Algunas Reflexiones en Torno a Las Garantías Pignoraticias Sobre Derechos de Emisión de Gases de Efecto Invernadero y Su Ejecución (Some Thoughts Regarding the Use of Greenhouse Gas Emission Rights as Financial Collateral and their Enforcement)
Revista de Derecho Bancario y Bursátil (RDBB), No. 127, July-September 2012
Revista de Derecho Bancario y Bursátil (RDBB), No. 128, October-December 2012
21 Pages Posted: 5 Jan 2012 Last revised: 20 May 2013
Date Written: January 4, 2012
The use of greenhouse gas emission rights as financial collateral and the feasibility of their enforcement by sale or appropriation raise some issues, such as discerning the legal nature of emission rights under securities law, their suitability for the creation of limited rights and liens thereupon, or the requirements applicable to the perfection, validity, enforceability or admissibility of such collateral so that they can be invoked against third parties - which in turn determine the practical value of such guarantees as credit protection instruments. In this article we aim to address these issues under the current Spanish system and to project it into the future, for the period 2013-2020, when major changes in the EU scheme for greenhouse gas emission rights will come into force.
Note: Downloadable document is in Spanish.
Keywords: greenhouse gas emission rights, financial guarantees, pledge, enforcement, liens, financial instruments, Spanish securities law, Spanish registry of emission rights (RENADE)
JEL Classification: K11, K12, K22
Suggested Citation: Suggested Citation