This note has been prepared as a basis for discussion by Parties during the pre-sessional consultations on registry systems to be held on 13 and 14 May 2005 in Bonn, Germany. It provides information on the role of the international transaction log (ITL) and the checks it is to perform in its function of verifying the validity of transactions to implement the modalities for the accounting of assigned amounts, emissions trading, the clean development mechanism and joint implementation under the Kyoto Protocol. It has been prepared with the aim of explaining the technical design of the ITL and how it functions. The information in this note is therefore presented in the context of the full scope of the processes established under the Kyoto Protocol to monitor and assess whether Parties included in Annex I to the Convention, that are also Parties to the Kyoto Protocol with commitments inscribed in Annex B to the Kyoto Protocol, are in compliance with their commitments under the Protocol. These processes include registry systems under Article 7, paragraph 4, the reporting of information under Article 7, the review of that information under Article 8 and procedures relating to the Compliance Committee under Article 18