123Surrender restrictions

#### 123 Surrender restrictions (1) The regulations may make provision for, or in relation to, prohibiting the surrender of specified eligible international emissions units. > Note: For specification by class, see subsection 13(3) of the Legislative Instruments Act 2003. (1A) In making a recommendation to the Governor‑General about regulations to be made for the purposes of subsection (1), the Minister must have regard to any relevant report given to the Minister by the Climate Change Authority under Part 22. (2) In making a recommendation to the Governor‑General about regulations to be made for the purposes of subsection (1), the Minister may have regard to: (a) Australia’s international objectives; and (b) Australia’s international obligations (including obligations under international climate change agreements); and (c) the environmental integrity of this Act and the associated provisions; and (e) the extent to which eligible international emissions units may be surrendered, accepted or used for the purposes of: (i) the Climate Change Response Act 2002 of New Zealand; or (ii) the European Union emissions trading scheme; and (ea) the extent to which the regulations would facilitate linking of the scheme embodied in this Act and the associated provisions with other emissions trading schemes; and (f) such other matters (if any) as the Minister considers relevant. (3) If: (a) regulations are made for the purposes of subsection (1); and (b) the regulations are registered under the Legislative Instruments Act 2003 during an eligible financial year; the regulations do not apply to the surrender of eligible international emissions units in relation to the eligible financial year.