New Zealand Legislation: Bills

20 Registration procedure

• (1) The heading to section 21 is amended by adding “for Kyoto units”.

  (2) Section 21(1) is amended by inserting “in relation to Kyoto units” after “a direction”.

  (3) Section 21(1) is amended by inserting “in relation to Kyoto units” after “a transaction”.

  (4) Section 21(1) is amended by repealing paragraph (b) and substituting the following paragraphs:

  • “(b) if the proposed transaction concerns the international transaction log, send a record of the proposed transaction to the international transaction log if required to do so by the international transaction log; and

  • “(c) if the proposed transaction does not concern the international transaction log,—

    • “(i) record in the unit register the particulars of the transaction set out in the direction or the application; and

    • “(ii) send electronic notification that the transaction has been recorded in the unit register to,—

      • “(A) in the case of a direction, the Minister of Finance and, if the direction specifies that Kyoto units are to be transferred to a holding account of an account holder other than the Crown, the account holder:

      • “(B) in the case of an application, the account holder who submitted the application and the account holder specified in the application as the account holder to whose holding account Kyoto units are to be transferred.”

  (5) Section 21 is amended by repealing subsection (2) and substituting the following subsection:

  • “(2) If the Registrar sends a record of the proposed transaction to the international transaction log under subsection (1)(b) and receives notification back from the international transaction log that there are no discrepancies in the transaction, the Registrar must, as soon as practicable,—

    • “(a) record in the unit register the particulars of the transaction set out in the direction or the application; and

    • “(b) send notification that the transaction has been recorded in the unit register to the international transaction log; and

    • “(c) send electronic notification that the transaction has been recorded in the unit register to—

      • “(i) the Minister of Finance, in the case of a direction; or

      • “(ii) the account holder, in the case of an application.

    • “(c) send electronic notification that the transaction has been recorded in the unit register to,—

      • “(i) in the case of a direction, the Minister of Finance; or

      • “(ii) in the case of an application, the account holder.”

  (6) Section 21(3) is amended by omitting “independent” in each place where it appears and substituting in each case “international”.

  (7) Section 21(3) is amended by inserting “in relation to Kyoto units” after “a transaction”.

  (8) Section 21(3) is amended by repealing paragraph (c) and substituting the following paragraphs:

  • “(c) must give notification of the termination, as soon as practicable, to the international transaction log; and

  • “(d) send electronic notification that the transaction has been terminated to—

    • “(i) the Minister of Finance, in the case of a direction; or

    • “(ii) the account holder, in the case of an application.

  • “(d) send electronic notification that the transaction has been terminated to,—

    • “(i) in the case of a direction, the Minister of Finance; or

    • “(ii) in the case of an application, the account holder.”

  (9) Section 21(4) is amended by omitting “units” and substituting “assigned amount units, certified emission reduction units, and emission reduction units”.