EPA established the Cross-State Air Pollution Rule (CSAPR) NO_X Ozone Season Group 2 Trading Program in 2016 as part of the CSAPR Update rule. On September 13, 2019, the U.S. Court of Appeals for the D.C. Circuit issued a decision in Wisconsin v. EPA remanding the CSAPR Update rule to EPA for further action to address the court’s holdings. In response to the remand, EPA has issued a proposal for a Revised CSAPR Update rule. EPA intends to take final action with respect to the proposal by March 15, 2021.

When considering the purchase or sale of CSAPR NO_X Ozone Season Group 2 allowances, prospective buyers and sellers should be aware that the outcome of the pending rulemaking process may affect the compliance usability or monetary value of such allowances. EPA’s continued implementation of the existing trading program regulations, including EPA’s recordation of newly issued allowances, does not guarantee or imply that any existing or newly issued CSAPR NO_X Ozone Season Group 2 allowances will continue to have the same compliance usability or monetary value in the future under any new or revised trading program regulations.