Regulation 38 Amendment of regulation 10

Regulation 10 (closure of accounts) is amended as follows.

The existing provision is renumbered as paragraph (1). 

In paragraph (1) (as so renumbered), for “8” substitute “8(1)”.

After paragraph (1), insert—

“(2)

The Administrator must close an account established under regulation 8(1) if the Administrator considers that the account holder no longer has good reason to hold the account.

(3)

The Administrator may close an account established under regulation 8(1A) if—

(a)

all GHG credits standing to the credit of the account have been revoked or may no longer be produced as evidence of emissions savings and the Administrator—

(i)

is no longer satisfied that the account holder is holding the account for the purpose of applying for, or trading or investing in, GHG credits; or

(ii)

is satisfied that the account holder has failed to comply with regulation 8(5), (6) or 9(1A); or

(b)

in the immediately preceding period of 36 months—

(i)

no GHG credit has been issued to the account holder; or

(ii)

no GHG credit has been credited to the account of the account holder.”.