30G Regulations relating to Part 2

(1)

The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations for any or all of the following purposes:

(a)

prescribing procedures and requirements relating to any powers of the Minister of Finance under subpart 1 of this Part:

(b)

prescribing matters, including (but not limited to) limitations, restrictions, conditions, exemptions, requirements, or prohibitions, in respect of—

(i)

the transfer of units, including (but not limited to)—

(A)

the transfer of units from an account holder’s holding account to an account in an overseas registry:

(B)

the transfer of units within the unit register:

(C)

the transfer of units from an overseas registry:

(D)

prohibitions on the transfer of units for the purposes of holding those units in an account in the Registry:

(ii)

the opening or closing of holding accounts:

(c)

prescribing matters in respect of the holding, surrender, conversion, and cancellation of units, including (but not limited to) limitations, restrictions, conditions, exemptions, requirements, procedures, or thresholds:

(d)

prescribing matters in respect of the carry-over of assigned amount units, certified emission reduction units, and emission reduction units, including (but not limited to) limitations, restrictions, conditions, exemptions, requirements, procedures, or thresholds:

(e)

prescribing procedures, requirements, and other matters in respect of the unit register and its operation, including, but not limited to, matters relating to—

(i)

access to the unit register:

(ii)

the location of the unit register:

(iii)

the hours of access to the unit register:

(iv)

the format of unique numbers to be used in the unit register:

(v)

the allocation of unique serial numbers to New Zealand units and approved overseas units:

(vi)

the exchange of data between—

(A)

the Registry and overseas registries:

(B)

the Registry and the international transaction log:

(vii)

the registration of transactions:

(viii)

the form and content of the unit register:

(f)

prescribing matters in respect of which fees are payable under this Part, the amounts of those fees, and the procedures for payment:

(g)

prescribing procedures, requirements, and other matters in respect of the form, use, and manner of obtaining electronic verification statements to confirm a registration:

(h)

prescribing procedures, requirements, and other matters in respect of searching the unit register, including, but not limited to,—

(i)

the criteria by which a search may be conducted:

(ii)

the method of disclosure:

(iii)

the form of search results:

(iv)

the abbreviations, expansions, or symbols that may be used in search results:

(i)

prescribing forms and notices for the purposes of this Part:

(j)

prescribing, for the purpose of the definition of overseas registry, overseas registries from which and to which units may be transferred to and from accounts in the Registry:

(k)

prescribing the units issued by an overseas registry that may be transferred to accounts in the Registry:

(l)

prescribing procedures for transactions involving approved overseas units:

(m)

prescribing matters in respect of the taking of possession of an emissions unit for the purposes of section 18(1A)(b) of the Personal Property Securities Act 1999:

(n)

in respect of this Part, giving effect to the terms of the Convention and the Protocol, including any decisions, rules, guidelines, principles, measures, methodologies, modalities, procedures, mechanisms, or other matters adopted, agreed on, made, or approved in accordance with the Convention or the Protocol:

(o)

providing for the matters that are contemplated by, or necessary for, giving full effect to this Part and for its due administration:

(p)

prescribing matters relating to the powers of the Minister under section 6A to sell New Zealand units by auction, including—

(i)

prescribing the date on which the sale of New Zealand units by auction commences:

(ii)

providing for a pilot auction to be conducted in advance of the date from which sale by auction is to commence:

(iii)

prescribing the persons or classes of persons eligible to participate in an auction of New Zealand units:

(iv)

prescribing penalties for breaches of regulations made under this paragraph:

(v)

prescribing an overall limit in the manner provided for by section 30GA(1):

(vi)

providing for any other matters for the conduct of an auction that the Minister considers relevant to the effective conduct of the auction:

(q)

enabling the Minister to specify 1 or more types of Kyoto unit into which an account holder may apply to convert a New Zealand unit under section 30E, if assigned amount units are not available in a Crown holding account.

(2)

Regulations made under subsection (1) may be made in respect of different units, transactions, persons, classes of units, subclasses of units, classes of transactions, or classes of persons.

(3)

Any regulation made under subsection (1)(b)(i) or (c) does not apply to the transfer of units that are held in an account in the Registry at the time that the regulation comes into force.

(3A)

The amount of fees set under regulations made under subsection (1)(f) must not exceed the amount necessary to enable the recovery of the direct and indirect costs of the Registrar in performing his or her functions under this Part.

(4)

Any regulations made under subsection (1) must be consistent with the Convention and the Protocol.

Section 30G: inserted, on 26 September 2008, by section 34 of the Climate Change Response (Emissions Trading) Amendment Act 2008 (2008 No 85).

Section 30G(1)(p): inserted, on 1 January 2013, by section 16 of the Climate Change Response (Emissions Trading and Other Matters) Amendment Act 2012 (2012 No 89).

Section 30G(1)(q): inserted, on 1 January 2013, by section 16 of the Climate Change Response (Emissions Trading and Other Matters) Amendment Act 2012 (2012 No 89).

Section 30G(3A): inserted, on 5 December 2011, by section 9 of the Climate Change Response Amendment Act 2011 (2011 No 15).