108Outgoing international transfers of carbon units

#### 108 Outgoing international transfers of carbon units (1) If a person (the first person) is the registered holder of one or more carbon units, the person may, by electronic notice transmitted to the Regulator, instruct the Regulator to transfer the units from the relevant Registry account kept by the person (the first Registry account) to: (a) a foreign account kept by another person; or (b) a foreign account kept by the first person. (2) An instruction under subsection (1) must set out: (a) the account number of the relevant Registry account kept by the first person; and (b) such other information as is specified in the regulations. Compliance with instruction (3) If: (a) the Regulator receives an instruction under subsection (1); and (b) either: (i) the instruction is given on or after 1 July 2018; or (ii) the foreign account is kept within a prescribed foreign registry; and (c) the conditions (if any) specified in the regulations are satisfied; and (d) each of the carbon units has a vintage year that is a flexible charge year; the Regulator must take such steps as are required by the regulations. (4) Regulations made for the purposes of subsection (3) may require the Regulator to remove the entry for the unit or units from the relevant Registry account. (5) Subsection (4) does not limit subsection (3). (6) A foreign registry must not be prescribed for the purposes of subparagraph (3)(b)(ii) unless: (a) there is in force an international agreement between Australia and the foreign country in which the registry is located; and (b) the agreement deals with the transfer of carbon units to foreign accounts kept within the registry. (7) If the Regulator takes steps under subsection (3) in relation to an instruction, the Registry must set out a record of the instruction. (8) If the first person is the Commonwealth, the Minister may give an instruction under subsection (1) on behalf of the first person.