58A

58A Identifying safeguard mechanism credit units with a financial year etc.

Identifying safeguard mechanism credit units with a financial year (1) For the purposes of subsection 22XNC(2) of the Act: (a) if the Regulator decides to issue a safeguard mechanism credit unit to a person in relation to a facility for a financial year—the Regulator must identify the unit with that financial year; or (b) if the Regulator decides to issue a safeguard mechanism credit unit to a person in relation to a facility for a declared multi‑year period for the facility—the Regulator must identify the unit with the most recent financial year included in that declared multi‑year period. When safeguard mechanism credit units are to be issued for financial years (2) If: (a) the responsible emitter for a facility applies under subsection 56(1) to the Regulator to issue safeguard mechanism credit units to the responsible emitter in relation to the facility for a particular financial year; and (b) the application is made before the first 31 January after the end of the financial year; and (c) the Regulator decides to issue safeguard mechanism credit units to the responsible emitter in relation to the facility for the financial year; the Regulator must issue those units on a day that is as close to that 31 January as is reasonably practicable. When safeguard mechanism credit units are to be issued for declared multi‑year periods (3) If: (a) the responsible emitter for a facility applies under subsection 57(1) to the Regulator to issue safeguard mechanism credit units to the responsible emitter in relation to the facility for a particular declared multi‑year period for the facility; and (b) the application is made before the first 31 January after the end of the declared multi‑year period; and (c) the Regulator decides to issue safeguard mechanism credit units to the responsible emitter in relation to the facility for the declared multi‑year period; the Regulator must issue those units on a day that is as close to that 31 January as is reasonably practicable.