The Vehicle Emissions Trading Schemes Order 2023
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Change 1
58A Trading VRTS credits with CRTS participants: SPV van manufacturers
(1) An SPV van manufacturer may trade VRTS credits acquired by it under article 53 or 54 with a CRTS participant in accordance with paragraphs (2) to (7). (2) An SPV van manufacturer may only trade a VRTS credit under this article during the trading window following the scheme year for which the VRTS credit was acquired by the SPV van manufacturer. (3) Where an SPV van manufacturer trades a VRTS credit with a CRTS participant under this article, the VRTS credit is automatically converted to two CRTS credits on disposal. (4) An SPV van manufacturer may trade parts of VRTS 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 VRTS 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 VRTS credits traded; and (e) the price paid for those VRTS 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 CRTS participant, article 25(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.
58A Trading VRTS credits with CRTS participants: SPV van manufacturers
(1) An SPV van manufacturer may trade VRTS credits acquired by it under article 53 or 54 with a CRTS participant in accordance with paragraphs (2) to (7). (2) An SPV van manufacturer may only trade a VRTS credit under this article during the trading window following the scheme year for which the VRTS credit was acquired by the SPV van manufacturer. (3) Where an SPV van manufacturer trades a VRTS credit with a CRTS participant under this article, the VRTS credit is automatically converted to two CRTS credits on disposal. (4) An SPV van manufacturer may trade parts of VRTS 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 VRTS 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 VRTS credits traded; and (e) the price paid for those VRTS 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 CRTS participant, article 25(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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