| Globally, as a response to climate change and greenhouse gas emissions reduction policy instrument, the allowance-based carbon emission trading has been widely used. Carbon Emission Trading Market has more complicated structure and operation, comparing to the commodity or financial market in a common sense. It highlights the need for effective regulation to maintain the orderly operation of the carbon emissions trading system in order to achieve the intended purpose of the reduction of carbon emissions trading market. China is the largest remitter of carbon emissions in the world. Comparing to the counterparts of EU and US, China’s carbon emissions trading market is in its infancy, which is characterized by imperfect legal regulation, the presence of low-level legislative and uncoordinated legal norms.To research the legal regulation of carbon emissions trading in China has important practical value in that it helps to promote the healthy development of the carbon emissions trading market and the effective reduction of greenhouse gas emissions. This study focused on the following parts: firstly, to reveal the necessity and the basic principles of carbon emissions trading; secondly, to analyze carbon emissions pilot practice of seven provinces/cities, clarify the regulatory status quo at the present stage of carbon emissions trading market and makes conclusions about the deficiencies of it; thirdly, to explore useful experience of EU and US and presents some proposals for improvement in China.Beginning in June 2013, Shenzhen, Beijing, Shanghai, Guangdong, Hubei,Tianjin and Chongqing, "Provinces five cities" have started pilot. China plans to launch a national carbon trading market in 2016. This article focuses on the practice of the seven provinces in laws and policies, legal and regulatory aspects, sum up experience and inadequate, to build the national market policy recommendations.Currently, the lack of presence of carbon trading, including the legislative level is too low; the local government’s regulatory standards are not uniform; the presence of the initial allocation of emission rights is unfair; reporting and verification mechanism is not perfect; disclosure of information is too simple; violators punished enough and so on. In contrast to improve measures to improve the legislative model to improve the legislative level, to improve the legislative process, appropriate to retain the autonomy of local legislation; ensuring the adequacy of government regulation,regulatory transparency and openness, including improving the total greenhouse gas control system The initial allocation to improve carbon emissions; development of flexible compliance system controlled discharge of enterprises; strengthen government supervision, including the establishment of a regular reporting system controlled companies, third-party verification mechanism to review qualifications,increase penalties for illegal business; improve the information Disclosure determine subject, object, and manner of disclosure.Regulatory carbon market are mainly three levels, the first is the level of market regulation; the second is the secondary market regulation; third, derivatives market regulation. Regulation of the primary market to focus on recording the initial ownership of carbon credits and carbon credits, regulatory quota trading and carbon offset credit creation and certification. Secondary market transactions including spot and forward transactions, the main direction of regulatory change in ownership quotas,market price operation behavior, information disclosure, trading commodities position abuse. Derivatives including futures, options and swap transactions, regulatory focus is to focus on compliance with the relevant laws, market manipulation, transaction process of supervision, market participants protection and other issues.The basic tools include the development of the carbon market regulation assessment, self-discipline, responsibility system, market position reports, transaction monitoring, transaction price and size of the report, market participation and position limits and other aspects. Regulatory carbon market should first focus on the basic system of construction of the entire carbon market; followed by industry self-regulatory bodies, regulatory authorities should periodically audit and evaluation supervision exchanges; market participation status reporting system to improve the basis of market transparency; trading regulation can reducing market operations and irregularities; transaction price mechanism to reflect the effectiveness and impact of the price; market position restrictive measures can prevent potential operating market behavior.Overall, during the legal and regulatory issues to think, evaluate the effectiveness of regulation is reasonable, mainly to see whether it can guarantee to achieve price mechanism to ensure transparency of the market, to guarantee the full market participation, to prevent market manipulation, fraud and other illegal behavior and other aspects. Of course, because of the special nature of the carbon market itself, but also when combined with the intrinsic properties of the regulatory carbon market. Inaddition, the complex design of the carbon market system, diverse market participants and other factors gave the legal and regulatory carbon market challenges.Future national carbon emissions trading market to build a carbon market to fully consider the legal supervisor. Effective supervision mechanism can be achieved effective, equitable and open operation. Carbon market regulators should focus on market transparency, authenticity prices, market participation and manipulation, fraud and other market offenses prevention. To improve the laws and regulations as soon as possible, to achieve effective supervision. |
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