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This is a Bill, not an Act. For current law, see the Acts databases.

CARBON CREDITS (CONSEQUENTIAL AMENDMENTS) BILL 2011

2010-2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Carbon Credits (Consequential
Amendments) Bill 2011
No. , 2011
(Climate Change and Energy Efficiency)
A Bill for an Act to deal with consequential matters
arising from the enactment of the Carbon Credits
(Carbon Farming Initiative) Act 2011 and the
Australian National Registry of Emissions Units Act
2011, and for other purposes
i Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--General amendments
3
Part 1--Amendments
3
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
3
Australian Securities and Investments Commission Act 2001
3
Competition and Consumer Act 2010
4
Corporations Act 2001
4
National Greenhouse and Energy Reporting Act 2007
4
Part 2--Transitional provisions
7
Schedule 2--Amendments relating to reporting transfer
certificates
10
National Greenhouse and Energy Reporting Act 2007
10
Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011 1
A Bill for an Act to deal with consequential matters
1
arising from the enactment of the Carbon Credits
2
(Carbon Farming Initiative) Act 2011 and the
3
Australian National Registry of Emissions Units Act
4
2011, and for other purposes
5
The Parliament of Australia enacts:
6
1 Short title
7
This Act may be cited as the Carbon Credits (Consequential
8
Amendments) Act 2011.
9
2 Commencement
10
(1) Each provision of this Act specified in column 1 of the table
11
commences, or is taken to have commenced, in accordance with
12
2 Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
Commencement information
Column 1
Column 2
Column 3
Provision(s) Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
At the same time as section 3 of the Carbon
Credits (Carbon Farming Initiative) Act
2011 commences.
3. Schedule 2
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
4
enacted. It will not be amended to deal with any later amendments of
5
this Act.
6
(2) Any information in column 3 of the table is not part of this Act.
7
Information may be inserted in this column, or information in it
8
may be edited, in any published version of this Act.
9
3 Schedule(s)
10
Each Act that is specified in a Schedule to this Act is amended or
11
repealed as set out in the applicable items in the Schedule
12
concerned, and any other item in a Schedule to this Act has effect
13
according to its terms.
14
Note:
On 1 January 2011, the short title of the Trade Practices Act 1974 was
15
changed to the Competition and Consumer Act 2010 by the Trade
16
Practices Amendment (Australian Consumer Law) Act (No. 2) 2010.
17
18
General amendments Schedule 1
Amendments Part 1
Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011 3
Schedule 1--General amendments
1
Part 1--Amendments
2
Anti-Money Laundering and Counter-Terrorism Financing
3
Act 2006
4
1 Section 5
5
Insert:
6
Australian carbon credit unit has the same meaning as in the
7
Carbon Credits (Carbon Farming Initiative) Act 2011.
8
2 Section 5
9
Insert:
10
eligible international emissions unit has the same meaning as in
11
the Australian National Registry of Emissions Units Act 2011.
12
3 Subsection 6(2) (after paragraph (b) of the cell at table
13
item 33, column headed "Provision of a designated
14
service")
15
Insert:
16
(ba) an Australian carbon credit unit; or
(bb) an eligible international emissions
unit; or
4 Subsection 6(2) (paragraph (d) of the cell at table item 33,
17
column headed "Provision of a designated service")
18
After "derivatives", insert ", Australian carbon credit units, eligible
19
international emissions units".
20
Australian Securities and Investments Commission Act 2001
21
5 After paragraph 12BAA(7)(k)
22
Insert:
23
(l) an Australian carbon credit unit;
24
(la) an eligible international emissions unit;
25
Schedule 1 General amendments
Part 1 Amendments
4 Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011
6 Paragraph 12BAB(1)(g)
1
After "financial product", insert "(other than an Australian carbon credit
2
unit or an eligible international emissions unit)".
3
7 At the end of subsection 127(2A)
4
Add:
5
; (e) the Carbon Credits Administrator.
6
Competition and Consumer Act 2010
7
8 After paragraph 155AAA(12)(l)
8
Insert:
9
(la) the Carbon Credits Administrator;
10
Corporations Act 2001
11
9 Section 9
12
Insert:
13
Australian carbon credit unit has the same meaning as in the
14
Carbon Credits (Carbon Farming Initiative) Act 2011.
15
10 Section 9
16
Insert:
17
eligible international emissions unit has the same meaning as in
18
the Australian National Registry of Emissions Units Act 2011.
