Document ID: chunk:federal_register_of_legislation:F2023C00489:reg:40
Version: federal_register_of_legislation:F2023C00489
Segment Type: reg
Provision Reference: reg 40
Character Range: 46842–48029

40  Kyoto rules—incoming international transfers of Kyoto units
 (1) For paragraph 39(1)(b) of the Act, this regulation sets out the requirements for the transfer of a Kyoto unit from a foreign account to a Registry account.
 (2) The Regulator must refuse to give effect to an instruction under subsection 36(1) of the Act if:
 (a) the international transaction log notifies the Regulator that:
 (i) there is a discrepancy with the instruction or the proposed transfer; or
 (ii) the proposed transfer has been rejected or cancelled; or
 (b) the instruction is given in the first commitment period, and giving effect to the instruction would result in the total Registry holdings of:
 (i) long‑term certified emissions reductions that have not been cancelled; and
 (ii) temporary certified emissions reductions that have not been cancelled;
  exceeding 27,384,992 for the first commitment period.
 (3) The Regulator must:
 (a) make a record in the Registry of:
 (i) a refusal under subregulation (2) or subsection 36(2) of the Act; or
 (ii) a completed transfer under subsection 36(1) of the Act; and
 (b) notify the international transaction log of the record made under paragraph (a).