jswizzle3737/ontario_laws_and_regs huggingface dataset:
Maximum bid value in excess of financial assurance
 74. (1) If the actual maximum bid value of a participant’s bids exceeds the value of the participant’s financial assurance, the Minister shall remove from the participant’s bids enough lots such that the remaining bids would not result in the actual maximum bid value exceeding the value of the financial assurance. (2) If the Minister has removed lots under subsection (1), each removed lot of Auction Class 1 emission allowances shall be considered as a new bid at each valid bid price in descending order, between, (a) the bid price at which the actual maximum bid value was greater than the participant’s financial assurance; and (b) the lowest bid price. O. Reg. 473/16, s. 30. (3) For the purposes of subsection (2), a bid price is a valid bid price if that participant’s actual maximum bid value at that bid price would not exceed the value of that participant’s financial assurance or the limits in sections 40, 42 and 69. O. Reg. 473/16, s. 30. (4) The participant is deemed to bid on the removed lots at the first valid bid price between the prices mentioned in clauses (2) (a) and (b) that would result in the participant’s actual maximum bid value being less than or equal to the value of the participant’s financial assurance. O. Reg. 473/16, s. 30. (5) If no valid bid price between the prices mentioned in clauses (2) (a) and (b) would result in a bid with an actual maximum bid value being less than or equal to the value of the participant’s financial assurance, the Minister shall reject the removed lot. O. Reg. 473/16, s. 30. (6) After the processes described in this section and section 75 are completed for Auction Class 1 emission allowances, it shall be repeated for Auction Class 2 emission allowances. O. Reg. 473/16, s. 30.
Acceptance of bids
 75. (1) No bid price that is below the auction reserve price shall be accepted. O. Reg. 144/16, s. 75 (1); O. Reg. 450/17, s. 38 (1). (2) The Minister shall accept bids that have not been rejected, starting with the highest bid price and continuing in decreasing order by bid price until no more acceptable bids remain or no more of the emission allowances described in the notice of the auction are available. (3) Subsection (4) applies if more than one bid has been submitted, (a) at the lowest bid price (Auction Class 1) for Auction Class 1 emission allowances; or (b) at the lowest bid price (Auction Class 2) for Auction Class 2 emission allowances. (4) If the total quantity of emission allowances bid upon at a bid price mentioned in clause (3) (a) or (b) is greater than the quantity of emission allowances available at that bid price, the Minister shall divide the remaining emission allowances available at that bid price between the participants who submitted the bids at that bid price, in accordance with the following steps: 1. Divide the quantity of emission allowances bid upon by each participant at that bid price by the total quantity of emission allowances that were bid upon at that bid price. This is the participant’s share of the emission allowances. 2. Multiply each participant’s share determined under paragraph 1 by the quantity of emission allowances remaining, rounding down to the nearest whole number.  This is the number of emission allowances to be distributed to the participant. 3. If any emission allowances remain after carrying out the steps under paragraphs 1 and 2, distribute the remaining emission allowances as follows: i. Assign a random number to each participant who submitted a bid at the applicable lowest bid price. ii. Distribute one emission allowance at a time to the participants in ascending order by the random number assigned, until no more of the emission allowances available at that bid price remain. (5) The Minister shall distribute each emission allowance in respect of which a bid has been accepted at the lowest bid price (Auction Class 1) or at the lowest bid price (Auction Class 2), as the case may be. O. Reg. 144/16, s. 75 (5); O. Reg. 450/17, s. 38 (2). Bidding in Sales
Bidding in Sales
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Prohibition, bidding in sales
 75.1 A market participant that is an Ontario clearing house is prohibited from bidding in sales under section 59. O. Reg. 473/16, s. 31; O. Reg. 450/17, s. 39.
Permission to bid in sale
 76. (1) A capped participant may apply to the Minister for permission to bid on Ontario emission allowances offered for sale under section 59 by taking the following steps: 1. No later than 40 days before the day of the sale, the participant must, if applicable, update any information required to be updated as a condition of the participant’s registration. 2. No later than 30 days before the day of the sale, the participant must submit the following to the Minister: i. The information set out in subparagraphs 2 i to iv of subsection 67 (1). ii. The number of the participant’s compliance account. 3. No later than 12 days before the day of the sale, the person must submit financial assurance. O. Reg. 144/16, s. 76 (1); O. Reg. 450/17, s. 40. (2) Subject to subsection (3), upon receiving an application from a participant that meets the requirements set out in subsection (1), the Minister shall permit the participant to bid in the sale. (3) The Minister shall refuse permission to bid in the sale if any of the following circumstances apply: 1. The participant has given false or misleading information in the application. 2. The participant has failed to disclose information required under subsection (1). 3. The participant’s registration or compliance account is subject to conditions under this Regulation or imposed by the Director that prohibit the person’s participation in sales or otherwise prevent emission allowances or credits from being transferred to the person’s compliance account.
