These regulations are the Climate Change (Unit Register) Regulations 2008.

These regulations come into force on 1 November 2008.

In these regulations, unless the context otherwise requires,—

Each of the following units that is issued as defined by section 4 of the Act may be transferred to accounts in the Registry (and is therefore an approved overseas unit under section 4 of the Act):

The overseas registry, for the purposes of section 4 of the Act, is the CDM registry.

The international transaction body, for the purposes of section 4 of the Act, is the international log established and maintained by the Secretariat to confirm the validity of transactions, including the issue of units and the transfer of units between registries and between accounts in the Registry.

To open a holding account, a proposed account holder must—

The application procedure to open a holding account must require the proposed account holder to provide the following information:

If the proposed account holder intends or is required to authorise a primary representative to operate the proposed account holder’s holding account, the proposed account holder must follow the procedure set out in regulation 15.

The Registrar may not approve the opening of a holding account in the name of the proposed account holder unless the Registrar has received a declaration signed by the proposed account holder that contains a statement that—

The Registrar may require an applicant to provide any additional information reasonably necessary to verify any of the particulars that the applicant must provide under regulation 4 to open a holding account.

Two or more persons may hold a holding account jointly if each person is a qualified person.

Each person who holds or held a holding account jointly is jointly and severally liable, in respect of the period or any part of the period during which the person holds or held the account jointly, for any matter arising with respect to the account.

In the case of a holding account held jointly, any declaration that must be signed by an account holder under these regulations must be signed by each person who holds the holding account jointly.

In the case of a proposed holding account to be held jointly, any declaration that must be signed by the proposed account holder under these regulations must be signed by each person who proposes to hold the holding account jointly.

The Registrar may add or remove a member of an unincorporated body as an account holder of a holding account if—

If a holding account is held jointly other than by members of an unincorporated body, and a person who is an account holder wishes to be removed as an account holder or a person wishes to be added as an account holder, then—

This regulation applies if the nominated entity of a consolidated group gives notice to the EPA under section 152(3) of the Act that—

The nominated entity must give the Registrar—

The nominated entity must comply with subclause (2) no later than 10 working days after the date on which the entity gave notice to the EPA.

The Registrar must—

The Registrar must comply with subclause (4)—

To transfer units, an account holder must apply to transfer units via the Registry’s Internet site.

The application procedure to transfer units must require the account holder to provide the following information:

An account holder may not apply to the Registrar to convert a New Zealand unit held by that person into a unit for the purposes of transferring that unit to an account in an overseas registry or international transaction body.

The Registrar must not transfer to an account in an overseas registry or international transaction body under section 18C of the Act—

No account holder, other than an account holder of a Crown holding account, may hold any approved overseas unit.

No person, other than the Registrar as administrator of a Crown holding account, may transfer any approved overseas unit into or within the unit register.

See clause 14 of Schedule 1AA of the Act (cancellation of historic approved overseas units).

A unit that is transferred to a retirement account may not be further transferred, retired, surrendered, or cancelled.

New Zealand units may not be retired.

On or after 1 June 2015, certified emission reduction units or emission reduction units from the first commitment period in a holding account may not be carried-over.

However, the limitation in subclause (1) does not apply to certified emission reduction units or emission reduction units from the first commitment period in a Crown holding account.

An account holder may apply to the Registrar to convert a New Zealand unit held by that person into a New Zealand assigned amount unit held for the purposes of transferring that assigned amount unit to the general cancellation account.

The account holder must—

On receipt of the application, the Registrar must, as soon as practicable,—

The Registrar’s obligations under subclause (3) apply only if, and to the extent that, there are sufficient New Zealand assigned amount units to meet a request under subclause (2) to convert New Zealand units.

If the Registrar receives notification from an overseas registry or international transaction body under section 21AA(3) of the Act that there is a discrepancy in the transaction relating to the application submitted under subclause (2)(b), the Registrar must—

A unit that is transferred to a conversion account may not be surrendered, cancelled, or otherwise further transferred except as required by regulation 11D(5)(b).

This regulation applies if at any time the Registrar discovers that an imported assigned amount unit has been transferred to a surrender account.

The Registrar must—

If the transfer is reversed,—

To close a holding account, an account holder must lodge a request to close the holding account via the Registry’s Internet site.

The request to close a holding account must provide the following information:

The Registrar may not close a holding account unless the Registrar has received a declaration signed by the account holder that contains a statement that the account holder authorises the closing of the holding account.

A holding account with units in it may be closed only if the EPA directs the Registrar to close it.

To be a primary representative, a person must be—

An account holder or proposed account holder—

An account holder or a proposed account holder may appoint a primary representative by submitting a request to appoint a primary representative via the Registry’s Internet site.

For the purposes of subclause (2), the account holder or proposed account holder must provide the following information:

The Registrar may not register the appointment of a primary representative unless the Registrar has received a declaration signed by the account holder or the proposed account holder that contains a statement that—

The acts of a primary representative via the Registry’s Internet site with respect to the operation of an account holder’s holding account and the recording of possession are binding on the account holder.

To avoid doubt, a primary representative may not make a declaration required under these regulations.

The Registrar may require an account holder or proposed account holder to provide any additional information reasonably necessary to verify any of the particulars that the account holder or proposed account holder must provide under regulation 15 to appoint a primary representative.

Subject to regulation 15(1), an account holder may remove a primary representative by submitting a request to remove the primary representative via the Registry’s Internet site.

For the purposes of subclause (1), the account holder must provide the following information:

The Registrar may not register the removal of a primary representative unless the Registrar has received a declaration signed by the account holder that contains a statement confirming that the account holder authorises the removal of the primary representative identified in the removal request.

The Registrar must, for the purposes of the Personal Property Securities Act 1999, record the full legal name of the person who is in possession of units in an account holder’s holding account.

A third party may submit a request to record the third party’s name as the person who is in possession of units in an account holder’s holding account via the Registry’s Internet site.

For the purposes of subclause (2), the third party must provide the following information:

Before the Registrar may record the third party’s name as a person in possession of units in an account holder’s holding account, the account holder must consent to the recording of the third party’s name.

The account holder may consent to the recording of the third party’s name via the Registry’s Internet site by confirming—

If the third party’s name is recorded, the Registrar must send an email to the third party and to the account holder that gives notice of the record.

If the name of a third party is recorded by way of a request made under this regulation, the Registrar may not remove the name without the consent of that third party.

If a name of a third party is not recorded by way of a request under this regulation, the Registrar must, for the purposes of the Personal Property Securities Act 1999, record the account holder as the person in possession of the units in the account holder’s holding account.

If a third party’s name is recorded under regulation 18,—

To avoid doubt, the third party whose name is recorded under regulation 18 may not use the holding account for the purposes of making a transaction.

This regulation applies if a change in circumstances renders any information provided under these regulations inaccurate.

If this regulation applies, the account holder must, within 10 working days of the change in circumstances, correct the relevant information via the Registry’s Internet site.

If an account holder is no longer a qualified person, the account holder must apply to close the holding account.

If a primary representative is no longer a qualified person, the account holder must,—

The Climate Change (Unit Register) Regulations 2007 (SR 2007/335) are revoked.

Despite regulation 22,—

The Registrar may require any person who became an account holder or was appointed as a representative under the Climate Change (Unit Register) Regulations 2007 to provide any particulars or information required to comply fully with the requirements of these regulations.

A person who is to provide any particulars or information under subclause (2) must provide the particulars or information within 90 days of the date on which the Registrar notifies the person that the person is required to provide the particulars or information.

To avoid doubt, these regulations replace the Climate Change (Unit Register) Regulations 2007 (SR 2007/335).