168Restrictions on surrender of certificates

168 Restrictions on surrender of certificates

168 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 in force in the register of certificates, or

(ii) was in force 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 under clause 171, 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.