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Confirmation was established in agreement with IETA on ETS-specific emissions conditions, which led to the IETA trade agreement, which offers more incentives to improve individual EU quota transactions between companies with limited trading opportunities. The communication between ISDA and IETA has a considerable advantage in that the two new confirmations extend the scope of the European emissions market, contribute to the development of market liquidity and reduce any basic legal risk between available documents. The International Swaps and Derivatives Association (ISDA) has published, on 7 July 2004, a confirmation of its use in the physical treatment of counterparties in EU emission allowances, which were created to facilitate EU quota trading under the EU Emissions Trading Scheme (ETS) and integrate EU quota trading into the ISDA documentary architecture. It allows companies to use their ISDA management contracts and, later, in 2004, ISDA`s definitions of raw materials for EU quota trading, which allow financial institutions to become more involved in new emissions trading activities. IETA is the market leader in providing standardized documentation for emissions trading (the last update on 14 September 2012). IETA provides a series of documents covering primary and secondary OVER-the-counter issuance markets. Through the Secretariat and its specialized members, IETA manages, updates and develops new contracts known for their clarity, brevity and focus on the details of the carbon market. Below is our standardized documentation suite. In accordance with the EU`s 2003/87/EC Directive on the Emissions Trading Scheme (the legal basis of the ETS), EU Member States were due to publish their national emissions allocation plans by May 2004 to determine the level of EU quotas allocated to different sectors in their legal system. In return, companies must register their business accounts in a register of Member States before they start transferring EU quotas. Trade is expected to begin on January 1, 2005. The first compliance period extends from that date to December 31, 2008. If you have any legal questions about the business documents listed below, please contact an authorized law specialist.

For any general questions, please contact the IETA secretariat. Please note that the CETMA files provided on this page contain the following: If you need more information or advice, please contact Jason Harding on (0) 207 367 3138 or jason.harding@cms-cmck.com, Stephen Hewett at (0) 207 367 2970 or stephen.hewett@cms-cmck.com, Amanda Seaton on (0) 207 367 3454 or amanda.seaton@cms-cmck.com, Claire Reid on 0 207 367 3378 or claire.reid@cms-cmck.com or Ben Watford at (0) 207 367 2931 or in ben.watford@cms-cmck.com California Emissions Master Agreement (CETMA) v. 1.1 Word (version).