CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 219 Notification of significant holding of carbon units--non-group entity
CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 219
Notification of significant holding of carbon units--non-group entityScope
(1) This section applies to a non-group entity if any of the following events occurs:
(a) the non-group entity begins to have a significant holding of carbon units with a particular vintage year;
(b) the non-group entity ceases to have a significant holding of carbon units with a particular vintage year;
(c) there is a change in the significant holding percentage for the non-group entity in relation to carbon units with a particular vintage year.
Note 1: For significant holding , see subsection (7).
Note 2: For significant holding percentage , see subsection (8).
Notice
(2) The non-group entity must, within 5 business days after becoming aware of the event, give the Regulator a written notice:
(a) informing the Regulator of the event; and
(b) setting out the additional information mentioned in subsection (3).
(3) The additional information to be set out in the notice is as follows:
(a) the name and address of the non-group entity;
(b) the total number of carbon units with the vintage year held by the non-group entity immediately after the event;
(c) such other information (if any) as is specified in the regulations.
Ancillary contraventions
(4) A person must not:
(a) aid, abet, counsel or procure a contravention of subsection (2); or
(b) induce, whether by threats or promises or otherwise, a contravention of subsection (2); or
(c) be in any way, directly or indirectly, knowingly concerned in, or party to, a contravention of subsection (2); or
(d) conspire with others to effect a contravention of subsection (2).
(5) Subsections (2) and (4) are civil penalty provisions .
Note: Part 17 provides for pecuniary penalties for breaches of civil penalty provisions.
Regulator to publish certain information
(6) If the Regulator receives a notice under subsection (2) in relation to:
(a) the non-group entity; and
(b) carbon units with a particular vintage year;
the Regulator must publish on its website:
(c) the name and address of the non-group entity; and
(d) if the non-group entity has a significant holding percentage in relation to those units--the significant holding percentage; and
(e) if the non-group entity does not have a significant holding of those units--a statement to that effect.
Significant holding
(7) For the purposes of this section, the non-group entity has a significant holding of carbon units with a particular vintage year if the percentage worked out using the following formula is 10% or more:
Significant holding percentage
(8) If the non-group entity has a significant holding of carbon units with a particular vintage year, then, for the purposes of this section, the significant holding percentage for the non-group entity in relation to those units is:
(a) the percentage worked out using the formula in subsection (7) in relation to those units; or
(b) if the percentage worked out using the formula in subsection (7) in relation to those units is not a whole percentage--the percentage rounded down to the nearest whole percentage.
Exception
(9) Paragraphs (1)(a) and (b) do not apply to a carbon unit with a vintage year that is a fixed charge year.