11Opening of Registry accounts—identification procedures

11 Opening of Registry accounts—identification procedures

(1) The regulations may prescribe identification procedures that must be carried out by the Regulator before the Regulator opens a Registry account in the name of the person. (2) The regulations may declare that a specified number is a transaction limit for the purposes of this section. (3) The regulations may make provision for identifying Registry accounts that are subject to a transaction limit. (4) An identification procedure prescribed under regulations made for the purposes of subsection (1): (a) may be expressed to apply to Registry accounts that are subject to a transaction limit; or (b) may be expressed to apply to Registry accounts that are not subject to a transaction limit. (5) The regulations may provide that, if a Registry account is subject to a particular transaction limit, the Regulator must not: (a) issue to the account any: (i) Australian carbon credit units; or (ii) safeguard mechanism credit units; or (b) comply with an instruction to transfer units to the account; if doing so would result in the account having entries for a number of units that exceeds the transaction limit.