19
11 After paragraph 764A(1)(k)
20
Insert:
21
(ka) an Australian carbon credit unit;
22
(kb) an eligible international emissions unit;
23
National Greenhouse and Energy Reporting Act 2007
24
12 Section 7
25
Insert:
26
CFI audit means:
27
General amendments Schedule 1
Amendments Part 1
Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011 5
(a) an audit under section 214 or 215 of the Carbon Credits
1
(Carbon Farming Initiative) Act 2011; or
2
(b) an audit carried out for the purposes of preparing an audit
3
report prescribed for the purposes of any of the following
4
provisions of the Carbon Credits (Carbon Farming
5
Initiative) Act 2011:
6
(i)
paragraph
13(1)(e);
7
(ii)
paragraph
23(1)(d);
8
(iii)
paragraph
76(4)(c).
9
13 Section 7
10
Insert:
11
CFI audit report means:
12
(a) an audit report under section 214 or 215 of the Carbon
13
Credits (Carbon Farming Initiative) Act 2011; or
14
(b) an audit report prescribed for the purposes of any of the
15
following provisions of the Carbon Credits (Carbon
16
Farming Initiative) Act 2011:
17
(i)
paragraph
13(1)(e);
18
(ii)
paragraph
23(1)(d);
19
(iii)
paragraph
76(4)(c).
20
14 After subsection 26(4)
21
Insert:
22
(4A) The Greenhouse and Energy Data Officer, or a person authorised
23
by the Greenhouse and Energy Data Officer, may disclose
24
greenhouse and energy information to the Carbon Credits
25
Administrator for the purposes of, or in connection with, the
26
performance of the functions, or the exercise of the powers, of the
27
Carbon Credits Administrator.
28
15 Section 75
29
Repeal the section, substitute:
30
Schedule 1 General amendments
Part 1 Amendments
6 Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011
75 Conduct of audits
1
(1) The Minister may determine, by legislative instrument,
2
requirements to be met by registered greenhouse and energy
3
auditors in:
4
(a) preparing for and carrying out greenhouse and energy audits;
5
and
6
(b) preparing audit reports in relation to greenhouse and energy
7
audits; and
8
(c) preparing for and carrying out CFI audits; and
9
(d) preparing CFI audit reports.
10
(2) The determination may set out different requirements for:
11
(a) different types of audits; and
12
(b) different types of audit reports.
13
(3) A registered greenhouse and energy auditor must comply with
14
requirements determined under subsection (1).
15
16 At the end of subsection 75A(1)
16
Add "and the Carbon Credits (Carbon Farming Initiative) Act 2011".
17
18
General amendments Schedule 1
Transitional provisions Part 2
Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011 7
Part 2--Transitional provisions
1
17 Transitional--Registry accounts
2
Scope
3
(1)
This item applies to an account held by a person within the register:
4
(a) known as the Australian National Registry of Emissions
5
Units; and
6
(b) that was in existence under the executive power of the
7
Commonwealth immediately before the commencement of
8
this item.
9
Continuation of account
10
(2)
The account continues in existence as a Registry account under the
11
Australian National Registry of Emissions Units Act 2011.
12
18 Transitional--Commonwealth Registry accounts
13
Scope
14
(1)
This item applies to an account held by the Commonwealth within the
15
register:
16
(a) known as the Australian National Registry of Emissions
17
Units; and
18
(b) that was in existence under the executive power of the
19
Commonwealth immediately before the commencement of
20
this item.
21
Designation of account
22
(2)
If, immediately before the commencement of this item, the account was
23
described as a Commonwealth holding account, the Australian National
24
Registry of Emissions Units Act 2011 has effect as if the account had
25
been designated by the Carbon Credits Administrator as a
26
Commonwealth holding account.
27
(3)
If, immediately before the commencement of this item, the account was
28
described as the retirement account for the first commitment period, the
29
Australian National Registry of Emissions Units Act 2011 has effect as
30
if the account had been designated by the Carbon Credits Administrator
31
as the retirement account for the first commitment period.
32
Schedule 1 General amendments
Part 2 Transitional provisions
8 Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011
(4)
If, immediately before the commencement of this item, the account was
1
described as the net source cancellation account for the first
2
commitment period, the Australian National Registry of Emissions
3
Units Act 2011 has effect as if the account had been designated by the
4
Carbon Credits Administrator as the net source cancellation account for
5
the first commitment period.
6
(5)
If, immediately before the commencement of this item, a
7
Commonwealth Registry account was described as the non-compliance
8
cancellation account for the first commitment period, the Australian
9
National Registry of Emissions Units Act 2011 has effect as if the
10
account had been designated by the Carbon Credits Administrator as the
11
non-compliance cancellation account for the first commitment period.
