Article 55 VRTS credits: conversion of unused VCTS allowances
A VRTS participant may acquire one VRTS credit in exchange for 216 unused VCTS allowances by making a request to the administrator if—
the VRTS participant’s number of units of activity in the VCTS in a scheme year does not exceed the number of VCTS allowances which were allocated to it in accordance with article 66 for that year;
the VRTS participant has more VCTS allowances than it requires in order to comply with article 70 (accounting for activity in the VCTS) for that scheme year (referred to in this article as “unused VCTS allowances”); and
the unused VCTS allowances were allocated by the administrator for the 2024 scheme year, the 2025 scheme year or the 2026 scheme year.
A request under paragraph (1)—
must be made during the trading window following the scheme year for which the unused VCTS allowances were allocated; and
must be for a whole number of VRTS credits.
A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2024 scheme year is limited to a number of VRTS credits which does not exceed 6.5% of the number of VRTS allowances allocated to the VRTS participant for that scheme year.
A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2025 scheme year is limited to a number of VRTS credits which does not exceed 7.2% of the number of VRTS allowances allocated to the VRTS participant for that scheme year.
A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2026 scheme year is limited to a number of VRTS credits which does not exceed 6% of the number of VRTS allowances allocated to the VRTS participant for that scheme year.
A VRTS credit acquired in accordance with this article may not be traded under article 57.