; (2) as modifying the Federal Power Act or as affecting the authority of the Federal Energy Regulatory Commission under that Act; or (3) as interfering with or impairing any program for competitive bidding for power supply in a State in which such a program is established. (d) Position limits (1) In general The regulations promulgated under section 729 shall limit the number of emission allowances that an entity may hold at any time in a calendar year. (2) Limits The Administrator, in consultation with the Commodity Futures Trading Commission, shall set limits under paragraph (1)— (A) on the number of emission allowances distributed in a calendar year that an entity may hold in such calendar year; (B) on the total number of emission allowances that an entity may hold in a calendar year; (C) so that no entity may at any time hold a number of emission allowances that may influence the price of emission allowances; and (D) in a manner that will ensure adequate liquidity for buyers and sellers of emission allowances. (e) Status of surrendered emission allowances Once an emission allowance is surrendered to the Administrator under this title, the emission allowance shall be disqualified from subsequent use under this title, including subsequent sale, exchange, or submission. (f) Orderly and competitive market The regulations promulgated under section 729 shall specify all procedures and requirements necessary for the orderly and competitive functioning of any emission allowance market. 728. Oversight (a) In general Not later than January 1, 2022, and every 2 years thereafter, the Comptroller General of the United States shall submit to Congress a report on— (1) the results of implementation of this title