held in accordance with the Emission Allowance Auctioning Regulation. ” .

(3) In paragraph 3(1) (interpretation), at the appropriate place insert—

“ “the Emission Allowance Auctioning Regulation” means Commission Regulation (EU) No. 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community; ” .

Review

4. —(1) The Treasury must from time to time—

(a) carry out a review of articles 2 and 3,

(b) set out the conclusions of the review in a report, and

(c) publish the report.

(2) In carrying out the review the Treasury must, so far as is reasonable, have regard to how Commission Regulation (EU) No. 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive articles 2 and 3 of this Order) is implemented in other member States.

(3) The report must in particular—

(a) set out the objectives intended to be achieved by articles 2 and 3,

(b) assess the extent to which those objectives are achieved, and

(c) assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.

(4) The first report under this article must be published before the end of the period of five years beginning with the day on which this Order comes into force.

(5) Reports under this article are afterwards to be published at intervals not exceeding five years.