Reuters) - The European Commission has proposed a number of measures to boost security and prevent theft in its emissions trading scheme and will discuss them with market participants on March 15 in Brussels, it said.
Around 3.3 million carbon permits called EU allowances (EUAs) were allegedly stolen from member state emissions registries over the past three months.
National emissions registries under the EU's emissions trading scheme (EU ETS) administer and transfer EUAs but came under fire after the attack by cyber-criminals.
To prevent further fraud, the Commission is looking at applying a delay to the transfer of EUAs between registry accounts and may limit transfers per day or per transaction.
"This would increase the likelihood that fraudulent transfers of allowances can be stopped before execution and even in case of a fraudulent transfer the allowance cannot be delivered further to a third party as rapidly as under current circumstances," it said in a statement on Wednesday.
It is also proposing a specific account category for companies who have to comply with the ETS, like utilities.
"This would further enhance the security of allowances that are held by companies merely for compliance purposes with no immediate intention to actively participate in the carbon market."
It may also stop displaying permits' serial numbers to registry account holders and market players when it introduces a single registry from 2013.
Finally, it said it will also discuss also possible amendments to rules governing the public disclosure of permits' serial numbers.
Data on transfers is currently confidential for five years.
(Reporting by Nina Chestney)
Around 3.3 million carbon permits called EU allowances (EUAs) were allegedly stolen from member state emissions registries over the past three months.
National emissions registries under the EU's emissions trading scheme (EU ETS) administer and transfer EUAs but came under fire after the attack by cyber-criminals.
To prevent further fraud, the Commission is looking at applying a delay to the transfer of EUAs between registry accounts and may limit transfers per day or per transaction.
"This would increase the likelihood that fraudulent transfers of allowances can be stopped before execution and even in case of a fraudulent transfer the allowance cannot be delivered further to a third party as rapidly as under current circumstances," it said in a statement on Wednesday.
It is also proposing a specific account category for companies who have to comply with the ETS, like utilities.
"This would further enhance the security of allowances that are held by companies merely for compliance purposes with no immediate intention to actively participate in the carbon market."
It may also stop displaying permits' serial numbers to registry account holders and market players when it introduces a single registry from 2013.
Finally, it said it will also discuss also possible amendments to rules governing the public disclosure of permits' serial numbers.
Data on transfers is currently confidential for five years.
(Reporting by Nina Chestney)
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