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

See all articles by Bruno Martín Baumeister

Bruno Martín Baumeister

Universidad Pontificia Comillas ICAI-ICADE

Albert Sanchez-Graells

University of Bristol - School of Law

Date Written: January 4, 2012

Abstract

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

Martín Baumeister, Bruno and Sanchez-Graells, Albert, 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) (January 4, 2012). Revista de Derecho Bancario y Bursátil (RDBB), No. 127, July-September 2012. Available at SSRN: https://ssrn.com/abstract=1979250 or http://dx.doi.org/10.2139/ssrn.1979250

Bruno Martín Baumeister

Universidad Pontificia Comillas ICAI-ICADE ( email )

Alberto Aguilera 23
Madrid, Madrid 28015
Spain

Albert Sanchez-Graells (Contact Author)

University of Bristol - School of Law ( email )

Wills Memorial Building
Queen's Road Clifton
Bristol, BS8 1RJ
United Kingdom

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