39Kyoto rules—outgoing international transfers of Kyoto units

39 Kyoto rules—outgoing international transfers of Kyoto units

(1) For paragraph 39(1)(a) of the Act, this regulation sets out the requirements for the transfer of a Kyoto unit from a Registry account to a foreign account. (2) If the Regulator receives an instruction from a registered holder of one or more Kyoto units under subsection 35(1) of the Act, the Regulator must, as soon as practicable, give the instruction to the international transaction log. (3) If the international transaction log notifies the Regulator that the instruction has been accepted, the Regulator must, as soon as practicable, give effect to the instruction in accordance with the Kyoto rules. (4) If subregulation (3) applies, the Regulator must: (a) remove the entry for the unit from the relevant Registry account; and (b) notify the international transaction log of the action the Regulator has taken. (5) However, the Regulator must refuse to give effect to an instruction if the international transaction log notifies the Regulator that: (a) there is a discrepancy with the instruction or the proposed transfer; or (b) the proposed transfer has been rejected or cancelled. (6) If subregulation (5) applies, the Regulator must, as soon as practicable: (a) make a record in the Registry of the action taken; and (b) notify the international transaction log that the proposed transfer has been cancelled.