Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) there is in force a declaration under section 37 that Australia is in compliance with the emissions trading eligibility requirements under the Kyoto rules; and
(b) a person (the first person ) is the registered holder of one or more Kyoto units;
the person may, by electronic notice transmitted to the Regulator, instruct the Regulator to transfer the units from the relevant Registry account kept by the person (the first Registry account ) to:
(c) a foreign account kept by another person; or
(d) a foreign account kept by the first person.
(2) An instruction under subsection (1) must set out:
(a) the account number of the relevant Registry account kept by the first person; and
(b) such other information as is specified in the regulations.
Compliance with instruction
(3) If the Regulator receives an instruction under subsection (1):
(a) if the Regulator is satisfied that giving effect to the instruction would breach:
(i) regulations made for the purposes of section 39 (Kyoto rules); or
(ii) regulations made for the purposes of section 41 (commitment period reserve);
the Regulator must, by written notice given to the first person, refuse to give effect to the instruction; and
(b) if paragraph (a) does not apply--the Regulator must take such steps as are required by regulations made for the purposes of section 39.
(4) Regulations made for the purposes of section 39 may require the Regulator to remove the entry for the unit or units from the relevant Registry account.
(5) Subsection (4) does not limit section 39.
(6) If the Regulator takes steps under paragraph (3)(b) in relation to an instruction, the Registry must set out a record of the instruction.
(7) If the first person is the Commonwealth, the Minister may give an instruction under subsection (1) on behalf of the first person.