Article 3 DefinitionsF1

“account holder” means a person that holds an account in the Registry;

“allowances” means allowances created pursuant to Directive 2003/87/EC;

“assigned amount units” (“AAUs”) means—

“cancellation” means the definitive disposal of a Kyoto unit by its holder;

“designated national authority” means an entity that gives approval of an Article 6 project activity required by Article 6(1)(a) of the Kyoto Protocol or of voluntary participation in an Article 12 project activity required by Article 12(5)(a) of the Kyoto Protocol;

“directors” means the persons effectively directing the day-to-day operations of a legal person;

“the Kyoto Protocol” means the protocol to the UNFCCC signed at Kyoto on 11th December 1997;

“Kyoto units” means AAUs, emission reduction units (“ERUs”), certified emission reductions (“CERs”), RMUs, lCERs and tCERs;

“long-term certified emission reductions” (“lCERs”) means units issued for an afforestation or reforestation project activity under the clean development mechanism (“CDM”) which, subject to Decision 5/CMP.1 of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol, expire at the end of the emission reduction crediting period of the afforestation or reforestation project activity under the CDM for which they were issued;

“money laundering” has the meaning given by section 340(11) of the Proceeds of Crime Act 2002;

“the national administrator” means the Environment Agency;

“out of band confirmation” means a communication from the national administrator to an account holder or authorised representative for the purpose of ensuring compliance with UNFCCC security requirements;

“process” means an automated technical means to carry out an action relating to an account or a unit in the Registry;

“the Registry” means the registry administered on behalf of the United Kingdom for the purposes of its obligations as a party to the Kyoto Protocol;

“relevant international climate law” means—

“removal units” (“RMUs”) means units issued pursuant to the relevant provisions in the annex to Decision 13/CMP.1 of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol;

“second commitment period” means the period from 1st January 2013 to 31st December 2020 during which a party to the Kyoto Protocol shall limit their greenhouse gas emissions;

“serious crime” means an offence listed in Part 1 (England & Wales), Part 1A (Scotland) or Part 2 (Northern Ireland) of Schedule 1 to the Serious Crime Act 2007;

“temporary certified emission reductions” (“tCERs”) means units issued for an afforestation or reforestation project activity under the CDM which, subject to Decision 5/CMP.1 of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol, expire at the end of the Kyoto Protocol commitment period following the one during which they were issued;

“terrorist financing” has the meaning given by regulation 3 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;

“transaction” means a process in the Registry that includes the transfer of a Kyoto unit from one account to another account;

“the UNFCCC” means the United Nations Framework Convention on Climate Change signed at New York on 9th May 1992;

“working day” means any day other than—