7. Compliance
42. All Annex I, [Annex II] [and Annex B Parties] shall report on an annual basis, all contributionsmade. Annual reports of contributions by Parties shall be maintained by the secretariat in a contribution ledger. This ledger shall be maintained on a publicly available link on the secretariat website;
43. A compliance mechanism shall be established to ensure the full implementation of the commitments of Annex I, [Annex II] [and Annex B Parties], for commitments on Articles 4.3, 4.4, 4.5, 4.8 and 4.9 of the Convention with reference to their agreed assessed contributions for the provision of financial resources, This body shall:
(a) Review compliance of [developed country] [Annex I and Annex [B][II]Parties with their commitments on the provision of financial resources in a timely and predictable manner and in consonance with the needs identified by the developing country Party ;
(b) [The Board of the Multilateral Fund shall undertake] Annually review compliance of [developed country]Annex I [ and Annex B][Annex II] Parties with their commitments on the provision of financial resources in a timely and predictable manner[to the
Multilateral Fund for Climate Change] and in consonance with the needs identified by the developing country Party and shall make a report to the COP (or the Conference of Parties serving as the assembly of Parties) at it annual meeting;
(c) Define non-compliance parameters, penalties and fines, or a combination of the two or other as appropriate, and implement parameters and procedures defined by the COP to retrieve funds derived from fines and penalties;
(d) Impose financial penalties, at a minimum of ten times the market price of carbon, for any emissions in excess of the level implied by the emissions reduction commitment.
