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Q-2, r. 46.1 - Regulation respecting a cap-and-trade system for greenhouse gas emission allowances
Section 48
Disposition versions
48. Every bidder must, at least 12 days before the date of the auction, submit a financial guarantee to the Minister.
The guarantee must be valid for a period of at least 26 days following the date of the auction, must be sufficient to purchase a lot of emission units at the minimum price set pursuant to the third paragraph of section 49, and must be provided in the form of
(1) bank transfer;
(1.1) an irrevocable letter of credit issued by a bank constituted under the Bank Act (S.C. 1991, c. 46) or by a financial services cooperative constituted under the Act respecting financial services cooperatives (chapter C-67.3);
(2) a letter of guarantee issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(3) (subparagraph revoked);
(4) (subparagraph revoked).
The guarantee must be submitted in Canadian dollars. However, in the case of an auction for which the required guarantee is held jointly with a partner entity in the United States, the guarantee may also be submitted in US dollars.
If the Minister has delegated the administration of the financial services for the system in accordance with section 46.13 of the Environment Quality Act (chapter Q-2), the financial guarantee must be made out to the delegatee and or, where applicable, the delagatee’s financial institution, and deposited with the delagatee or the financial institution.
48. Every bidder must, at least 12 days before the date of the auction, submit a financial guarantee to the Minister.
The guarantee must be valid for a period of at least 26 days following the date of the auction and must be provided in the form of
(1) bank transfer;
(1.1) an irrevocable letter of credit issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(2) a letter of guarantee issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(3) (subparagraph revoked);
(4) (subparagraph revoked).
The guarantee must be submitted in Canadian dollars. However, in the case of an auction for which the required guarantee is held jointly with a partner entity in the United States, the guarantee may also be submitted in US dollars.
If the Minister has delegated the administration of the financial services for the system in accordance with section 46.13 of the Environment Quality Act (chapitre Q-2), the financial guarantee must be made out to the delegatee and or, where applicable, the delagatee’s financial institution, and deposited with the delagatee or the financial institution.
48. Every bidder must, at least 12 days before the date of the auction, submit a financial guarantee to the Minister.
The guarantee must be valid for a period of at least 26 days following the date of the auction and must be provided in the form of
(1) bank transfer;
(1.1) an irrevocable letter of credit issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(2) a letter of guarantee issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(3) (subparagraph revoked);
(4) (subparagraph revoked).
Letters of credit and letters of guarantee provided in accordance with subparagraphs 1.1 and 2 of the second paragraph are deposited with the Minister of Finance, pursuant to the Act respecting deposits with the Bureau général de dépôts pour le Québec (chapter D-5.1).
The guarantee must be submitted in Canadian dollars. However, in the case of an auction for which the required guarantee is held jointly with a partner entity in the United States, the guarantee may also be submitted in US dollars.
If the Minister has delegated the administration of the financial services for the system in accordance with section 46.13 of the Environment Quality Act (chapitre Q-2), the financial guarantee must be made out to the delegatee and or, where applicable, the delagatee’s financial institution, and deposited with the delagatee or the financial institution.
48. Every bidder must, at least 12 days before the date of the auction, submit a financial guarantee to the Minister.
The guarantee must be valid for a period of at least 26 days following the date of the auction and must be provided in the form of
(1) bank transfer;
(1.1) an irrevocable letter of credit issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(2) a letter of guarantee issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(3) (subparagraph revoked);
(4) (subparagraph revoked).
Letters of credit and letters of guarantee provided in accordance with subparagraphs 1.1 and 2 of the second paragraph are deposited with the Minister of Finance, pursuant to the Deposit Act (chapter D-5).
The guarantee must be submitted in Canadian dollars. However, in the case of an auction for which the required guarantee is held jointly with a partner entity in the United States, the guarantee may also be submitted in US dollars.
If the Minister has delegated the administration of the financial services for the system in accordance with section 46.13 of the Environment Quality Act (chapter Q-2), the financial guarantee must be made out to the delegatee and or, where applicable, the delagatee’s financial institution, and deposited with the delagatee or the financial institution.
48. Every bidder must, at least 12 days before the date of the auction, submit a financial guarantee to the Minister.
The guarantee must be valid for a period of at least 26 days following the date of the auction and must be provided in the form of
(1) a transfer or draft issued by a bank constituted under the Bank Act (S.C. 1991, c. 46) or by a financial services cooperative constituted under the Act respecting financial services cooperatives (chapter C-67.3) or certified cheque made out to the Minister of Finance;
(1.1) an irrevocable letter of credit issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(2) a letter of guarantee issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(3) (subparagraph revoked);
(4) (subparagraph revoked).