Suspension, revocation of permission
 77. (1) The Minister shall suspend permission to bid in a sale if the circumstances described in paragraph 3 of subsection 76 (3) apply. (2) If a permission has been suspended, the Minister shall reinstate the permission once the circumstances described in paragraph 3 of subsection 76 (3) no longer apply. (3) The Minister may revoke permission to bid in a sale if the Minister becomes aware that the participant has given false or misleading information in the application for permission or if the participant has failed to comply with section 78 of this Regulation or section 29 of the Act or failed to disclose information required by this Regulation.
Criteria to be met before each sale
 78. (1) Subject to subsection (2), only a capped participant who meets the following criteria may bid in a sale held by the Minister: 1. The person has been a capped participant for at least 40 days before the sale. 2. The person has permission under section 76 to bid in the sale. 3. The participant has given financial assurance to the Minister at least 12 days before the sale. 4. On the day of the sale, the participant does not hold any emission allowances in the participant’s holding account that may be submitted for the current compliance period. (2) If any of the information provided by a person under section 8 or 9 of Schedule 1 changes during the period beginning 39 days before the sale and ending on the day of the sale, the person is prohibited from bidding in the sale. O. Reg. 144/16, s. 78 (2); O. Reg. 473/16, s. 32. Administration of Sale
Administration of Sale
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Lots
 79. The Minister shall divide Ontario emission allowances that are to be offered for sale under section 59 into lots in accordance with the following rules: 1. Each lot, other than the final lot, shall consist of 1,000 Ontario emission allowances of the same category. 2. The final lot may consist of fewer than 1,000 Ontario emission allowances if fewer than 1,000 Ontario emission allowances remain once all other allowances have been divided into lots of 1,000.
Price
 80. (1) The price of an Ontario emission allowance classified as Category A in 2017 is determined by applying the following formula: P2017 = 47.88 × (0.05 + Ir) where, P2017 = the price for a Category A allowance in 2017, and Ir = the average monthly Consumer Price Index for Ontario for the 12-month period ending on September 30, 2016 divided by the average monthly Consumer Price Index for Ontario for the 12-month period ending on September 30, 2015. (2) The price of an Ontario emission allowance classified as Category B in 2017 is determined by applying the following formula: P2017 = 53.86 × (0.05 + Ir) where, P2017 = the price for a Category B allowance in 2017, and Ir = the average monthly Consumer Price Index for Ontario for the 12-month period ending on September 30, 2016, divided by the average monthly Consumer Price Index for Ontario for the 12-month period ending on September 30, 2015. (3) The price of an Ontario emission allowance classified as Category C in 2017 is determined by applying the following formula: P2017 = 59.85 × (0.05 + Ir) where, P2017 = the price for a Category C allowance in 2017, and Ir = the average monthly Consumer Price Index for Ontario for the 12-month period ending on September 30, 2016, divided by the average monthly Consumer Price Index for Ontario for the 12-month period ending on September 30, 2015. (4) The price of an Ontario emission allowance classified as Category A, B or C in each year after 2017 is determined by applying the following formula: Py = P(y-1) × (0.05 + Ir) where, Py = the price for an emission allowance of the relevant category in year y, P(y-1)= the price for an emission allowance of the relevant category in the year immediately preceding year y, and Ir = the average monthly Consumer Price Index for Ontario for the 12-month period ending on September 30 in the year immediately preceding year y, divided by the average monthly Consumer Price Index for Ontario for the 12-month period ending on September 30 in the year that is two years immediately preceding year y.
Bids in excess of holding limit
 81. (1) After the period of time for bidding has concluded, the Minister shall, in the circumstances described in subsection (2), reject bids or portions of bids of a participant, starting with the participant’s lowest bid price and continuing in increasing order by bid price. (2) The Minister shall reject bids or portions of bids under subsection (1) if acceptance of all of the participant’s bids would result in contravention of a limit under section 40. (3) The Minister shall reject bids or portions of bids under subsection (1) until the total of the participant’s bids remaining would, if accepted, not result in contravention of the limit under section 40.
Determination of actual maximum bid value
 82. (1) Before accepting any bids, the Minister shall determine whether each participant’s actual maximum bid value, as determined under subsection (2), is greater than the participant’s financial assurance. O. Reg. 144/16, s. 82 (1); O. Reg. 473/16, s. 33. (2) The participant’s actual maximum bid value is determined as follows: 1. For each bid price proposed by the participant, multiply the bid price by the number of emission allowances that the participant proposed to purchase at that bid price. 2. Determine the sum of the results calculated under paragraph 1.
