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allowances from the annual allowance budget of the current year and 1 allowances from the annual allowance budgets from prior years that 2 remain to be distributed. The department must transmit to the 3 environmental justice council an auction notice at least 60 days 4 prior to each auction, as well as a summary results report and a 5 postauction public proceeds report within 60 days after each auction. 6 The department must communicate the results of the previous calendar 7 year's auctions to the environmental justice council on an annual 8 basis beginning in 2024. 9 (b) The department must make future vintage allowances available 10 through parallel auctions at least twice annually in addition to the 11 auctions through which current vintage allowances are exclusively 12 offered under (a) of this subsection. 13 (3) The department shall engage a qualified, independent 14 contractor to run the auctions. The department shall also engage a 15 qualified financial services administrator to hold the bid 16 guarantees, evaluate bid guarantees, and inform the department of the 17 value of bid guarantees once the bids are accepted. 18 (4) Auctions are open to covered entities, opt-in entities, and 19 general market participants that are registered entities in good 20 standing. The department shall adopt by rule the requirements for a 21 registered entity to register and participate in a given auction. 22 (a) Registered entities intending to participate in an auction 23 must submit an application to participate at least 30 days prior to 24 the auction. The application must include the documentation required 25 for review and approval by the department. A registered entity is 26 eligible to participate only after receiving a notice of approval by 27 the department. 28 (b) Each registered entity that elects to participate in the 29 auction must have a different representative. Only a representative 30 with an approved auction account is authorized to access the auction 31 platform to submit an application or confirm the intent to bid for 32 the registered entity, submit bids on behalf of the registered entity 33 during the bidding window, or to download reports specific to the 34 auction. 35 (5) The department may require a bid guarantee, payable to the 36 financial services administrator, in an amount greater than or equal 37 to the sum of the maximum value of the bids to be submitted by the 38 registered entity. 39 p. 685 ESSB 5187.SL