§ 145.407. Submission of financial security.
(a) To participate in a CO2 allowance auction, a qualified participant shall provide financial security to the Department, including a bond, cash, certified funds or an irrevocable stand-by letter of credit, in a form and manner prescribed by the Department in the notice of the CO2 allowance auction.
(b) The Department will approve the qualified participant to participate as a bidder in the specified CO2 allowance auction after the Department has approved the financial security submitted under subsection (a). The eligibility to bid in any auction shall be limited to the level of financial security provided.
(c) A qualified participant who submits financial security may request return of the financial security at any time prior to or following a CO2 allowance auction, subject to the following limitations:
(1) A request for the return of financial security prior to a CO2 allowance auction will result in the Department revoking approval to participate in the CO2 allowance auction, as of the date of the request.
(2) The Department will not return the financial security if the Department has a current or pending claim to the financial security as a result of the failure of the bidder to abide by the requirements of this subchapter or to pay the full amount of a submitted bid when payment is due.
Cross References This section cited in 25 Pa. Code § 145.302 (relating to definitions); 25 Pa. Code § 145.401 (relating to auction of CO2 allowances); 25 Pa. Code § 145.406 (relating to auction participant qualification); and 25 Pa. Code § 145.409 (relating to approval of auction results).
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