Safeguard Mechanism (Crediting) Amendment Act 2023 (14 of 2023)

Schedule 2   Australian National Registry of Emissions Units

Australian National Registry of Emissions Units Act 2011

30   At the end of Part 6

Add:

66 Voluntary cancellation of safeguard mechanism credit units

(1) If:

(a) a person is the registered holder of one or more safeguard mechanism credit units; and

(b) a determination is in force under subsection (5);

the person may, by electronic notice transmitted to the Regulator, request the Regulator to cancel any or all of those units.

(2) A notice under subsection (1) must:

(a) specify the safeguard mechanism credit unit or units that are to be cancelled; and

(b) specify the account number or account numbers of the person's Registry account, or the person's Registry accounts, in which there is an entry or entries for the safeguard mechanism credit unit or units that are to be cancelled; and

(c) set out such other information (if any) as is specified in the legislative rules.

(3) If the Regulator receives a notice under subsection (1) in relation to a safeguard mechanism credit unit:

(a) if the legislative rules require the Regulator to cancel the unit - the Regulator must cancel the unit; and

(b) if the legislative rules require the Regulator to take specified action in relation to the unit - the Regulator must take that action; and

(c) the Regulator must remove the entry for the unit from the person's Registry account in which there is an entry for the unit.

(4) The Registry must set out a record of each notice under subsection (1).

(5) The Minister may, by legislative instrument, determine that any person who is the registered holder of one or more safeguard mechanism credit units may request the Regulator to cancel any or all of those units.