Document ID: chunk:federal_register_of_legislation:F2024C00760:reg:24:p4
Version: federal_register_of_legislation:F2024C00760
Segment Type: reg
Provision Reference: reg 24 (pt 4/36)
Character Range: 318277–321159

that the restriction is necessary, on the Inspector‑General's website.
Note: See section 25D of the Acts Interpretation Act 1901 for content required in a statement of reasons.

12.21 Exchange rates not to be used in a regulated system
A water access entitlement must not be traded in a regulated system or between regulated systems if an exchange rate is applied to the water access entitlement as a condition of the trade.
Note:  See section 12.22 for an exception to this section.

12.22 Inspector‑General may permit exchange rates in limited circumstances
(1) Section 12.21 does not apply if:
            (a) the exchange rate is applied as a condition of the trade of a water access entitlement from one location (location A) to another (location B); and
            (b) the Inspector‑General has made a declaration under this section; and
            (c) the water access entitlement is to be traded between the 2 locations at the exchange rate specified in the declaration.
(2) A Basin State may request the Inspector‑General to make a declaration under this section.
(3) The Inspector‑General must make a written declaration permitting the application of a specified exchange rate to trades between 2 specified locations if:
            (a) the Inspector‑General is satisfied that the purpose of the exchange rate is to address transmission losses; or
            (b) the Inspector‑General is satisfied that:
                (i) the purpose of the exchange rate is to redress the impact of previous exchange rate trades from location B to location A; and
                (ii) the total volume of water access entitlements to be traded from location A to location B using the exchange rate would not exceed the total volume of water access entitlements previously traded to location A from location B using exchange rates.
(4) The Inspector‑General must publish the declaration on its website.

12.23 Restrictions on delivery of water under a tagged water access entitlement
(1) If:
            (a) a restriction has effect on the trade of water allocations between 2 places, each of which is in a regulated system; and
            (b) a tagged water access entitlement exists in relation to those 2 places; and
            (c) an order for water is made under the tagged water access entitlement;
the order for water under the tagged water access entitlement is subject to the same restriction.
(2) On and after the commencement of item 2 of Schedule 4 to the Water Amendment (Restoring Our Rivers) Act 2023, this section applies to a tagged water access entitlement whenever established.
(4) For this section, a tagged water access entitlement is established once the tag has been approved by all relevant approval authorities.
(5) In this section:
tagged water access entitlement means a water access entitlement:
            (a) which is registered on a water register in