Document ID: chunk:federal_register_of_legislation:C2024C00572:section:22xne
Version: federal_register_of_legislation:C2024C00572
Segment Type: section
Provision Reference: s 22XNE
Character Range: 119348–120692

22XNE  Regulator may require relinquishment of safeguard mechanism credit units etc. issued on false or misleading information

Scope
 (1) This section applies if:
 (a) a number of safeguard mechanism credit units have been issued to a person (other than the Commonwealth) in relation to a facility; and
 (b) the units were issued to the person on the basis of information given to the Regulator (whether or not by the person); and
 (c) the information was false or misleading in a material particular; and
 (d) the issue of any or all of the units was directly or indirectly attributable to the false or misleading information.
Note: An example of false or misleading information would be a report given under this Act that contained inaccurate information about greenhouse gas emissions.

Relinquishment
 (2) The Regulator may, by written notice given to the person, require the person to relinquish a specified number of relinquishable units.
 (3) The specified number must not exceed the number of safeguard mechanism credit units the issue of which was directly or indirectly attributable to the false or misleading information.
 (4) The person must comply with the requirement within 90 days after the notice was given.
Note: An administrative penalty is payable under section 22XNI for non‑compliance with a relinquishment requirement.