Australian National Registry of Emissions Units (Commonwealth foreign registry account in the Union Registry) Direction 2013

Link to law: https://www.comlaw.gov.au/Details/F2013L00762

 
 
Australian National Registry of Emissions Units (Commonwealth foreign registry account in the Union Registry) Direction 2013
I, Greg Combet AM, Minister for Climate Change, Industry and Innovation, make the following direction under subsection 86A(4) of the Australian National Registry of Emissions Units Act 2011.
Dated:                          2013
Greg Combet AM
Minister for Climate Change, Industry and Innovation
 
  
  
  
Contents
Part 1—Preliminary                                                                                                                                        1
1............ Name of direction.......................................................................................................... 1
2............ Commencement............................................................................................................. 1
3............ Authority....................................................................................................................... 1
4............ Definitions..................................................................................................................... 1
Part 2—Opening an account in the Union Registry                                                                    2
5............ Complying with European Commission requirements.................................................. 2
Part 3—Operating an account in the Union Registry                                                                3
6............ Continuity of operation.................................................................................................. 3
Part 4—Closing an account in the Union Registry                                                                      4
7............ Conditions for closure................................................................................................... 4
 
Part 1—Preliminary
  
1  Name of direction
                   This direction is the Australian National Registry of Emissions Units (Commonwealth foreign registry account in the Union Registry) Direction 2013.
2  Commencement
                   This direction commences on the day after it is registered.
3  Authority
                   This direction is made under subsection 86A(4) of the Australian National Registry of Emissions Units Act 2011.
4  Definitions
Note:          Other words and expressions used in this direction have the meaning given by the Act, for example:
(a)    Commonwealth foreign registry account; and
(b)    European allowance unit; and
(c)    Registry.
                   In this direction:
Act means the Australian National Registry of Emissions Units Act 2011.
central administrator has the same meaning as in the EC Registry Regulation.
EC Registry Regulation means the Commission Regulation (EU) establishing a Union Registry for the trading period commencing on 1 January 2013, and subsequent trading periods, of the Union emissions trading scheme.
Note:          The text of the regulation may be found at: http://eur‑lex.europa.eu.
European Economic Area means the countries that are part of the Agreement on the European Economic Area which entered into force on 1 January 1994.
national administrator has the same meaning as in the EC Registry Regulation.
Regulations means the Australian National Registry of Emissions Units Regulations 2011.
Union Registry means the registry established under Article 19 of Directive 2003/87/EC of the European Parliament and of the Council.
Note:          The text of the Directive may be found at: http://eur‑lex.europa.eu.
Part 2—Opening an account in the Union Registry
  
5  Complying with European Commission requirements
             (1)  The Regulator must open a Commonwealth foreign registry account in the Union Registry in accordance with:
                     (a)  the EC Registry Regulation; and
                     (b)  any terms agreed between the Australian Government or the Regulator and the European Commission, the central administrator or the national administrator.
             (2)  Compliance with subsection (1) may involve:
                     (a)  making an application to open the account; or
                     (b)  nominating staff of the Regulator to be authorised representatives of the Regulator for the purpose of accessing the account and initiating or approving transactions in relation to the account; or
                     (c)  providing evidence of the identity of the authorised representatives; or
                     (d)  ensuring that any information or document provided with the application is complete, up‑to‑date and accurate; or
                     (e)  anything incidental to, or ancillary to, the opening of the account, such as paying any fees in relation to the application or opening a bank account in the European Economic Area.
Part 3—Operating an account in the Union Registry
  
6  Continuity of operation
             (1)  The Regulator must ensure that the Commonwealth foreign registry account in the Union Registry, as far as it is within the Regulator’s control, operates without interruption.
             (2)  In particular, the Regulator must comply with any requirements or restrictions that apply in relation to the operation of the account that are set out in the following:
                     (a)  the Act or the Regulations;
                     (b)  the EC Registry Regulation;
                     (c)  the laws of the European country in which the central administrator or the national administrator for the account is located;
                     (d)  any terms agreed between the Australian Government or the Regulator and the European Commission, the central administrator or the national administrator.
Part 4—Closing an account in the Union Registry
  
7  Conditions for closure
                   The Regulator must close the Commonwealth foreign registry account in the Union Registry if all of the following conditions are met:
                     (a)  an international agreement is in force between Australia and the European Union that allows the direct transfer of a European allowance unit from the Union Registry into a Registry account;
                     (b)  the Commonwealth foreign registry account contains no European allowance units;
                     (c)  the Registry does not contain any Australian‑issued international units that were issued for corresponding European allowance units;
                     (d)  any processes relating to the closure of accounts in the Union Registry that are set out in the following have been completed:
                              (i)  the Act or the Regulations;
                             (ii)  the EC Registry Regulation and any other applicable law of the legislature of the European Union;
                            (iii)  the laws of the European country in which the central administrator or the national administrator for the account is located;
                            (iv)  any terms agreed between the Australian Government or the Regulator and the European Commission, the central administrator or the national administrator.
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