All drafts, cheques, letters of credit or letters of guarantee provided as a guarantee must be deposited with the Minister of Finance pursuant to the Deposit Act (chapter D-5).
The guarantee must be submitted in Canadian dollars. However, in the case of an auction for which the required guarantee is held jointly with a partner entity in the United States, the guarantee may also be submitted in US dollars.
If the Minister has delegated the administration of the financial services for the system in accordance with section 46.13 of the Environment Quality Act (chapter Q-2), the financial guarantee must be made out to the delegatee and or, where applicable, the delagatee’s financial institution, and deposited with the delagatee or the financial institution.
48. Every bidder must, at least 12 days before the date of the auction, submit a financial guarantee to the Minister.
The guarantee must be valid for a period of at least 21 days following the date of the auction and must be provided in the form of
(1) a transfer or draft issued by a bank constituted under the Bank Act (S.C. 1991, c. 46) or by a financial services cooperative constituted under the Act respecting financial services cooperatives (chapter C-67.3) or certified cheque made out to the Minister of Finance;
(1.1) an irrevocable letter of credit issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(2) a letter of guarantee issued by a bank constituted under the Bank Act or by a financial services cooperative constituted under the Act respecting financial services cooperatives;
(3) (subparagraph revoked);
(4) (subparagraph revoked).
All drafts, cheques, letters of credit or letters of guarantee provided as a guarantee must be deposited with the Minister of Finance pursuant to the Deposit Act (chapter D-5).
The guarantee must be submitted in Canadian dollars. However, in the case of an auction for which the required guarantee is held jointly with a partner entity in the United States, the guarantee may also be submitted in US dollars.
If the Minister has delegated the administration of the financial services for the system in accordance with section 46.13 of the Environment Quality Act (chapter Q-2), the financial guarantee must be made out to the delegatee and or, where applicable, the delagatee’s financial institution, and deposited with the delagatee or the financial institution.
48. Every bidder must, at least 12 days before the date of the auction, submit a financial guarantee to the Minister.
The guarantee must be valid for a period of at least 21 days following the date of the auction and must be provided in the form of
(1) a transfer, bank draft or money order, postal money order or certified cheque made out to the Minister of Finance;
(1.1) an irrevocable letter of credit issued to the Minister of Finance and the Economy by a bank or financial services cooperative;
(2) a bearer bond issued or guaranteed by Québec, Canada or a Canadian province, the United States of America or one of its member States, the International Bank for Reconstruction and Development, a municipality or school board in Canada, or a fabrique in Québec;
(3) (subparagraph revoked);
(4) (subparagraph revoked).
All drafts, cheques, orders or bonds provided as a guarantee must be deposited with the Minister of Finance pursuant to the Deposit Act (chapter D-5).
If the Minister has delegated the administration of the financial services for the system in accordance with section 46.13 of the Environment Quality Act (chapter Q-2), the financial guarantee must be made out to the delegatee and or, where applicable, the delagatee’s financial institution, and deposited with the delagatee or the financial institution.
48. Every bidder must, at least 7 days before the date of the auction, submit a financial guarantee to the Minister in an amount equal to or in excess of the total of the bidder’s bids.
The guarantee must be provided in the form of
(1) a bank draft or money order, postal money order or certified cheque made out to the Minister of Finance;
(2) a bearer bond issued or guaranteed by Québec, Canada or a Canadian province, the United States of America or one of its member States, the International Bank for Reconstruction and Development, a municipality or school board in Canada, or a fabrique in Québec;
(3) a security or guarantee policy issued to the Minister of Finance with a stipulation of solidarity and renunciation of the benefits of discussion and division by a legal person authorized to stand security under the Bank Act (S.C. 1991, c. 46), the Act respecting trust companies and savings companies (chapter S-29.01), the Act respecting insurance (chapter A-32) or the Act respecting financial services cooperatives (chapter C-67.3); or
(4) a letter of credit issued to the Minister of Finance by a bank or a financial services cooperative.
All drafts, cheques, orders or bonds provided as a guarantee must be deposited with the Minister of Finance pursuant to the Deposit Act (chapter D-5).
