Commonwealth Numbered Acts Commonwealth Numbered Acts
Australian National Registry of Emissions Units Act 2011
1 Section 3
Omit:
• Entries may be made in Registry accounts for:
(a) Australian carbon credit units; and
(b) Kyoto units.
• This Act sets out rules about dealings with Kyoto units.
substitute:
• Entries may be made in Registry accounts for:
(a) Australian carbon credit units; and
(b) Kyoto units; and
(c) safeguard mechanism credit units.
• This Act sets out rules about dealings with:
(a) Kyoto units; and
(b) safeguard mechanism credit units.
2 Section 4 (paragraph (d) of the definition of eligible international emissions unit )
Omit "rules.", substitute "rules; or".
3 Section 4 (after paragraph (d) of the definition of eligible international emissions unit )
Insert:
(e) a safeguard mechanism credit unit if legislative rules made for the purposes of this paragraph specify that kind of unit.
4 Section 4 (definition of issue )
Repeal the definition, substitute:
"issue " :
(a) in relation to an Australian carbon credit unit--has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011 ; or
(b) in relation to a safeguard mechanism credit unit--has the same meaning as in the National Greenhouse and Energy Reporting Act 2007 .
5 Section 4
Insert:
"legislative rules " means rules made under section 94A.
"quarter " means a period of 3 months starting on 1 July, 1 October, 1 January or 1 April.
6 Section 4 (definition of registered holder )
Repeal the definition, substitute:
"registered holder " , in relation to:
(a) an Australian carbon credit unit; or
(b) a Kyoto unit; or
(c) a safeguard mechanism credit unit;
means the person in whose Registry account there is an entry for the unit.
7 Section 4
Insert:
"safeguard mechanism credit unit " has the same meaning as in the National Greenhouse and Energy Reporting Act 2007 .
8 Section 4 (definition of transfer )
Repeal the definition, substitute:
"transfer " :
(a) in relation to a Kyoto unit--has the meaning given by section 33; or
(b) in relation to a safeguard mechanism credit unit--has the meaning given by section 48C.
9 Paragraph 9(4)(a)
Repeal the paragraph, substitute:
(a) to be a registry for:
(i) Australian carbon credit units; and
(ii) safeguard mechanism credit units;
10 Paragraph 11(5)(a)
Repeal the paragraph, substitute:
(a) issue to the account any:
(i) Australian carbon credit units; or
(ii) safeguard mechanism credit units; or
11 At the end of subsection 15(2)
Add:
; and (d) there are no entries for any safeguard mechanism credit units in the account.
12 At the end of paragraph 16(2)(b)
Add:
; and (iii) setting out the effect of any legislative rules made for the purposes of subsection (5).
13 After subsection 16(4)
Insert:
(5) The legislative rules may provide that if, immediately before the Regulator closes a Registry account under regulations made for the purposes of subsection (1), there is an entry for a safeguard mechanism credit unit in the account, then the Regulator must take such action in relation to the unit as is specified in the legislative rules.
14 At the end of subsection 16(7)
Add:
; and (c) each action taken under legislative rules made for the purposes of subsection (5).
15 At the end of section 17
Add:
Safeguard mechanism credit units
(3) An entry for a safeguard mechanism credit unit in a Registry account may be made in accordance with this Act.
16 After paragraph 19(3A)(a)
Insert:
(aa) section 48A of this Act; or
17 After paragraph 22(4A)(a)
Insert:
(aa) section 48A of this Act; or
18 Subsection 26(3) (heading)
Repeal the heading, substitute:
Exceptions
19 After subparagraph 26(3)(a)(ii)
Insert:
or (iii) safeguard mechanism credit units;
20 After paragraph 28A(1)(b)
Insert:
or (c) safeguard mechanism credit units;
21 After paragraph 28B(1)(b)
Insert:
or (c) safeguard mechanism credit units;
22 Subparagraph 28D(5)(a)(ii)
After "Australian carbon credit units", insert "or safeguard mechanism credit units".
23 At the end of subsection 28D(5)
Add:
; and (c) a notice to relinquish Australian carbon credit units or safeguard mechanism credit units under section 22XNE of the National Greenhouse and Energy Reporting Act 2007 does not have effect.
24 At the end of subsection 28D(16)
Add:
; or (c) anything in the National Greenhouse and Energy Reporting Act 2007 .
Insert:
Part 4 -- Safeguard mechanism credit units
48 Simplified outline of this Part
• This Part sets out rules about the ownership, transfer and transmission of safeguard mechanism credit units.
48A A safeguard mechanism credit unit is personal property
A safeguard mechanism credit unit is personal property and, subject to sections 48D and 48E, is transmissible by assignment, by will and by devolution by operation of law.
48B Ownership of safeguard mechanism credit units
(1) The registered holder of a safeguard mechanism credit unit:
(a) is the legal owner of the unit; and
(b) may, subject to this Act and the National Greenhouse and Energy Reporting Act 2007 , deal with the unit as its legal owner and give good discharges for any consideration for any such dealing.
