碳排放配额及其衍生品最终报告（英）-欧洲证券和市场管理局（ESMA）

28 March 2022 | ESMA70-445-38 Final Report Emission allowances and associated derivatives ESMA • 201-203 rue de Bercy • CS 80910 • 75589 Paris Cedex 12 • France • Tel. +33 (0) 1 58 36 43 21 • www.esma.europa.eu 2 28 March 2022 ESMA 70-445-38 3 Table of Contents 1 Executive Summary ................................................................................................... 6 2 Introduction .............................................................................................................. 10 3 Carbon markets surveillance ................................................................................... 18 3.1 Carbon markets under MAR .................................................................................... 18 3.1.1 Legal framework ............................................................................................... 18 3.2 Carbon market surveillance ..................................................................................... 22 3.3 Germany .................................................................................................................. 23 3.3.1 Systems and procedures at firm level ............................................................... 23 3.3.2 EEX’s own market surveillance ........................................................................ 24 3.3.3 Supervisory market surveillance ....................................................................... 25 3.3.4 Outcome of carbon market surveillance: STORs received and preliminary investigations .................................................................................................................. 28 3.4 The Netherlands ...................................................................................................... 29 3.4.1 Systems and procedures at firm level .............................