Article 67 Conversion of unused VRTS allowances into VCTS allowances

(1)

A VCTS participant may acquire 206 VCTS allowances in exchange for one unused VRTS allowance by making a request to the administrator if—

(a)

the participant’s number of units of activity in the VRTS in a scheme year, measured in accordance with article 56, does not exceed the number of VRTS allowances which were allocated to it in accordance with article 45 for that year;

(b)

the participant has more VRTS allowances than it requires (referred to in this article as “unused VRTS allowances”) in order to comply with article 59 (accounting for activity in the VRTS) for that scheme year; and

(c)

the participant did not acquire the unused VRTS allowances by means of borrowing under article 47.

(2)

A request under paragraph (1)—

(a)

must be made during the trading window following the scheme year for which the VCTS participant intends to surrender the VCTS allowances to which the request relates; and

(b)

must relate to a whole number of VRTS allowances.

(3)

If a VCTS participant makes a request in accordance with paragraph (1), the administrator must update the registry accordingly.