28Unilateral closure of Registry accounts etc

28 Unilateral closure of Registry accounts etc

Application (1) For subsection 16(1) of the Act, this regulation applies if: (a) a person has a Registry account; and (b) the person has contravened, or is contravening, Part 2 of the Act or these Regulations. Closure of account (2) The Regulator may close the Registry account. (3) However, the Regulator must not close the Registry account unless, at least 30 days before closing the account, the Regulator gives the person a written notice: (a) stating that the Regulator proposes to close the account; and (b) setting out the effect of subregulations (4), (5) and (7); and (c) setting out the effect of any legislative rules made for the purposes of subsection 16(5) of the Act. (4) If, immediately before the Regulator closes the Registry account, there is an entry for an Australian carbon credit unit in the account, the unit is cancelled. (5) If, immediately before the Regulator closes the Registry account, there is an entry for a Kyoto unit in the account, the Regulator must transfer the unit to a voluntary cancellation account. (7) If: (a) the Regulator has closed the account of a person under subregulation (2); and (b) the person asks the Regulator to open another account in the person’s name; the Regulator must refuse to do so.

Note: Subsection 16(7) of the Act provides for records that must be kept in the Registry of cancellations mentioned in subregulation (4) and the unilateral closure of a Registry account.