Article 52 Validity of allowances
(1)
Subject to paragraph (2), an allowance is valid for the purposes of compliance with article 53—
(a)
for the year in respect of which it was issued; and
(b)
for any subsequent year,
but an allowance issued in the first phase is not valid in respect of CRC emissions made in a subsequent phase.
(2)
Where—
(a)
a participant is required to acquire and surrender additional allowances under article 97(4)(b) or 100(2)(a) in respect of an annual reporting year; and
(b)
the participant holds an allowance which is valid for the following year (“year 2”),
the participant may surrender the allowance which is valid for year 2 in order to comply with those articles.
(3)
An allowance is not valid for any purpose other than a purpose for which it is valid under paragraphs (1) and (2).