Article 25 Insertion of article 55B (VRTS credits: conversion of CRTS credits by a VRTS participant which is also an SPV car manufacturer)

After article 55A (as inserted by article 24 of this Order), insert—

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

55B

(1)

During a trading window, a VRTS participant which is also an SPV car manufacturer may acquire one VRTS credit in exchange for two and a half CRTS credits 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 VRTS credits to which the request relates; and

(b)

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

(3)

A VRTS credit acquired in accordance with this article may not be traded under article 57.”.