New Zealand Legislation: Supplementary Order Papers
Supplementary Order Papers (SOPs) are proposed amendments to Bills
Supplementary Order Papers (SOPs) are proposed amendments to Bills
Clause 17: new sections 18CB, 18CC, and 18CD
To omit new section 18CB (line 26 on page 33 to line 12 on page 34) and substitute the following sections:
“18CB Restriction on surrender of assigned amount units
“(1) No participant may surrender, or permit to be surrendered, an imported assigned amount unit to meet the participant’s obligations under section 63 unless the assigned amount unit meets the conditions or requirements prescribed in regulations made under this Part.
“(2) In this section and section 18CD, imported assigned amount unit means an assigned amount unit that is issued out of the initial assigned amount of a Party other than New Zealand.
“18CC Restriction on surrender of assigned amount units issued during first commitment period
“(1) No participant may surrender, or permit to be surrendered, a CP1 imported assigned amount unit to meet the participant’s obligations under section 63 in respect of any emissions from any activities listed in Schedule 3 or 4 carried out by the participant after 31 December 2012.
“(2) In this section and sections 18CD and 19, CP1 imported assigned amount unit means an assigned amount unit that is issued out of the initial assigned amount of a Party, other than New Zealand, during the first commitment period.
“18CD Effect of surrendering restricted assigned amount units
“(1) This section applies if at any time the Registrar discovers that—
“(a) an imported assigned amount unit has been transferred to a surrender account that does not meet any of the conditions or requirements prescribed in regulations made under this Part; or
“(b) a CP1 imported assigned amount unit has been transferred to a surrender account to meet a participant’s obligations under section 63 in respect of any emissions from any activities listed in Schedule 3 or 4 carried out by the participant after 31 December 2012.
“(2) If this section applies, the Registrar must—
“(a) reverse the transfer; and
“(b) notify the participant and the chief executive of the department responsible for the administration of Part 4 that the transfer has been reversed.
“(3) If a transfer is reversed under subsection (2),—
“(a) the chief executive of the department responsible for the administration of Part 4 must treat the transfer as never taking place for the purpose of assessing whether a participant has surrendered the required number of units by the due date as required under any section of this Act; and
“(b) if the chief executive of the department responsible for the administration of Part 4 considers that the person has not surrendered the required number of units by the due date, give a notice to the participant under section 121(3)(a).