53Stage caps on ACIS

#### 53 Stage caps on ACIS Caps for each stage of ACIS (1) In respect of an ACIS Stage listed in the table below, the Secretary must not enter in the ACIS ledger modulated capped production credit, modulated investment credit or unmodulated type J investment credit that in total exceeds the amount listed next to that ACIS Stage (the stage cap). > Note: Unmodulated type J investment credit can only be issued in respect of ACIS Stage 2. ```html <table cellspacing="0" cellpadding="0" style="width:258.5pt; margin-left:55pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:247.7pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:10pt; font-weight:bold">Stage caps</span></p></td></tr><tr><td style="width:55.2pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:10pt; font-weight:bold">Item</span></p></td><td style="width:71.7pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:10pt; font-weight:bold">ACIS Stage</span></p></td><td style="width:99.2pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:10pt; font-weight:bold">The stage cap</span></p></td></tr></thead><tbody><tr><td style="width:55.2pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">1</span></p></td><td style="width:71.7pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">ACIS Stage 1</span></p></td><td style="width:99.2pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">$2,000,000,000</span></p></td></tr><tr><td style="width:55.2pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">2</span></p></td><td style="width:71.7pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">ACIS Stage 2</span></p></td><td style="width:99.2pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">$2,000,000,000</span></p></td></tr></tbody></table> ``` Stage 2 cap divided between MVPs and others (2) In ACIS Stage 2, the stage cap will be divided into funding pools of amounts available to be entered in the ACIS ledger for MVPs and amounts available to be entered in the ledger for participants who are not MVPs. > Note: See the guidelines made under section 55 for how the division is to occur. Matters affecting ACIS Stage 2 cap (3) In ACIS Stage 2, the R&D scheme will operate within the limits of the amount of the stage cap and the amount available to be entered in the ledger for MVPs. > Note: See Part 5A.