Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Australian National Registry of Emissions Units Act 2011
1 Section 3
Omit "non - Kyoto international emissions units" (wherever occurring), substitute "prescribed international units".
2 Section 4 (paragraph (e) of the definition of eligible international emissions unit )
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
3 Section 4 (paragraph (b) of the definition of foreign account )
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
4 Section 4 (paragraph (b) of the definition of foreign account )
Omit "foreign non - Kyoto registry", substitute "foreign registry".
5 Section 4 (definition of foreign non - Kyoto registry )
Repeal the definition.
6 Section 4
Insert:
"foreign registry" means a registry that:
(a) is located in a foreign country; and
(b) is specified in the regulations.
7 Section 4 (definition of non - Kyoto international emissions unit )
Repeal the definition.
8 Section 4
Insert:
"prescribed international unit" means:
(a) a prescribed unit issued in accordance with an international agreement (other than the Kyoto Protocol); or
(b) a prescribed unit issued outside Australia under a law of a foreign country.
It is immaterial whether a unit covered by paragraph (a) was issued in or outside Australia.
9 Section 4 (paragraph (c) of the definition of registered holder )
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
10 Section 4 (paragraph (b) of the definition of transfer )
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
11 Subsection 5(6)
Omit "subsections 14(3) and (4)", substitute "section 14A".
12 Paragraph 15(2)(d)
Omit "non - Kyoto international emissions units", substitute "prescribed international units".
13 Subsection 16(5)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
14 Subsection 17(3) (heading)
Repeal the heading, substitute:
Prescribed international units
15 Subsection 17(3)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
16 After subsection 19(3)
Insert:
(3A) The Administrator must not exercise the power conferred by subsection (1) of this section in a manner contrary to:
(a) regulations made for the purposes of section 32A or 49A of this Act; or
(b) section 150A of the Carbon Credits (Carbon Farming Initiative) Act 2011 .
17 Section 21 (heading)
Repeal the heading, substitute:
21 General power of correction of Registry--prescribed international units
18 Subsection 21(1)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
19 After subsection 22(4)
Insert:
(4A) The court must not make an order that is contrary to:
(a) regulations made for the purposes of section 32A or 49A of this Act; or
(b) section 150A of the Carbon Credits (Carbon Farming Initiative) Act 2011 .
20 At the end of subsection 25(1)
Add:
Note: See also section 155 of the Evidence Act 1995 .
21 Subsection 25(2)
Repeal the subsection.
22 Subparagraph 26(3)(a)(iii)
Repeal the subparagraph, substitute:
(iii) prescribed international units;
23 At the end of Division 7 of Part 2
Add:
28A Administrator may defer giving effect to a transfer instruction
Scope
(1) This section applies if the Administrator receives an instruction to transfer one or more:
(a) Australian carbon credit units; or
(b) Kyoto units; or
(c) prescribed international units;
to or from a Registry account kept in the name of a person.
Administrator may defer giving effect to the instruction
(2) The Administrator may defer giving effect to the instruction, for a period not exceeding 48 hours, if the Administrator 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.
Prior notice not required
(3) The Administrator is not required to give any prior notice of a deferral under subsection (2).
Other provisions
(4) This section has effect despite:
(a) any other provision of this Act; or
(b) anything in the Carbon Credits (Carbon Farming Initiative) Act 2011 .
28B Administrator may refuse to give effect to a transfer instruction
Scope
(1) This section applies if the Administrator receives an instruction to transfer one or more:
(a) Australian carbon credit units; or
(b) Kyoto units; or
(c) prescribed international units;
to or from a Registry account kept in the name of a person.
Administrator may refuse to give effect to instruction
(2) The Administrator may refuse to give effect to the instruction if the Administrator 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.
Notification
(3) As soon as practicable after the Administrator refuses, under subsection (2), to give effect to the instruction, the Administrator 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 Administrator to cease to refuse to give effect to the instruction.