Maximum bid value in excess of financial assurance
 83. If the actual maximum bid value of a participant’s bids exceeds the value of the participant’s financial assurance, the Minister shall remove from the participant’s bids enough lots such that the remaining bids would not result in the actual maximum bid value exceeding the value of the financial assurance.
Acceptance of bids
 84. (1) The Minister shall accept bids that have not been rejected for each category in accordance with this section, dealing with each category of emission allowances in the following order: Category A, Category B, Category C. (2) If the total quantity of emission allowances bid upon in a category is equal to or less than the quantity of emission allowances of that category available, then the Minister shall distribute the emission allowances of that category in accordance with the bids. (3) If the total quantity of emission allowances bid upon in a category exceeds the quantity of emission allowances of that category offered for sale, as set out in the notice of sale, then the Minister shall distribute the emission allowances of that category in accordance with the following steps: 1. Divide the quantity of emission allowances of the category bid upon by each participant by the total quantity of emission allowances of that category offered for sale. This is the participant’s share of the emission allowances of that category. 2. Multiply each participant’s share determined under paragraph 1 by the quantity of emission allowances of the category offered for sale, rounding down to the nearest whole number. This is the number of emission allowances to be distributed to the participant. 3. If any emission allowances remain after carrying out the steps under paragraphs 1 and 2, distribute the remaining emission allowances as follows: i. Assign a random number to each participant who submitted a bid for emission allowances of the category. ii. Distribute one emission allowance at a time to the participants in ascending order by the random number assigned, until no more emission allowances of the category remain. Distribution Free of Charge
Distribution Free of Charge
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Who may apply
 85. (1) The owner or operator of a facility may apply to the Minister for Ontario emission allowances to be distributed free of charge under subsection 31 (2) of the Act to the person in respect of the facility if, (a) an emissions report is required to be prepared and verified in accordance with the Reporting Regulation in respect of the facility; and (b) the person meets a description set out in subsection (2). O. Reg. 257/17, s. 13 (1). (2) The person must be the owner or operator of the facility during the year in which the person applies and must meet one of the following descriptions: 1. The person is required to register in that year or is registered in that year as a mandatory participant in respect of the specified GHG activities engaged in at the facility. 2. Subject to subsection (3), the person is registered no later than September 1 as a voluntary participant in respect of the specified GHG activities engaged in at the facility. O. Reg. 144/16, s. 85 (2); O. Reg. 257/17, s. 13 (2, 3); O. Reg. 450/17, s. 41 (1). (3) The Director may extend the deadline set out in paragraph 2 of subsection (2) to a day no later than October 23 by providing notice in writing to the public in a manner that the Director considers appropriate. O. Reg. 450/17, s. 41 (2). (4) A person is not permitted to apply to the Minister in a year if any of the following circumstances applies: 1. In the year in which the application is made, i. the only specified GHG activity engaged in at the facility is the activity described in Item 18 of Schedule 2 to the Reporting Regulation, or ii. the specified GHG activity described in Item 19 of Schedule 2 to the Reporting Regulation is engaged in at the facility. 2. The following criteria are met in respect of the facility at which the specified GHG activities are engaged in: i. The primary activity engaged in at the facility is the specified GHG activity described in Item 7 of Schedule 2 to the Reporting Regulation. ii. No products are produced at the facility other than electricity and any heat, steam or by-product gas. iii. The facility receives natural gas directly from an international or inter-provincial natural gas transmission pipeline or electricity is generated at the facility from a fuel other than natural gas, petroleum products, process gas or biomass. 3. On a day before the application is made, all specified GHG activities engaged in at the facility cease permanently. 4. The owner or operator of the facility changed during the year and the previous owner or operator already applied in the year to the Minister for Ontario emission allowances to be distributed free of charge. O. Reg. 144/16, s. 85 (4); O. Reg. 473/16, s. 34; O. Reg. 257/17, s. 13 (5).