12
(6)
If, immediately before the commencement of this item, the account was
13
described as the voluntary cancellation account for the first commitment
14
period, the Australian National Registry of Emissions Units Act 2011
15
has effect as if the account had been designated by the Carbon Credits
16
Administrator as the voluntary cancellation account for the first
17
commitment period.
18
(7)
If, immediately before the commencement of this item, the account was
19
described as the mandatory cancellation account for the first
20
commitment period, the Australian National Registry of Emissions
21
Units Act 2011 has effect as if the account had been designated by the
22
Carbon Credits Administrator as the mandatory cancellation account for
23
the first commitment period.
24
(8)
If, immediately before the commencement of this item, a
25
Commonwealth Registry account was described as the temporary
26
certified emission reduction replacement (expiry) account for the first
27
commitment period, the Australian National Registry of Emissions
28
Units Act 2011 has effect as if the account had been designated by the
29
Carbon Credits Administrator as the temporary certified emission
30
reduction replacement (expiry) account for the first commitment period.
31
(9)
If, immediately before the commencement of this item, the account was
32
described as the long-term certified emission reduction replacement
33
(expiry) account for the first commitment period, the Australian
34
National Registry of Emissions Units Act 2011 has effect as if the
35
account had been designated by the Carbon Credits Administrator as the
36
long-term certified emission reduction replacement (expiry) account for
37
the first commitment period.
38
General amendments Schedule 1
Transitional provisions Part 2
Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011 9
(10)
If, immediately before the commencement of this item, the account was
1
described as the long-term certified emission reduction replacement
2
(storage reversal) account for the first commitment period, the
3
Australian National Registry of Emissions Units Act 2011 has effect as
4
if the account had been designated by the Carbon Credits Administrator
5
as the long-term certified emission reduction replacement (storage
6
reversal) account for the first commitment period.
7
(11)
If, immediately before the commencement of this item, the account was
8
described as the long-term certified emission reduction replacement
9
(non-certification) account for the first commitment period, the
10
Australian National Registry of Emissions Units Act 2011 has effect as
11
if the account had been designated by the Carbon Credits Administrator
12
as the long-term certified emission reduction replacement
13
(non-certification) account for the first commitment period.
14
19 Transitional--section 75 of the National Greenhouse and
15
Energy Reporting Act 2007
16
(1)
This item applies to a determination if:
17
(a) the determination was made for the purpose of section 75 of
18
the National Greenhouse and Energy Reporting Act 2007;
19
and
20
(b) the determination was in force immediately before the
21
commencement of this item.
22
(2)
The determination has effect, after the commencement of this item, as if
23
it had been made under section 75 of the National Greenhouse and
24
Energy Reporting Act 2007 as amended by this Act.
25
26
Schedule 2 Amendments relating to reporting transfer certificates
10 Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011
Schedule 2--Amendments relating to
1
reporting transfer certificates
2
3
National Greenhouse and Energy Reporting Act 2007
4
1 Section 7 (definition of interim financial year)
5
Repeal the definition.
6
2 Subsection 13(3)
7
Omit "in an interim financial year".
8
3 Subsection 19(5A)
9
Omit "in an interim financial year".
10
4 Subsection 22G(1)
11
Omit "an interim financial year", substitute "a financial year".
12
5 Subsection 22G(1)
13
Omit "that interim financial year", substitute "that financial year".
14
6 Paragraph 22G(2)(d)
15
Omit "interim financial year", substitute "financial year".
16
7 Subsection 22G(4)
17
Omit "an interim financial year", substitute "a financial year".
18
8 Subsection 22H(1)
19
Omit "an interim financial year", substitute "a financial year".
20
9 Subparagraphs 22L(3)(c)(i), (ii) and (iii)
21
Omit "an interim financial year", substitute "a financial year".
22
10 Subsections 22M(3) and (4)
23
Repeal the subsections, substitute:
24
(3) A reporting transfer certificate remains in force until:
25
Amendments relating to reporting transfer certificates Schedule 2
Carbon Credits (Consequential Amendments) Bill 2011 No. , 2011 11
(a) a surrender of the certificate takes effect under section 22N;
1
or
2
(b) the certificate is cancelled under section 22P.
3
11 Subsection 24(1AD)
4
Omit "an interim financial year", substitute "a financial year".
5
12 Subsection 24(1AD)
6
Omit "the interim financial year", substitute "the financial year".
7

 

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