28CConditions restricting or limiting the operation of Registry accounts

#### 28C Conditions restricting or limiting the operation of Registry accounts Scope (1) This section applies to a Registry account kept in the name of a person. Imposition of conditions (2) The Regulator may, by written instrument, impose conditions restricting or limiting the operation of the Registry account for a specified period. (3) The Regulator may exercise the power conferred by subsection (2): (a) on the Regulator’s own initiative; or (b) on written request made to the Regulator by the person. (4) The Regulator must not make an instrument under subsection (2) unless the Regulator is satisfied that it is prudent to do so in order to: (a) ensure the integrity of the Registry; or (b) prevent, mitigate or minimise abuse of the Registry; or (c) prevent, mitigate or minimise criminal activity involving the Registry. (5) A condition under subsection (2) may: (a) prohibit, restrict or limit the transfer of units from the Registry account; or (b) prohibit, restrict or limit the transfer of units to the Registry account. (6) Subsection (5) does not limit subsection (2). Notification (7) As soon as practicable after making an instrument under subsection (2), the Regulator must give the person a copy of the instrument. (8) If an instrument under subsection (2) is made on the Regulator’s own initiative, the copy of the instrument must be accompanied by a notice inviting the person to request the Regulator to: (a) revoke the instrument; or (b) vary the instrument in the manner specified in the request. Request (9) A request under paragraph (3)(b) or subsection (8) must: (a) be in writing; and (b) be in a form approved, in writing, by the Regulator; and (c) set out the reason for the request. Further information (10) If the person makes a request under subsection (8), the Regulator may, by written notice given to the person, require the person to give the Regulator, within the period specified in the notice, further information in connection with the request. Prior notice not required (11) The Regulator is not required to give any prior notice of a decision to make an instrument under subsection (2). Decision in relation to instrument made on own initiative (12) If the Regulator receives a request under subsection (8), the Regulator must: (a) if the request is to revoke the instrument: (i) revoke the instrument; or (ii) decide not to revoke the instrument; or (b) if the request is to vary the instrument: (i) vary the instrument as requested; or (ii) decide not to vary the instrument. (13) The Regulator must take all reasonable steps to ensure that a decision is made under subsection (12): (a) if the Regulator requires the person to give further information under subsection (10) in relation to the request—within 7 days after the person gave the Regulator the information; or (b) otherwise—within 7 days after the request was made. (14) As soon as practicable after the Regulator makes a decision under subsection (12), the Regulator must notify the person, in writing, of the decision. Revocation of instrument made in response to a request (15) If: (a) an instrument is in force under subsection (2); and (b) the instrument was made in response to a request under paragraph (3)(b); the Regulator must, at the written request of the person, revoke the instrument. Acts Interpretation Act (16) Subsections (12) and (15) do not, by implication, limit subsection 33(3) of the Acts Interpretation Act 1901. Other provisions (17) This section has effect despite: (a) any other provision of this Act; or (b) anything in the Carbon Credits (Carbon Farming Initiative) Act 2011.