42Cancellation after expiry

42 Cancellation after expiry

(1) For subsection 42(2) of the Act, the Regulator must: (a) tell the registered holder of a temporary certified emission reduction or a long‑term certified emission reduction, in writing, that the emission reduction is due to expire at least 21 days before its expiry date; and (b) on the expiry date, transfer the emission reduction mentioned in paragraph (a) to the mandatory cancellation account for the same commitment period. (2) For paragraph (1)(b), the same commitment period is identified by the reference to the serial number of the unit. (3) A failure by the Regulator to tell the registered holder within the time specified in paragraph (1)(a) does not affect the validity of the transfer.

Note 1: An entry for a temporary certified emission reduction or long‑term certified emission reduction in a Registry account will have an expiry date included in its serial number.

Note 2: A temporary certified emission reduction or long‑term certified emission reduction may have been transferred to another registered holder between the date of the notice under paragraph (1)(a) and the expiry date.