40Kyoto rules—incoming international transfers of Kyoto units

40 Kyoto rules—incoming international transfers of Kyoto units

(1) For paragraph 39(1)(b) of the Act, this regulation sets out the requirements for the transfer of a Kyoto unit from a foreign account to a Registry account. (2) The Regulator must refuse to give effect to an instruction under subsection 36(1) of the Act if: (a) the international transaction log notifies the Regulator that: (i) there is a discrepancy with the instruction or the proposed transfer; or (ii) the proposed transfer has been rejected or cancelled; or (b) the instruction is given in the first commitment period, and giving effect to the instruction would result in the total Registry holdings of: (i) long‑term certified emissions reductions that have not been cancelled; and (ii) temporary certified emissions reductions that have not been cancelled; exceeding 27,384,992 for the first commitment period. (3) The Regulator must: (a) make a record in the Registry of: (i) a refusal under subregulation (2) or subsection 36(2) of the Act; or (ii) a completed transfer under subsection 36(1) of the Act; and (b) notify the international transaction log of the record made under paragraph (a).