34Domestic transfers of Kyoto units

#### 34 Domestic transfers of Kyoto units (1) If a person (the first person) is the registered holder of one or more Kyoto units, the person may, by electronic notice transmitted to the Regulator, instruct the Regulator to transfer the units from the relevant Registry account kept by the person (the first Registry account) to: (a) a Registry account kept by another person; or (b) another Registry account kept by the first person. (2) An instruction under subsection (1) must set out: (a) the account number of the first Registry account; and (b) the account number of the Registry account mentioned in paragraph (1)(a) or (b); and (c) such other information as is specified in the regulations. Compliance with instruction (3) If the Regulator receives an instruction under subsection (1): (a) if the Regulator is satisfied that giving effect to the instruction would breach: (i) regulations made for the purposes of section 39 (Kyoto rules); or (ii) regulations made for the purposes of section 41 (commitment period reserve); or (iii) regulations made for the purposes of section 44 (Commonwealth Registry accounts); the Regulator must, by written notice given to the first person, refuse to give effect to the instruction; and (b) if paragraph (a) does not apply—the Regulator must give effect to the instruction as soon as practicable after receiving it. (4) If the Regulator gives effect to an instruction under subsection (1), the Registry must set out a record of the instruction. (5) If the first person is the Commonwealth, the Minister may give an instruction under subsection (1) on behalf of the first person.