The California Air Resources Board (CARB) has held its most important meetings related to the Cap and Trade Regulation (Regulation) annually in October over the last few years, and 2013 was no exception. On October 25, CARB staff presented to the Board both retroactive and proactive "tweaks" to the program in anticipation of its next major milestone-the broadening of the compliance market in 2015 when transportation fuels are included. Let's review what happened and the next steps in the process.