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(6) To protect the integrity of the auctions, a registered entity 1 or group of registered entities with a direct corporate association 2 are subject to auction purchase and holding limits. The department 3 may impose additional limits if it deems necessary to protect the 4 integrity and functioning of the auctions: 5 (a) A covered entity or an opt-in entity may not buy more than 10 6 percent of the allowances offered during a single auction; 7 (b) A general market participant may not buy more than four 8 percent of the allowances offered during a single auction and may not 9 in aggregate own more than 10 percent of total allowances to be 10 issued in a calendar year; 11 (c) No registered entity may buy more than the entity's bid 12 guarantee; and 13 (d) No registered entity may buy allowances that would exceed the 14 entity's holding limit at the time of the auction. 15 (7)(a) For fiscal year 2023, upon completion and verification of 16 the auction results, the financial services administrator shall 17 notify winning bidders and transfer the auction proceeds to the state 18 treasurer for deposit as follows: (i) $127,341,000 must first be 19 deposited into the carbon emissions reduction account created in RCW 20 70A.65.240; and (ii) the remaining auction proceeds to the climate 21 investment account created in RCW 70A.65.250 and the air quality and 22 health disparities improvement account created in RCW 70A.65.280. 23 (b) For fiscal year 2024, upon completion and verification of the 24 auction results, the financial services administrator shall notify 25 winning bidders and transfer the auction proceeds to the state 26 treasurer for deposit as follows: (i) $356,697,000 must first be 27 deposited into the carbon emissions reduction account created in RCW 28 70A.65.240, except during fiscal year 2024, the deposit as provided 29 in this subsection (7)(b)(i) may be prorated equally across each of 30 the auctions occurring in fiscal year 2024; and (ii) the remaining 31 auction proceeds to the climate investment account created in RCW 32 70A.65.250 and the air quality and health disparities improvement 33 account created in RCW 70A.65.280, which may be prorated equally 34 across each of the auctions occurring in fiscal year 2024. 35 (c) For fiscal year 2025, upon completion and verification of the 36 auction results, the financial services administrator shall notify 37 winning bidders and transfer the auction proceeds to the state 38 treasurer for deposit as follows: (i) $366,558,000 must first be 39 deposited into the carbon emissions reduction account created in RCW 40 p. 686 ESSB 5187.SL