The Vehicle Emissions Trading Schemes Order 2023
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Change 1
35 Conversion of unused CRTS allowances into CCTS allowances
(1) During a trading window, a CCTS participant may acquire 135 CCTS allowances in exchange for one unused CRTS allowance by making a request to the administrator if— (a) the participant's number of units of activity in the CRTS in a scheme year, measured in accordance with article 24, does not exceed the sum of— (i) the number of CRTS allowances which were allocated to the participant in accordance with article 13 for that year; and (ii) the number of any CRTS allowances which were banked by the participant in accordance with article 14 and were available for it to use at the beginning of the trading window; (b) the participant has more CRTS allowances than it requires (referred to in this article as “unused CRTS allowances”) in order to comply with article 27(1) (accounting for activity in the CRTS) for that scheme year; and (c) the participant did not acquire the unused CRTS allowances by means of borrowing under article 15. (2) A request under paragraph (1)— (a) must be made during the trading window following the scheme year for which the CCTS participant intends to surrender the CCTS allowances to which the request relates; and (b) must relate to a whole number of CRTS allowances. (3) If a CCTS participant makes a request in accordance with paragraph (1), the administrator must update the registry accordingly.
35 Conversion of unused CRTS allowances into CCTS allowances
(1) During a trading window, a CCTS participant may acquire 135 CCTS allowances in exchange for one unused CRTS allowance by making a request to the administrator if— (a) the participant's number of units of activity in the CRTS in a scheme year, measured in accordance with article 24, does not exceed the sum of— (i) the number of CRTS allowances which were allocated to the participant in accordance with article 13 for that year; and (ii) the number of any CRTS allowances which were banked by the participant in accordance with article 14 and were available for it to use at the beginning of the trading window; (b) the participant has more CRTS allowances than it requires (referred to in this article as “unused CRTS allowances”) in order to comply with article 27(1) (accounting for activity in the CRTS) for that scheme year; and (c) the participant did not acquire the unused CRTS allowances by means of borrowing under article 15. (2) A request under paragraph (1)— (a) must be made during the trading window following the scheme year for which the CCTS participant intends to surrender the CCTS allowances to which the request relates; and (b) must relate to a whole number of CRTS allowances. (3) If a CCTS participant makes a request in accordance with paragraph (1), the administrator must update the registry accordingly.
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