Document ID: chunk:federal_register_of_legislation:C2024C00517:section:16
Version: federal_register_of_legislation:C2024C00517
Segment Type: section
Provision Reference: s 16
Character Range: 27656–30215

16  Unilateral closure of Registry accounts etc.
 (1) The regulations may make provision for and in relation to empowering the Regulator to close a Registry account kept in the name of a person.
 (2) Regulations made for the purposes of subsection (1) must not empower the Regulator to close a Registry account unless:
 (a) the person has contravened, or is contravening, this Part or regulations made for the purposes of this Part; and
 (b) at least 30 days before closing the account, the Regulator gives the person a written notice:
 (i) stating that the Regulator proposes to close the account; and
 (ii) setting out the effect of any regulations made for the purposes of subsections (3), (4) and (6); and
 (iii) setting out the effect of any legislative rules made for the purposes of subsection (5).

Cancellation or transfer of units
 (3) The regulations may provide that, if immediately before the Regulator closes a Registry account under regulations made for the purposes of subsection (1), there is an entry for an Australian carbon credit unit in the account, the unit is cancelled.
 (4) The regulations may provide that, if immediately before the Regulator closes a Registry account under regulations made for the purposes of subsection (1), there is an entry for a Kyoto unit in the account, the Regulator must transfer the unit to a voluntary cancellation account.
 (5) The legislative rules may provide that if, immediately before the Regulator closes a Registry account under regulations made for the purposes of subsection (1), there is an entry for a safeguard mechanism credit unit in the account, then the Regulator must take such action in relation to the unit as is specified in the legislative rules.

Refusal of request to open new Registry account
 (6) The regulations may provide that, if:
 (a) the Regulator has closed a person's Registry account under regulations made for the purposes of subsection (1) of this section; and
 (b) the person requests the Regulator, under regulations made for the purposes of subsection 10(1), to open a Registry account in the name of the person;
the Regulator must, under regulations made for the purposes of subsection 10(1), refuse the request.

Record
 (7) The Registry must set out a record of:
 (a) each closure under regulations made for the purposes of subsection (1); and
 (b) each cancellation under regulations made for the purposes of subsection (3); and
 (c) each action taken under legislative rules made for the purposes of subsection (5).

Division 4—Entries in Registry accounts