• Specific Year
    Any

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 entity

Scope

             (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).

Civil penalty provisions

             (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.