(2) Subsection (1) only protects a person who deals with the registered holder of the unit as a purchaser:
(a) in good faith for value; and
(b) without notice of any defect in the title of the registered holder.
48C Transfer of safeguard mechanism credit units
For the purposes of this Act, if there is an entry for a safeguard mechanism credit unit in a Registry account (the first Registry account ) kept by a person (the first person ):
(a) a transfer of the unit from the first Registry account to a Registry account kept by another person consists of:
(i) the removal of the entry for the unit from the first Registry account; and
(ii) the making of an entry for the unit in the Registry account kept by the other person; and
(b) a transfer of the unit from the first Registry account to another Registry account kept by the first person consists of:
(i) the removal of the entry for the unit from the first Registry account; and
(ii) the making of an entry for the unit in the other Registry account kept by the first person.
48D Transmission of safeguard mechanism credit units by assignment
(1) A transmission by assignment of a safeguard mechanism credit unit for which there is an entry in a Registry account is of no force until:
(a) the transferor, by electronic notice transmitted to the Regulator, instructs the Regulator to transfer the unit from the relevant Registry account kept by the transferor to a Registry account kept by the transferee; and
(b) the Regulator complies with that instruction.
(2) An instruction under paragraph (1)(a) must set out:
(a) the account number of the transferor's Registry account; and
(b) the account number of the transferee's Registry account.
(3) If the Regulator receives an instruction under paragraph (1)(a), the Regulator must comply with the instruction as soon as practicable after receiving it.
(4) The Registry must set out a record of each instruction under paragraph (1)(a).
(5) If the transferor is the Commonwealth, the Minister may give an instruction under paragraph (1)(a) on behalf of the transferor.
48E Transmission of safeguard mechanism credit units by operation of law etc.
Scope
(1) This section applies if a safeguard mechanism credit unit for which there is an entry in a Registry account is transmitted from a person (the transferor ) to another person (the transferee ) by any lawful means other than by a transfer under section 48D.
Effect of transmission
(2) The transmission is of no force until the Regulator transfers the safeguard mechanism credit unit under subsection (8) or (9).
Declaration of transmission
(3) The transferee must, within 90 days after the transmission, give the Regulator:
(a) a declaration of transmission; and
(b) such evidence of transmission as is specified in the legislative rules.
(4) A declaration of transmission must be made in accordance with the legislative rules.
(5) If the transferee does not already have a Registry account, the declaration of transmission must be accompanied by a request, under regulations made for the purposes of subsection 10(1), for the Regulator to open a Registry account in the name of the transferee.
(6) If the Regulator is satisfied that special circumstances warrant the extension of the 90-day period mentioned in subsection (3), the Regulator may extend that period.
(7) The Regulator may exercise the power conferred by subsection (6):
(a) on written application being made to the Regulator by the transferee; or
(b) on the Regulator's own initiative.
Transfer of unit--transferee already has a Registry account
(8) If the transferee already has a Registry account, the Regulator must, as soon as practicable after receiving the declaration of transmission, transfer the unit from the relevant Registry account kept by the transferor to a Registry account kept by the transferee.
Transfer of unit--transferee does not have a Registry account
(9) If:
(a) the transferee does not already have a Registry account; and
(b) in accordance with the request under regulations made for the purposes of subsection 10(1), the Regulator has opened a Registry account in the name of the transferee;
the Regulator must, as soon as practicable after opening the Registry account, transfer the unit from the relevant Registry account kept by the transferor to the Registry account kept by the transferee.
Record
(10) If the Regulator transfers the unit under subsection (8) or (9), the Registry must set out a record of the declaration of transmission.
When the transferee is the Commonwealth
(11) If the transferee is the Commonwealth, the Minister may give:
(a) the declaration of transmission; and
(b) the evidence mentioned in paragraph (3)(b);
on behalf of the transferee.
Notification
(12) If:
(a) the Regulator decides to:
(i) extend the 90-day period mentioned in subsection (3); or
(ii) refuse to extend the 90-day period mentioned in subsection (3); and
(b) the Regulator made the decision in response to an application;
the Regulator must give written notice of the decision to the applicant.
48F Transfer of safeguard mechanism credit units to another Registry account held by the transferor
Scope
(1) This section applies if:
(a) a person keeps a Registry account (the first Registry account ) in which there is an entry for a safeguard mechanism credit unit; and
(b) the person, by electronic notice transmitted to the Regulator, instructs the Regulator to transfer the unit from the first Registry account to another Registry account kept by the person; and
(c) the instruction sets out:
(i) the account number of the first Registry account; and
(ii) the account number of the other Registry account.
Compliance with instruction
(2) If a person gives the Regulator an instruction under paragraph (1)(b), the Regulator must comply with the instruction as soon as practicable after receiving it.
(3) The Registry must set out a record of the instruction under paragraph (1)(b).
