Article 57 Trading VRTS allowances and credits: VRTS participants
During a trading window, a VRTS participant may trade any VRTS allowances or VRTS credits with another VRTS participant, but may not trade—
a VRTS allowance which was borrowed in accordance with article 47; or
a VRTS credit which was acquired in accordance with article 55 (conversion of unused VCTS allowances).
A VRTS participant may trade parts of VRTS allowances or VRTS credits, but may not trade a part smaller than one tenth of a VRTS allowance or VRTS credit.
Each VRTS participant which is party to a trade must, before the end of the trading window, notify the administrator of the trade and each notification must include—
the name and account number in the registry of the VRTS participant which is the transferor;
the name and account number in the registry of the VRTS participant which is the transferee;
the number of VRTS allowances or VRTS credits traded; and
the price paid for those VRTS allowances or VRTS credits.
A VRTS participant which trades a VRTS allowance or a VRTS credit in accordance with this article must inform the other party to the trade of their account number in the registry.
Where a VRTS participant is a pool VRTS participant, a reference in this article to a VRTS participant’s account number is a reference to the account number of the manufacturer identified to the administrator in accordance with—
paragraph 5(c)(i) of Schedule 5 (application to be treated as a pool participant) in the application made under that Schedule; or
article 83(1) (updating information provided with application under Schedule 5).
Where a trade is notified in accordance with paragraph (3), the administrator must update the registry and notify the parties to the trade accordingly.
Unless the administrator is satisfied that notification of a trade has been given in accordance with this article, the trade is treated as not having taken place.