The Carbon Dioxide Transport and Storage (Financing of Costs of Offshore Decommissioning) Regulations 2026
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Change 1
11 Changes relating to an offshore decommissioning fund
(1) A relevant person, fund holder or fund administrator must not, except in accordance with this regulation, or regulation 12, make, or require others to make, changes— (a) transferring the legal or beneficial ownership of an offshore decommissioning fund, (b) relating to the management, control, or constitutional arrangements in respect of an offshore decommissioning fund, (c) involving a transfer of fund assets, that is not a payment approved by the Secretary of State under Part 4 of these Regulations, or (d) other changes that affect approved holding arrangement information. (2) The persons mentioned in paragraph (1) must ensure that— (a) the offshore decommissioning fund is operated in accordance with the approved holding arrangement information; (b) the Secretary of State is notified promptly of legal proceedings, or other circumstances, that may affect a person mentioned in paragraph (1), or that may result in a change of the type mentioned in paragraph (1). (3) A section 7 licensee must notify the Secretary of State of— (a) an application to a relevant regulator to approve— (i) a transfer of the ownership or operation of any of the licensee’s covered offshore infrastructure, or (ii) a transfer of an Energy Act 2008 licence for any of the licensee’s covered offshore infrastructure, or a change of control of the person holding that licence, (b) the progress of such an application, (c) the date such a transfer is intended to take place and the date it does take place (if different), and (d) whether it is proposed that— (i) the current holding arrangement will continue to apply to the same covered offshore infrastructure, and if so, what the proposed changes to the approved holding arrangement information will be, or (ii) some or all of the covered offshore infrastructure should be covered by a different offshore decommissioning fund and that a transfer of fund assets should occur. (4) If a relevant person, fund holder or fund administrator wishes to propose a change relating to the offshore decommissioning fund or approved holding arrangement information, or a transfer of fund assets (including a change that would be a consequence of matters notified to the Secretary of State under paragraph (3)), the person proposing a change must— (a) consult with other persons mentioned in paragraph (1) who are entitled to propose a change under this regulation, (b) take the representations of such persons into account, and (c) submit an approval request to the Secretary of State for the proposed change, including information about consultation under sub-paragraphs (a) and (b). (5) The Secretary of State must make a final decision on whether to approve a proposed change submitted under this regulation. (6) The Secretary of State may not approve a change to the holding arrangement or to matters covered by approved holding arrangement information where the Secretary of State considers that— (a) the proposed change would result in the offshore decommissioning fund no longer complying with the criteria in regulation 8(6), (b) the proposed change would breach a legal requirement, or (c) it would not be in the public interest for the change to occur. (7) The Secretary of State may not approve a change involving a transfer of fund assets, unless satisfied that— (a) the transfer of fund assets out of the first fund (“Fund 1”) will be to a different approved offshore decommissioning fund (“Fund 2”), (b) certain covered offshore infrastructure will no longer be covered by Fund 1, but will be covered by Fund 2 instead, and (c) the fund assets being transferred to Fund 2 represent the amount accrued in Fund 1 by the date of the transfer, for the infrastructure mentioned in sub-paragraph (b). (8) Where the Secretary of State has approved a change under paragraph (5), the fund holder must give effect to it. (9) In a case where it was not possible for a person to provide prior notification to the Secretary of State of a change otherwise requiring prior approval under paragraph (5) (for instance, in the case of the death or sudden incapacity of a person named for the purposes of the approved holding arrangement information)— (a) a relevant person, fund holder or fund administrator must notify the Secretary of State as soon as possible, and (b) a relevant person, fund holder or fund administrator may carry out the temporary emergency measures included in the approved holding arrangement information, pending the outcome of the change process in paragraphs (3) to (5).
11 Changes relating to an offshore decommissioning fund
(1) A relevant person, fund holder or fund administrator must not, except in accordance with this regulation, or regulation 12, make, or require others to make, changes— (a) transferring the legal or beneficial ownership of an offshore decommissioning fund, (b) relating to the management, control, or constitutional arrangements in respect of an offshore decommissioning fund, (c) involving a transfer of fund assets, that is not a payment approved by the Secretary of State under Part 4 of these Regulations, or (d) other changes that affect approved holding arrangement information. (2) The persons mentioned in paragraph (1) must ensure that— (a) the offshore decommissioning fund is operated in accordance with the approved holding arrangement information; (b) the Secretary of State is notified promptly of legal proceedings, or other circumstances, that may affect a person mentioned in paragraph (1), or that may result in a change of the type mentioned in paragraph (1). (3) A section 7 licensee must notify the Secretary of State of— (a) an application to a relevant regulator to approve— (i) a transfer of the ownership or operation of any of the licensee’s covered offshore infrastructure, or (ii) a transfer of an Energy Act 2008 licence for any of the licensee’s covered offshore infrastructure, or a change of control of the person holding that licence, (b) the progress of such an application, (c) the date such a transfer is intended to take place and the date it does take place (if different), and (d) whether it is proposed that— (i) the current holding arrangement will continue to apply to the same covered offshore infrastructure, and if so, what the proposed changes to the approved holding arrangement information will be, or (ii) some or all of the covered offshore infrastructure should be covered by a different offshore decommissioning fund and that a transfer of fund assets should occur. (4) If a relevant person, fund holder or fund administrator wishes to propose a change relating to the offshore decommissioning fund or approved holding arrangement information, or a transfer of fund assets (including a change that would be a consequence of matters notified to the Secretary of State under paragraph (3)), the person proposing a change must— (a) consult with other persons mentioned in paragraph (1) who are entitled to propose a change under this regulation, (b) take the representations of such persons into account, and (c) submit an approval request to the Secretary of State for the proposed change, including information about consultation under sub-paragraphs (a) and (b). (5) The Secretary of State must make a final decision on whether to approve a proposed change submitted under this regulation. (6) The Secretary of State may not approve a change to the holding arrangement or to matters covered by approved holding arrangement information where the Secretary of State considers that— (a) the proposed change would result in the offshore decommissioning fund no longer complying with the criteria in regulation 8(6), (b) the proposed change would breach a legal requirement, or (c) it would not be in the public interest for the change to occur. (7) The Secretary of State may not approve a change involving a transfer of fund assets, unless satisfied that— (a) the transfer of fund assets out of the first fund (“Fund 1”) will be to a different approved offshore decommissioning fund (“Fund 2”), (b) certain covered offshore infrastructure will no longer be covered by Fund 1, but will be covered by Fund 2 instead, and (c) the fund assets being transferred to Fund 2 represent the amount accrued in Fund 1 by the date of the transfer, for the infrastructure mentioned in sub-paragraph (b). (8) Where the Secretary of State has approved a change under paragraph (5), the fund holder must give effect to it. (9) In a case where it was not possible for a person to provide prior notification to the Secretary of State of a change otherwise requiring prior approval under paragraph (5) (for instance, in the case of the death or sudden incapacity of a person named for the purposes of the approved holding arrangement information)— (a) a relevant person, fund holder or fund administrator must notify the Secretary of State as soon as possible, and (b) a relevant person, fund holder or fund administrator may carry out the temporary emergency measures included in the approved holding arrangement information, pending the outcome of the change process in paragraphs (3) to (5).
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