This note is not part of the regulations, but is intended to indicate their general effect.
These regulations amend the Climate Change (Unit Register) Regulations 2008 (the principal regulations).
Regulation 6, which comes into force on 1 June 2015, inserts into the principal regulations new regulations 11A to 11C.
New regulation 11A provides that, on or after 1 June 2015, certified emission reduction units or emission reduction units from the first commitment period in a holding account (other than a Crown holding account) may not be carried-over.
New regulation 11B provides that, on or after 1 June 2015, certified emission reduction units, emission reduction units, or removal units from the first commitment period may not be transferred to a surrender account or a Crown holding account.
New regulation 11C provides that, on or after 1 June 2015, certified emission reduction units, emission reduction units, or removal units from the first commitment period may not be repaid to a Crown holding account or other account held by the Crown.
The rest of these regulations come into force on 1 January 2015. Those regulations—
remove the definition of registry user name and references to that term:
require a proposed account holder that is a New Zealand entity or an overseas company registered in New Zealand to provide its New Zealand business number rather than its New Zealand registration number with an application to open a holding account:
remove the limit on how many primary representatives may be authorised to operate a holding account on behalf of the account holder.
Regulatory impact statement
The Ministry for the Environment produced a regulatory impact statement for new regulations 11A to 11C on 26 February 2014 to help inform the decisions taken by the Government relating to the contents of this instrument.
A copy of this regulatory impact statement can be found at—
Date of notification in Gazette: 4 December 2014.
These regulations are administered by the Ministry for the Environment.