Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if:
(a) a person (the first person ) keeps a Registry account in which there is an entry for an Australian carbon credit unit; and
(b) the first person, by electronic notice transmitted to the Regulator, instructs the Regulator to transfer the unit from the Registry account to:
(i) a foreign account kept by another person; or
(ii) a foreign account kept by the first person; and
(c) the instruction does not contravene:
(i) regulations or legislative rules made for the purposes of section 155 of this Act; or
(ii) regulations made for the purposes of subsection 41(3) of the Australian National Registry of Emissions Units Act 2011 .
(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 or the legislative rules.
Compliance with instruction
(3) If the Regulator receives an instruction under subsection (1), the Regulator must take such steps as are required by the regulations or the legislative rules.
(4) Regulations or legislative rules made for the purposes of subsection (3) may require the Regulator to remove the entry for the unit from the relevant Registry account kept by the first person.
(5) Regulations or legislative rules made for the purposes of subsection (3) may require the Regulator to transfer an assigned amount unit from a Commonwealth holding account to a voluntary cancellation account.
(6) If the Regulator takes steps under subsection (3) 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.