•• Verifying Market Facilitators’ adherence to the International Attribute Tracking Standard
Market Facilitators are organizations that have recognized a need for attribute tracking systems and have taken the steps to facilitate an aspect of an attribute market under the guidance of the International Attribute Tracking Standard (Standard). Market Facilitators can be a government, private enterprise, or non-profit organization. In the Standard, Market Facilitators are mandated to have clear separation from Market Participants who are engaged in buying, selling, and trading the facilitated Product Certificates. This is done to ensure fair market implementation and independence in the facilitation.
Accreditation through the International Tracking Standard Foundation (I-TRACK Foundation) allows Market Facilitators a means of demonstrating adherence to the Standard and global best practices.
The following are the Market Facilitators roles that can be Accredited by the I-TRACK Foundation:
An organization that facilitates the roles of the Product and ensures reliable implementation through clearly defined rules.
An organization that follows the rules of the Standard and ensures that the Issuance of Product Certificates meets the requirements of the Code Manager, the Standard, the Product Code, and national regulations.
An organization that maintains the core records and technical infrastructure required for Product implementation.
An optional organization that enable visualization, trading, market, or other facilitation infrastructure to market players.
Market Participants interested in making use of a Product should contact the individual Code Manager for more information.
Accreditation Process for Market Facilitators
The Accreditation process for Market Facilitators is generally arranged by the I-TRACK Foundation but may also be organized with third-party support or input, subject to approval by the I-TRACK Foundation Board (Board). The Board is the only authority that can assess and decide whether Market Facilitators applying for Accreditation adhere to the Standard and should be granted Accreditation.
For instance, when a Market Facilitator is applying for Accreditation as an Issuer, the I-TRACK Foundation may grant conditional or limited Accreditation where there are concerns related to competition, legislative implementation, or other requirements related to adherence to best practice. Overall, while the process of Accreditation is both upfront and ongoing, each Market Facilitator, for each Product, has a slightly different Accreditation process for which the core Principles are described in the Standard and associated documentation.
Accreditation Process for Product Codes
The Standard is not rigid about the structure of Product Codes, which permits Code Managers flexibility in constructing their own processes and regulations to suit the purpose of their Product and any relevant legal and commercial considerations. However, the process of developing and gaining Accreditation for a Product Code is stringent and time consuming. Each Product Code must be prepared for and reviewed by the Board, in collaboration with or independently, of the I-TRACK Foundation and be found to be distinctly unique in purpose and function from any other Product Code. It is important to note that this distinction can be in relation to a Product definition or to a geographical restriction.
Formalization of an Accreditation Agreement for a Product Code
Following the submission of a ‘Preliminary Report for Preparing a Product Code for Accreditation’ and approval of a Product Code by the Board, an Accreditation Agreement will be formalized between the I-TRACK Foundation and the Code Manager.
Based on the requirements of the I-TRACK Foundation, adherence to the Principles stipulated in the Standard may require additional agreements that have not been included in the Product Code. Critical aspects will include defining supplementary rules that are relevant for the Entity based on their legal status in the country or countries of operation.