48ETransmission of safeguard mechanism credit units by operation of law etc.

#### 48E Transmission of safeguard mechanism credit units by operation of law etc. Scope (1) This section applies if a safeguard mechanism credit unit for which there is an entry in a Registry account is transmitted from a person (the transferor) to another person (the transferee) by any lawful means other than by a transfer under section 48D. Effect of transmission (2) The transmission is of no force until the Regulator transfers the safeguard mechanism credit unit under subsection (8) or (9). Declaration of transmission (3) The transferee must, within 90 days after the transmission, give the Regulator: (a) a declaration of transmission; and (b) such evidence of transmission as is specified in the legislative rules. (4) A declaration of transmission must be made in accordance with the legislative rules. (5) If the transferee does not already have a Registry account, the declaration of transmission must be accompanied by a request, under regulations made for the purposes of subsection 10(1), for the Regulator to open a Registry account in the name of the transferee. (6) If the Regulator is satisfied that special circumstances warrant the extension of the 90‑day period mentioned in subsection (3), the Regulator may extend that period. (7) The Regulator may exercise the power conferred by subsection (6): (a) on written application being made to the Regulator by the transferee; or (b) on the Regulator’s own initiative. Transfer of unit—transferee already has a Registry account (8) If the transferee already has a Registry account, the Regulator must, as soon as practicable after receiving the declaration of transmission, transfer the unit from the relevant Registry account kept by the transferor to a Registry account kept by the transferee. Transfer of unit—transferee does not have a Registry account (9) If: (a) the transferee does not already have a Registry account; and (b) in accordance with the request under regulations made for the purposes of subsection 10(1), the Regulator has opened a Registry account in the name of the transferee; the Regulator must, as soon as practicable after opening the Registry account, transfer the unit from the relevant Registry account kept by the transferor to the Registry account kept by the transferee. Record (10) If the Regulator transfers the unit under subsection (8) or (9), the Registry must set out a record of the declaration of transmission. When the transferee is the Commonwealth (11) If the transferee is the Commonwealth, the Minister may give: (a) the declaration of transmission; and (b) the evidence mentioned in paragraph (3)(b); on behalf of the transferee. Notification (12) If: (a) the Regulator decides to: (i) extend the 90‑day period mentioned in subsection (3); or (ii) refuse to extend the 90‑day period mentioned in subsection (3); and (b) the Regulator made the decision in response to an application; the Regulator must give written notice of the decision to the applicant.