(5) A request under subsection (4) must:
(a) be in writing; and
(b) be in a form approved, in writing, by the Administrator; and
(c) set out the reason for the request.
(6) If the person makes a request under subsection (4), the Administrator may, by written notice given to the person, require the person to give the Administrator, within the period specified in the notice, further information in connection with the request.
Prior notice not required
(7) The Administrator is not required to give any prior notice of a refusal under subsection (2).
Decision on request
(8) If the Administrator receives a request under subsection (4), the Administrator 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 Administrator must take all reasonable steps to ensure that a decision is made under subsection (8):
(a) if the Administrator requires the person to give further information under subsection (6) in relation to the request--within 7 days after the person gave the Administrator the information; or
(b) otherwise--within 7 days after the request was made.
(10) As soon as practicable after the Administrator makes a decision under subsection (8), the Administrator must notify the person, in writing, of the decision.
Other provisions
(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; and
(d) subsection 53(2) of this Act.
28C Conditions restricting or limiting the operation of Registry accounts
Scope
(1) This section applies to a Registry account kept in the name of a person.
Imposition of conditions
(2) The Administrator may, by written instrument, impose conditions restricting or limiting the operation of the Registry account for a specified period.
(3) The Administrator may exercise the power conferred by subsection (2):
(a) on the Administrator's own initiative; or
(b) on written request made to the Administrator by the person.
(4) The Administrator must not make an instrument under subsection (2) unless the Administrator 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.
(5) A condition under subsection (2) may:
(a) prohibit, restrict or limit the transfer of units from the Registry account; or
(b) prohibit, restrict or limit the transfer of units to the Registry account.
(6) Subsection (5) does not limit subsection (2).
Notification
(7) As soon as practicable after making an instrument under subsection (2), the Administrator must give the person a copy of the instrument.
(8) If an instrument under subsection (2) is made on the Administrator's own initiative, the copy of the instrument must be accompanied by a notice inviting the person to request the Administrator to:
(a) revoke the instrument; or
(b) vary the instrument in the manner specified in the request.
Request
(9) A request under paragraph (3)(b) or subsection (8) must:
(a) be in writing; and
(b) be in a form approved, in writing, by the Administrator; and
(c) set out the reason for the request.
Further information
(10) If the person makes a request under subsection (8), the Administrator may, by written notice given to the person, require the person to give the Administrator, within the period specified in the notice, further information in connection with the request.
Prior notice not required
(11) The Administrator is not required to give any prior notice of a decision to make an instrument under subsection (2).
Decision in relation to instrument made on own initiative
(12) If the Administrator receives a request under subsection (8), the Administrator must:
(a) if the request is to revoke the instrument:
(i) revoke the instrument; or
(ii) decide not to revoke the instrument; or
(b) if the request is to vary the instrument:
(i) vary the instrument as requested; or
(ii) decide not to vary the instrument.
(13) The Administrator must take all reasonable steps to ensure that a decision is made under subsection (12):
(a) if the Administrator requires the person to give further information under subsection (10) in relation to the request--within 7 days after the person gave the Administrator the information; or
(b) otherwise--within 7 days after the request was made.
(14) As soon as practicable after the Administrator makes a decision under subsection (12), the Administrator must notify the person, in writing, of the decision.
Revocation of instrument made in response to a request
(15) If:
(a) an instrument is in force under subsection (2); and
(b) the instrument was made in response to a request under paragraph (3)(b);
the Administrator must, at the written request of the person, revoke the instrument.
(16) Subsections (12) and (15) do not, by implication, limit subsection 33(3) of the Acts Interpretation Act 1901 .
Other provisions
(17) This section has effect despite:
(a) any other provision of this Act; or
(b) anything in the Carbon Credits (Carbon Farming Initiative) Act 2011 .
28D Suspension of Registry accounts
Scope
(1) This section applies to a Registry account kept in the name of a person.
Suspension
(2) The Administrator may, by written instrument, suspend the Registry account for a specified period.
