Article 62 Expiry of VRTS allowances and VRTS credits

(1)

The administrator must record in the registry the expiry of a VRTS allowance, including a VRTS allowance which has been traded in accordance with article 57, which is—

(a)

surrendered by a VRTS participant in accordance with article 59;

(b)

not surrendered by a VRTS participant for—

(i)

the scheme year for which it was allocated;

(ii)

any of the three subsequent scheme years; or

(iii)

a scheme year earlier than the scheme year for which it was due to be allocated, in accordance with article 47 (borrowing VRTS allowances);

(c)

not surrendered by a former VRTS participant in accordance with article 61 (5)(a); or

(d)

converted into VCTS allowances in accordance with article 67.

(2)

The administrator must record in the registry the expiry of a VRTS credit, including a VRTS credit which has been traded in accordance with article 57 or 58, which is—

(a)

surrendered by a VRTS participant in accordance with article 59; or

(b)

not surrendered by a VRTS participant for the scheme year for which the credit was acquired.