The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025
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Change 1
14 Insertion of new article 26A (trading CRTS credits with VRTS participants: SPV car manufacturers)
After article 26, insert— Trading CRTS credits with VRTS participants: SPV car manufacturers 26A (1) An SPV car manufacturer may trade any CRTS credits acquired by it under article 21 or 22 with a VRTS participant in accordance with paragraphs (2) to (7). (2) An SPV car manufacturer may only trade a CRTS credit under this article during the trading window following the scheme year for which the CRTS credit was acquired by the SPV car manufacturer. (3) Where an SPV car manufacturer trades a CRTS credit with a VRTS participant under this article, the CRTS credit is automatically converted to four tenths of a VRTS credit on disposal. (4) An SPV car manufacturer may trade parts of CRTS credits (in which case the conversion rate in paragraph (3) applies on a proportional basis) but may not trade a part smaller than one tenth of a CRTS credit. (5) Each party to a trade under this article must, before the end of the trading window, notify the administrator of the trade, and each notification must include— (a) the name and account number in the registry of the transferor; (b) the name and account number in the registry of the transferee; (c) a statement of the fact that the trade was carried out under this article; (d) the number of CRTS credits traded; and (e) the price paid for those CRTS credits. (6) Each party to a trade under this article must inform the other party to the trade of their account number in the registry. (7) Where the transferee is a pool VRTS participant, article 57(5) applies to a trade under this article as it applies to a trade under that article. (8) Where a trade is notified in accordance with paragraph (5), the administrator must update the registry and notify the parties to the trade accordingly. (9) Unless the administrator is satisfied that notification of a trade has been given in accordance with paragraph (5), the trade is treated as not having taken place. .
14 Insertion of new article 26A (trading CRTS credits with VRTS participants: SPV car manufacturers)
After article 26, insert— Trading CRTS credits with VRTS participants: SPV car manufacturers 26A (1) An SPV car manufacturer may trade any CRTS credits acquired by it under article 21 or 22 with a VRTS participant in accordance with paragraphs (2) to (7). (2) An SPV car manufacturer may only trade a CRTS credit under this article during the trading window following the scheme year for which the CRTS credit was acquired by the SPV car manufacturer. (3) Where an SPV car manufacturer trades a CRTS credit with a VRTS participant under this article, the CRTS credit is automatically converted to four tenths of a VRTS credit on disposal. (4) An SPV car manufacturer may trade parts of CRTS credits (in which case the conversion rate in paragraph (3) applies on a proportional basis) but may not trade a part smaller than one tenth of a CRTS credit. (5) Each party to a trade under this article must, before the end of the trading window, notify the administrator of the trade, and each notification must include— (a) the name and account number in the registry of the transferor; (b) the name and account number in the registry of the transferee; (c) a statement of the fact that the trade was carried out under this article; (d) the number of CRTS credits traded; and (e) the price paid for those CRTS credits. (6) Each party to a trade under this article must inform the other party to the trade of their account number in the registry. (7) Where the transferee is a pool VRTS participant, article 57(5) applies to a trade under this article as it applies to a trade under that article. (8) Where a trade is notified in accordance with paragraph (5), the administrator must update the registry and notify the parties to the trade accordingly. (9) Unless the administrator is satisfied that notification of a trade has been given in accordance with paragraph (5), the trade is treated as not having taken place. .
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