Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies to a Registry account kept in the name of a person.
Suspension
(2) The Regulator may, by written instrument, suspend the Registry account for a specified period.
(3) The Regulator may exercise the power conferred by subsection (2):
(a) on the Regulator's own initiative; or
(b) on written request made to the Regulator by the person.
(4) The Regulator must not make an instrument under subsection (2) unless 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.
(5) If an account is suspended under subsection (2):
(a) the Regulator 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 or safeguard mechanism 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; and
(c) a notice to relinquish Australian carbon credit units or safeguard mechanism credit units under section 22XNE of the National Greenhouse and Energy Reporting Act 2007 does not have effect.
Notification
(6) As soon as practicable after making an instrument under subsection (2), the Regulator must give the person a copy of the instrument.
(7) If an instrument under subsection (2) is made on the Regulator's own initiative, the copy of the instrument must be accompanied by a notice inviting the person to request the Regulator 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 Regulator; and
(c) set out the reason for the request.
Further information
(9) If the person makes a request under subsection (7), 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.
Prior notice not required
(10) The Regulator 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 Regulator receives a request under subsection (7), the Regulator 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 Regulator must take all reasonable steps to ensure that a decision is made under subsection (11):
(a) if the Regulator requires the person to give further information under subsection (9) 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.
(13) As soon as practicable after the Regulator makes a decision under subsection (11), the Regulator 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 Regulator 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 ; or
(c) anything in the National Greenhouse and Energy Reporting Act 2007 .