101Limit on issue of carbon units

#### 101 Limit on issue of carbon units (1) The Regulator must ensure that not more than 20 million carbon units with a particular vintage year are issued as a result of auctions that were conducted by the Regulator during a financial year if: (a) the financial year begins more than 12 months before the start of the vintage year; and (b) there are no regulations in effect that declare the carbon pollution cap, and the carbon pollution cap number, for the vintage year. (1A) Subsection (1) does not apply to carbon units with the vintage year beginning on 1 July 2015 that are issued as a result of auctions that are conducted by the Regulator during the financial year beginning on 1 July 2013. (1B) The Regulator must ensure that not more than 40 million carbon units with the vintage year beginning on 1 July 2015 are issued as a result of auctions that were conducted by the Regulator during the financial year beginning on 1 July 2013 if there are no regulations in effect that declare the carbon pollution cap, and the carbon pollution cap number, for the vintage year. (2) The Regulator must ensure that not more than 20 million carbon units with a particular vintage year are issued as a result of auctions that were conducted by the Regulator during the first 6 months of the financial year immediately preceding the vintage year if there are no regulations in effect that declare the carbon pollution cap, and the carbon pollution cap number, for the vintage year. (3) The Regulator must ensure that no carbon units with a particular vintage year are issued as a result of auctions that were conducted by the Regulator during a financial year if the financial year begins more than 36 months before the start of the vintage year.