Application
 86. (1) Each application under section 85 must be for the distribution of emission allowances in the year following the year in which the application is made. (2) Subject to subsection (3), the deadline for submitting an application to the Minister is September 8 in each year. O. Reg. 144/16, s. 86 (2); O. Reg. 450/17, s. 42 (1). (3) The Director may extend the deadline to a day no later than October 30 by providing notice in writing to the public in a manner that the Director considers appropriate. O. Reg. 144/16, s. 86 (3); O. Reg. 450/17, s. 42 (2). (4) Each application must be in respect of the specified GHG activities engaged in at a single facility. (5) An applicant must apply by completing the application form approved by the Director. (6) The application must include a statement signed and dated by an individual who is authorized by the applicant to sign on behalf of the person, certifying that, (a) the applicant is eligible to apply under section 85; (b) the individual has examined the application to ensure that it is complete and accurate; and (c) the statements and information contained in the application are true and accurate to the best of the individual’s knowledge.
Notice of permanent cessation of activities after application made
 87. If a person has applied under section 85 in respect of specified GHG activities engaged in at a facility and those activities permanently cease to be engaged in at the facility in the same year in which the application was made, the applicant shall withdraw the application by giving written notice to the Minister no later than December 31 in that year, stating that the activities have ceased permanently and the day on which they ceased.
Minister’s consideration of application
 88. (1) Upon receiving an application under section 85 from a person who is eligible to apply to the Minister under that section, the Minister shall determine the number of emission allowances that may be distributed free of charge to the person in respect of the specified GHG activities. (2) The Minister shall determine the number of emission allowances in accordance with the document entitled “Methodology for the Distribution of Ontario Emission Allowances Free of Charge”, published by the Ministry and available from the Ministry, dated November 2017. O. Reg. 144/16, s. 88 (2); O. Reg. 473/16, s. 35; O. Reg. 450/17, s. 43. (3) If, upon receipt of an application, the Minister is of the opinion that any of the information required to be included in the application is inaccurate or incomplete, the Minister may request in writing that the applicant give additional information to the Minister on or before a day specified in the request, for the purpose of allowing the Minister make a determination in respect of the application. (4) The Minister is not required to consider any information the applicant gives to the Minister after the day specified in the request. (5) The Minister may refuse the application as a whole or any portion of an application in respect of which the information given under this section is, in the opinion of the Minister, inaccurate or incomplete. (6) For the purposes of subsection (5), information given under this section includes information given as part of the initial application and information given in response to a request for information under this section. (7) The Minister shall refuse an application in respect of specified GHG activities engaged in at a facility if the Minister has information that satisfies the Minister that the activities have permanently ceased to be engaged in at the facility in the year in which the application is made.
Notice of decision
 89. (1) The Minister shall give written notice to an applicant of the Minister’s proposed decision in respect of an application under section 85. (2) The notice shall include the following information: 1. If the Minister proposes to refuse the application or a portion of the application, a description of the proposed refusal and the reasons for the proposed refusal. 2. If the Minister proposes to distribute a number of emission allowances to the applicant under subsection 31 (2) of the Act, the proposed determination. 3. A statement that the applicant may, no later than five days following the day the notice was given, submit comments in writing to the Minister in respect of the proposal. O. Reg. 144/16, s. 89 (2); O. Reg. 473/16, s. 36 (1). (3) The Minister shall consider any comments received from the applicant before making a final decision. O. Reg. 144/16, s. 89 (3); O. Reg. 473/16, s. 36 (2).
Rules re distribution free of charge
 90. (1) In respect of each year in which applications under section 85 are received, the Minister may only distribute Ontario emission allowances that have a vintage year that is the year following the year in which the application was made. (2) The Minister may only distribute emission allowances under subsection 31 (2) of the Act to applicants who are capped participants at the time of the distribution. (3) Subject to subsection (4), if the Minister decides to distribute emission allowances to an applicant under subsection 31 (2) of the Act, the Minister shall transfer the emission allowances to the applicant’s holding account during the period beginning on January 1 and ending on January 15 in the year following the year in which the application was made. (4) For the purpose of applications made in the first year following a compliance period, the Minister shall transfer emission allowances to the applicant’s holding account no later than October 25 in the year the application was made. O. Reg. 144/16, s. 90 (4); O. Reg. 450/17, s. 44. part VII   Miscellaneous
PART VII MISCELLANEOUS
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Retention of records
 91. A registered participant shall keep all records created by the participant relating to the following matters in a paper or electronic format for a period of at least seven years after the records were created: 1. Registration in the cap and trade program. 2. Transactions in the cap and trade program. 3. Designation of account agents. 4. Application for distribution of emission allowances free of charge. 5. Ontario early reduction credits.
Giving or submitting records, form and manner
 92. (1) In this Regulation, if a record is required to be given or submitted, other than a record required to be given or submitted by the Director, the record shall be submitted in a form provided by or approved by the Director and in a manner approved by the Director. (2) The Director may require that a record that is given to the Director under this Regulation be given in an electronic format specified by the Director.
Information to be provided for registration
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