113Policies, procedures and rules for auctioning carbon units

#### 113 Policies, procedures and rules for auctioning carbon units (1) The Minister may, by legislative instrument, determine the policies, procedures and rules that apply in relation to the auctioning of carbon units by the Regulator. (2) A determination under subsection (1) may deal with any or all of the following matters: (a) the types of auction; (b) the timing of auctions; (c) advertising of auctions; (d) participants in auctions; (e) fees for participants in auctions; (f) proxy bidding; (g) representatives of participants in auctions; (h) the minimum number of carbon units to which a bid may relate; (i) variation of bids; (j) the total number of carbon units with a particular vintage year that are to be offered at a particular auction under section 111; (k) limits on the total number of carbon units with a particular vintage year that may be acquired by a person as a result of a particular auction; (l) limits on the total number of carbon units with a particular vintage year that may be acquired by the members of a controlling corporation’s group as a result of a particular auction; (n) deposits (if any) to be lodged by participants in auctions; (o) the refund or forfeiture of such deposits; (p) guarantees (if any) to be given in respect of payment obligations that are incurred by participants in auctions; (q) securities (if any) to be lodged in respect of payment obligations that are incurred by participants in auctions; (r) timing and methods of payment of charges. (3) Subsection (2) does not limit subsection (1). (4) A fee specified under paragraph (2)(e) must not be such as to amount to taxation. (5) A determination under subsection (1) may make provision in relation to a matter by conferring a power to make a decision of an administrative character on the Regulator. (6) A determination under subsection (1) may: (a) empower the Regulator to disqualify a person from participating in auctions; and (b) provide that the Regulator, in exercising such a power, may have regard to: (i) the person’s record in relation to compliance with the determination; and (ii) such other matters (if any) as are specified in the determination; and (iii) such other matters (if any) as the Regulator considers relevant. (7) Subsection (6) does not limit subsection (5). (8) To avoid doubt, a determination under subsection (1) is taken to be a law for the purposes of section 28 of the Financial Management and Accountability Act 1997. (9) To avoid doubt, the Regulator may auction carbon units even if no determination is in force under subsection (1).