48G Registration of equitable interests in relation to a safeguard mechanism credit unit
(1) The legislative rules may make provision for or in relation to the registration in the Registry of equitable interests in relation to safeguard mechanism credit units.
(2) Subsection (1) does not apply to an equitable interest that is a security interest within the meaning of the Personal Property Securities Act 2009 , and to which that Act applies.
48H Equitable interests in relation to a safeguard mechanism credit unit
(1) This Act does not affect:
(a) the creation of; or
(b) any dealings with; or
(c) the enforcement of;
equitable interests in relation to a safeguard mechanism credit unit.
(2) Subsection (1) is enacted for the avoidance of doubt.
48J Legislative rules about safeguard mechanism credit units
The legislative rules may make further provision in relation to safeguard mechanism credit units.
26 Section 58
Omit:
• The Regulator must publish certain information about:
(a) the holders of Registry accounts; and
(b) Kyoto units.
substitute:
• The Regulator must publish certain information about:
(a) the holders of Registry accounts; and
(b) Kyoto units; and
(c) Australian carbon credit units; and
(d) safeguard mechanism credit units.
27 After section 60
Insert:
60A Information about Australian carbon credit units
The legislative rules may require the Regulator to:
(a) publish on the Regulator's website specified information about:
(i) Australian carbon credit units for which there are entries in Registry accounts; and
(ii) the registered holders of such units; and
(b) do so in accordance with specified requirements.
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 .
60B Information about safeguard mechanism credit units
The legislative rules may require the Regulator to:
(a) publish on the Regulator's website specified information about:
(i) safeguard mechanism credit units for which there are entries in Registry accounts; and
(ii) the registered holders of such units; and
(b) do so in accordance with specified requirements.
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 .
28 At the end of Part 5
Add:
63 Information about number of voluntarily cancelled safeguard mechanism credit units
As soon as practicable after one or more safeguard mechanism credit units held by a person are cancelled under section 66, the Regulator must publish on the Regulator's website:
(a) the name of the person; and
(b) the total number of safeguard mechanism credit units cancelled; and
(c) such other information (if any) as is specified in the legislative rules.
29 At the end of subsection 65(2)
Add:
; and (c) set out such other information (if any) as is specified in the legislative rules.
30 At the end of Part 6
Add:
66 Voluntary cancellation of safeguard mechanism credit units
(1) If:
(a) a person is the registered holder of one or more safeguard mechanism credit units; and
(b) a determination is in force under subsection (5);
the person may, by electronic notice transmitted to the Regulator, request the Regulator to cancel any or all of those units.
(2) A notice under subsection (1) must:
(a) specify the safeguard mechanism credit unit or units that are to be cancelled; and
(b) specify the account number or account numbers of the person's Registry account, or the person's Registry accounts, in which there is an entry or entries for the safeguard mechanism credit unit or units that are to be cancelled; and
(c) set out such other information (if any) as is specified in the legislative rules.
(3) If the Regulator receives a notice under subsection (1) in relation to a safeguard mechanism credit unit:
(a) if the legislative rules require the Regulator to cancel the unit--the Regulator must cancel the unit; and
(b) if the legislative rules require the Regulator to take specified action in relation to the unit--the Regulator must take that action; and
(c) the Regulator must remove the entry for the unit from the person's Registry account in which there is an entry for the unit.
(4) The Registry must set out a record of each notice under subsection (1).
(5) The Minister may, by legislative instrument, determine that any person who is the registered holder of one or more safeguard mechanism credit units may request the Regulator to cancel any or all of those units.
After "subsection 47(5)", insert "or 48E(6)".
32 After section 94
Insert:
(1) The Minister may, by legislative instrument, make rules ( legislative rules ) prescribing matters:
(a) required or permitted by this Act to be prescribed by the rules; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.
(2) To avoid doubt, the legislative rules may not do the following:
(a) create an offence or civil penalty;
(b) provide powers of:
(i) arrest or detention; or
(ii) entry, search or seizure;
(c) impose a tax;
(d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;
(e) directly amend the text of this Act.
(3) Legislative rules that are inconsistent with the regulations have no effect to the extent of the inconsistency, but legislative rules are taken to be consistent with the regulations to the extent that legislative rules are capable of operating concurrently with the regulations.
(4) Legislative rules may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, a matter contained in an instrument or writing:
(a) as in force or existing at a particular time; or
(b) as in force or existing from time to time.
(5) Subsection (4) has effect despite anything in subsection 14(2) of the Legislation Act 2003 .
(6) If legislative rules make provision in relation to a matter by applying, adopting or incorporating, with or without modification, a matter contained in an instrument or writing, the Regulator must ensure that the text of the matter applied, adopted or incorporated is published on its website.
(7) Subsection (6) does not apply if the publication would infringe copyright.
33 Section 95 (heading)
Omit " Prescribing ", substitute " Regulations may prescribe ".
Carbon Credits (Carbon Farming Initiative) Act 2011
34 Paragraph 51(1)(b)
After "regulations", insert "or legislative rules".