104Restrictions on surrender of certificates

#### 104 Restrictions on surrender of certificates 104 Restrictions on surrender of certificates > > (1) A certificate cannot be surrendered by a scheme participant for the purposes of meeting its individual certificate target or remedying a carried forward shortfall unless— > > > > > (a) the certificate— > > > > > > > (i) is registered as active in the register of certificates, or > > > > > > > (ii) was registered as active during the compliance period for which the certificate is surrendered, and > > > > > (b) the participant is recorded in the register of certificates as the owner of the certificate, and > > > > > (c) for a certificate that relates to an activity that occurred in a jurisdiction for which there is an approved corresponding scheme—the Minister has, by the order approving the corresponding scheme or a subsequent order published in the Gazette, approved the surrender of certificates of that kind by a scheme participant for those purposes. > > > (2) The Scheme Regulator may, by written notice to a scheme participant, refuse to accept an election to surrender a certificate if, in the opinion of the Scheme Regulator— > > > > > (a) the certificate cannot be surrendered under this clause, or > > > > > (b) the certificate is surplus to the number required to be surrendered for the purposes of meeting the scheme participant’s individual certificate target or remedying a carried forward shortfall. > > > (3) If the Scheme Regulator accepts the surrender of a certificate, and the Scheme Regulator is not the Scheme Administrator, the Scheme Regulator must give the Scheme Administrator written notice of the decision, including details of the certificate surrendered.