Article 10 Insertion of new article 23B (CRTS credits: conversion of VRTS credits by a CRTS participant which is also an SPV van manufacturer)

After article 23A (as inserted by article 9 of this Order), insert—

“CRTS credits: conversion of VRTS credits by a CRTS participant which is also an SPV van manufacturer

23B

(1)

During a trading window, a CRTS participant which is also an SPV van manufacturer may acquire two CRTS credits in exchange for one VRTS credit by making a request to the administrator.

(2)

A request under paragraph (1)—

(a)

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

(b)

may be for the exchange of a part of a VRTS credit but may not be for the exchange of a part which is smaller than one tenth of a VRTS credit.

(3)

A CRTS credit acquired in accordance with this article may not be traded under article 25.”.