(3) The Administrator may exercise the power conferred by subsection (2):
(a) on the Administrator's own initiative; or
(b) on written request made to the Administrator by the person.
(4) The Administrator must not make an instrument under subsection (2) unless the Administrator 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.
(5) If an account is suspended under subsection (2):
(a) the Administrator must not:
(i) give effect to any instruction to transfer units to or from the Registry account; or
(ii) issue any Australian carbon credit units to the Registry account; and
(b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.
Notification
(6) As soon as practicable after making an instrument under subsection (2), the Administrator must give the person a copy of the instrument.
(7) If an instrument under subsection (2) is made on the Administrator's own initiative, the copy of the instrument must be accompanied by a notice inviting the person to request the Administrator to:
(a) revoke the instrument; or
(b) vary the instrument in the manner specified in the request.
Request
(8) A request under paragraph (3)(b) or subsection (7) must:
(a) be in writing; and
(b) be in a form approved, in writing, by the Administrator; and
(c) set out the reason for the request.
Further information
(9) If the person makes a request under subsection (7), the Administrator may, by written notice given to the person, require the person to give the Administrator, within the period specified in the notice, further information in connection with the request.
Prior notice not required
(10) The Administrator is not required to give any prior notice in relation to the decision to make an instrument under subsection (2).
Decision in relation to instrument made on own initiative
(11) If the Administrator receives a request under subsection (7), the Administrator must:
(a) if the request is to revoke the instrument:
(i) revoke the instrument; or
(ii) decide not to revoke the instrument; or
(b) if the request is to vary the instrument:
(i) vary the instrument as requested; or
(ii) decide not to vary the instrument.
(12) The Administrator must take all reasonable steps to ensure that a decision is made under subsection (11):
(a) if the Administrator requires the person to give further information under subsection (9) in relation to the request--within 7 days after the person gave the Administrator the information; or
(b) otherwise--within 7 days after the request was made.
(13) As soon as practicable after the Administrator makes a decision under subsection (11), the Administrator must notify the person, in writing, of the decision.
Revocation of instrument made in response to a request
(14) If:
(a) an instrument is in force under subsection (2); and
(b) the instrument was made in response to a request under paragraph (3)(b);
the Administrator must, at the written request of the person, revoke the instrument.
(15) Subsections (11) and (14) do not, by implication, limit subsection 33(3) of the Acts Interpretation Act 1901 .
Other provisions
(16) This section has effect despite:
(a) any other provision of this Act; or
(b) anything in the Carbon Credits (Carbon Farming Initiative) Act 2011 .
24 After section 32
Insert:
(1) The regulations may provide that the registered holder of a Kyoto unit:
(a) is the legal owner of the unit; and
(b) may, subject to this Act, deal with the unit as its legal owner and give good discharges for any consideration for any such dealing.
(2) Regulations made for the purposes of subsection (1) only protect a person who deals with the registered holder of the unit as a purchaser:
(a) in good faith for value; and
(b) without notice of any defect in the title of the registered holder.
25 After section 45
Insert:
45A Registration of equitable interests in relation to Kyoto units
(1) The regulations may make provision for or in relation to the registration in the Registry of equitable interests in relation to Kyoto units.
(2) Subsection (1) does not apply to an equitable interest that is a security interest within the meaning of the Personal Property Securities Act 2009 , and to which that Act applies.
25A After subsection 47(1)
Insert:
Effect of transmission
(1A) The transmission is of no force until the Administrator transfers the unit under subsection (7) or (8).
26 Part 4 (heading)
Repeal the heading, substitute:
Part 4 -- Prescribed international units
27 Section 48
Omit "non - Kyoto international emissions units", substitute "prescribed international units".
28 Section 49 (heading)
Repeal the heading, substitute:
49 Entries for prescribed international units
29 Section 49
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
30 After section 49
Insert:
49A Ownership of prescribed international unit
(1) The regulations may provide that the registered holder of a prescribed international unit:
(a) is the legal owner of the unit; and
(b) may, subject to this Act, deal with the unit as its legal owner and give good discharges for any consideration for any such dealing.
