The Vehicle Emissions Trading Schemes Order 2023
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Change 1
62 Expiry of VRTS allowances and VRTS credits
(1) The administrator must record in the registry the expiry of a VRTS allowance, including a VRTS allowance which has been traded in accordance with article 57, which is— (a) surrendered by a VRTS participant in accordance with article 59; (b) not surrendered by a VRTS participant for— (i) the scheme year for which it was allocated; (ii) any of the three subsequent scheme years; or (iii) a scheme year earlier than the scheme year for which it was due to be allocated, in accordance with article 47 (borrowing VRTS allowances); (c) not surrendered by a former VRTS participant in accordance with article 61(5)(a); ... (ca) converted into CRTS credits in accordance with article 23A; (cb) converted into CRTS credits pursuant to a trade under article 57A; or (d) converted into VCTS allowances in accordance with article 67. (2) The administrator must record in the registry the expiry of a VRTS credit, including a VRTS credit which has been traded in accordance with article 57 or 58, which is— (a) surrendered by a VRTS participant in accordance with article 59; ... (b) not surrendered by a VRTS participant for the scheme year for which the credit was acquired; (c) converted into CRTS credits in accordance with article 23B; or (d) converted into CRTS credits pursuant to a trade under article 58A.
62 Expiry of VRTS allowances and VRTS credits
(1) The administrator must record in the registry the expiry of a VRTS allowance, including a VRTS allowance which has been traded in accordance with article 57, which is— (a) surrendered by a VRTS participant in accordance with article 59; (b) not surrendered by a VRTS participant for— (i) the scheme year for which it was allocated; (ii) any of the three subsequent scheme years; or (iii) a scheme year earlier than the scheme year for which it was due to be allocated, in accordance with article 47 (borrowing VRTS allowances); (c) not surrendered by a former VRTS participant in accordance with article 61(5)(a); ... (ca) converted into CRTS credits in accordance with article 23A; (cb) converted into CRTS credits pursuant to a trade under article 57A; or (d) converted into VCTS allowances in accordance with article 67. (2) The administrator must record in the registry the expiry of a VRTS credit, including a VRTS credit which has been traded in accordance with article 57 or 58, which is— (a) surrendered by a VRTS participant in accordance with article 59; ... (b) not surrendered by a VRTS participant for the scheme year for which the credit was acquired; (c) converted into CRTS credits in accordance with article 23B; or (d) converted into CRTS credits pursuant to a trade under article 58A.
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