On 8 March 2021, there was published a draft of The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 together with a revised draft explanatory memorandum. The draft statutory instrument (SI) is being made as part of the legislative effort to establish a UK Emissions Trading Scheme (ETS) and accompanying emission allowance market. The draft statutory instrument updates existing UK provisions to reflect that the UK is no longer part of the EU ETS but has now established the UK ETS. The holding of a UK auction of emissions allowances will, if approved by Parliament, be governed by the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021. The draft SI is specifically concerned with amendments to financial services law that govern access to a UK ETS auction platform, what is required of an auction platform, and the auctioning and trading of emissions allowances as financial instruments