Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if the Regulator receives an instruction to transfer one or more:
(a) Australian carbon credit units; or
(b) Kyoto units; or
(c) safeguard mechanism credit units;
to or from a Registry account kept in the name of a person.
Regulator may refuse to give effect to instruction
(2) The Regulator may refuse to give effect to the instruction if the Regulator is satisfied that it is prudent to do so in order to:
(a) ensure the integrity of the Registry; or
(b) prevent, mitigate or minimise abuse of the Registry; or
(c) prevent, mitigate or minimise criminal activity involving the Registry.
(3) As soon as practicable after the Regulator refuses, under subsection (2), to give effect to the instruction, the Regulator must give written notice of the refusal to:
(a) in any case--the person; or
(b) if the instruction was given by another person--that other person.
(4) A notice given to a person under subsection (3) must invite the person to request the Regulator to cease to refuse to give effect to the instruction.
(5) A request under subsection (4) must:
(b) be in a form approved, in writing, by the Regulator; and
(c) set out the reason for the request.
(6) If the person makes a request under subsection (4), the Regulator may, by written notice given to the person, require the person to give the Regulator, within the period specified in the notice, further information in connection with the request.
(7) The Regulator is not required to give any prior notice of a refusal under subsection (2).
(8) If the Regulator receives a request under subsection (4), the Regulator must:
(a) cease to refuse to give effect to the instruction; or
(b) decide to continue to refuse to give effect to the instruction.
(9) The Regulator must take all reasonable steps to ensure that a decision is made under subsection (8):
(a) if the Regulator requires the person to give further information under subsection (6) in relation to the request--within 7 days after the person gave the Regulator the information; or
(b) otherwise--within 7 days after the request was made.
(10) As soon as practicable after the Regulator makes a decision under subsection (8), the Regulator must notify the person, in writing, of the decision.
(11) This section has effect despite:
(a) any other provision of this Act; or
(b) anything in the Carbon Credits (Carbon Farming Initiative) Act 2011 .
Note: For additional powers of refusal, see:
(a) paragraph 34(3)(a) of this Act; and
(b) paragraph 35(3)(a) of this Act; and
(c) subsection 36(2) of this Act.