This article argues that the law governing transfer of allowances within the EU Emissions Trading System (EU ETS) should place greater weight upon transactional (and environmental) integrity, even over market liquidity. More broadly, it reflects on the role played by registries in sharing or concealing information about the material world. Although property rules enable market activity through the creation of an abstract carbon commodity, they must also link past to future entitlements in a just way. In emissions trading markets, justice in private transactions is intimately connected to public questions of environmental justice. The relevant EU Regulation prioritises facility of transfer over protection of existing holders, insulating registered entitlements from prior proprietary claims. This approach ignores the important connections between history, integrity and responsibility in both public and private spheres. A preferable response would be to distinguish between transactional and register error, protecting against register mistakes, but not transactional defects.

中文翻译：

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是商品还是专有权？未经授权在欧盟排放交易系统中转移无形权利

本文认为，有关欧盟排放交易体系（EU ETS）内配额转移的法律应更加重视交易（和环境）的完整性，甚至是市场流动性。更广泛地讲，它反映了注册管理机构在共享或隐藏有关物质世界的信息方面所起的作用。尽管财产规则通过创建抽象的碳商品来促进市场活动，但它们还必须以合理的方式将过去与未来的权利联系起来。在排放交易市场中，私人交易中的正义与公共环境正义问题紧密相关。欧盟相关法规优先考虑了对现有持有人的保护之上的转移，从而使注册权利与先前的专有权利要求相隔离。这种方法忽略了公共和私人领域的历史，诚信和责任之间的重要联系。一个更好的响应是在交易错误和注册错误之间进行区分，以防止注册错误，而不是交易缺陷。