Document ID: chunk:federal_register_of_legislation:F2024C01008:reg:58:p1
Version: federal_register_of_legislation:F2024C01008
Segment Type: reg
Provision Reference: reg 58 (pt 1/2)
Character Range: 65932–68784

58  Retiring quota entitlements—effects
 (1) This section applies if, under regulation 57, the Minister retires a percentage (the retirement percentage) of the entitlement of an SGG licensee (the applicant) to HFC quotas for calendar years occurring in or after a particular HFC quota allocation period (the retirement period).

Reduction in applicant's HFC quotas
 (2) The amount of grandfathered quota (if any) to which the applicant is entitled for each of those years is:
 (a) if the year occurs in the retirement period—reduced by the retirement percentage; or
 (b) if the year occurs after the retirement period—reduced to equal the amount (the reduced maximum) worked out by reducing the maximum grandfathered quota for the year by the retirement percentage (if the amount of grandfathered quota would otherwise exceed the reduced maximum).
Note 1: For the maximum grandfathered quota, see subregulation (4).
Note 2: An amount of grandfathered quota that is reduced under this subregulation is not reallocated to another SGG licensee.

Retirement does not affect entitlements of other SGG licensees
 (3) In applying:
 (a) the definitions of total amount of licensed activities (grandfathered) and total amount of licensed activities (non‑grandfathered) in subregulation 49(2); and
 (b) the definition of total amount of licensed activities in subregulation 50(2);
for the purposes of allocating HFC quotas for calendar years in an HFC quota allocation period (the current period) occurring after the retirement period:
 (c) the applicant is taken to have been allocated an HFC quota for each calendar year occurring in or after the retirement period (if the applicant was not actually allocated a quota for the year); and
 (d) the applicant is taken to have been entitled to grandfathered quota for each calendar year occurring in or after the retirement period (if the applicant was not actually so entitled); and
 (e) for each calendar year (the earlier year) occurring in or after the retirement period and in or before the base period for the current period, both:
 (i) the amount of grandfathered quota to which the applicant was entitled for the earlier year; and
 (ii) the total quantity of HFCs, expressed in CO2e megatonnes, involved in licensed regulated HFC activities engaged in by the applicant during the earlier year;
  are taken to equal the maximum grandfathered quota for the earlier year.
 (4) The maximum grandfathered quota for a calendar year (the current year) is the amount of grandfathered quota to which the applicant would be entitled for the current year if:
 (a) the applicant were allocated an HFC quota each calendar year occurring in or after the retirement period; and
 (b) the applicant were entitled to grandfathered quota for each calendar year occurring in or after the retirement period; and
 (c) the amount