To ensures that all transfers comply with EU ETS rules, The European Transaction Log (EUTL) continuously and automatically checks, records and authorises all transactions between accounts in the Union Registry.
The transaction log contains data on transfer history, free allocation, verified emissions, compliance status surrender history and which units were used in surrenders. The Registry Regulation regulates which information is public.
The purpose of the EUTL
The EUTL is a function separated from the Union Registry in place to monitor the integrity of the Union Registry and records, verifies and approves all transfers between accounts. The check ensures that all transfers from one account to another are in accordance with the rules of the trading system (and the Kyoto Protocol rules in cases where entities originating in the Kyoto Protocol are involved).
Furthermore, EUTL checks and records all data for units entering or leaving the Union Registry. This may apply to Kyoto units such as CER or ERU which can move in and out of the Union Registry.
Every day, all data in the EUTL are checked and compared with corresponding data in the Union Registry to ensure consistency and integrity. The process is called reconciliation. Any inconsistencies are reported immediately, and the affected accounts or entities can be blocked until the inconsistency is investigated.