(2) Regulations made for the purposes of subsection (1) only protect a person who deals with the registered holder of the unit as a purchaser:
(a) in good faith for value; and
(b) without notice of any defect in the title of the registered holder.
31 Section 50 (heading)
Repeal the heading, substitute:
50 Transfer of prescribed international units
32 Subsections 50(1) and (2)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
33 Section 51 (heading)
Repeal the heading, substitute:
51 Domestic transfers of prescribed international units
34 Subsection 51(1)
Omit "non - Kyoto international emissions units", substitute "prescribed international units".
35 Section 52 (heading)
Repeal the heading, substitute:
52 Outgoing international transfers of prescribed international units
36 Subsection 52(1)
Omit "non - Kyoto international emissions units", substitute "prescribed international units".
37 Section 53 (heading)
Repeal the heading, substitute:
53 Incoming international transfers of prescribed international units
38 Subsection 53(1)
Omit "non - Kyoto international emissions unit" (wherever occurring), substitute "prescribed international unit".
39 Subsections 53(2) and (3)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
40 Section 54 (heading)
Repeal the heading, substitute:
54 A registered prescribed international unit is personal property for certain purposes
41 Subsection 54(1)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
42 After section 54
Insert:
54A Registration of equitable interests in relation to prescribed international units
(1) The regulations may make provision for or in relation to the registration in the Registry of equitable interests in relation to prescribed international units.
(2) Subsection (1) does not apply to an equitable interest that is a security interest within the meaning of the Personal Property Securities Act 2009 , and to which that Act applies.
43 Section 55 (heading)
Repeal the heading, substitute:
55 Equitable interests in relation to a prescribed international unit
44 Subsection 55(1)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
45 Section 56 (heading)
Repeal the heading, substitute:
56 Transmission of registered prescribed international units by operation of law etc.
46 Paragraph 56(1)(a)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
47 After subsection 56(1)
Insert:
Effect of transmission
(1A) The transmission is of no force until the Administrator transfers the prescribed international unit under subsection (7) or (8).
48 Section 57 (heading)
Repeal the heading, substitute:
57 Regulations about prescribed international units
49 Section 57
Omit "non - Kyoto international emissions units", substitute "prescribed international units".
50 Section 58
Omit "non - Kyoto international emissions units", substitute "prescribed international units".
51 Subsection 61(3) (heading)
Repeal the heading, substitute:
Prescribed international units
52 Paragraphs 61(3)(a) and (4)(a)
Omit " non - Kyoto international emissions unit ", substitute " prescribed international unit ".
53 Section 63 (heading)
Repeal the heading, substitute:
63 Information about number of voluntarily cancelled prescribed international units
54 Section 63
Omit "non - Kyoto international emissions units" (wherever occurring), substitute "prescribed international units".
55 Section 64
Omit "non - Kyoto international emissions units", substitute "prescribed international units".
56 Section 66 (heading)
Repeal the heading, substitute:
66 Voluntary cancellation of prescribed international units
57 Subsection 66(1)
Omit "non - Kyoto international emissions units", substitute "prescribed international units".
58 Paragraph 66(2)(a)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
59 Paragraph 66(2)(b)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
60 Subsection 66(3)
Omit "non - Kyoto international emissions unit", substitute "prescribed international unit".
61 Section 82 (at the end of the table)
Add:
10 | A decision under subsection 28B(8) to continue to refuse to give effect to a transfer instruction. |
11 | A decision under subsection 28C(12) not to revoke an instrument imposing conditions restricting or limiting the operation of a Registry account. |
12 | A decision under subsection 28C(12) not to vary an instrument imposing conditions restricting or limiting the operation of a Registry account. |
13 | A decision under subsection 28D(11) not to revoke an instrument suspending a Registry account. |
14 | A decision under subsection 28D(11) not to vary an instrument suspending a Registry account. |