The Carbon Dioxide Transport and Storage (Financing of Costs of Offshore Decommissioning) Regulations 2026
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Change 1
16 Restrictions on fund activities
(1) It is prohibited for a person to do any of the following in relation to an offshore decommissioning fund— (a) carry on activities or enter into transactions other than for the purposes of— (i) accruing sufficient security for decommissioning costs, (ii) making investments in accordance with an approved funding and investment strategy, (iii) enabling accountable persons to comply with their decommissioning obligations or duties and making payments in relation to decommissioning costs in accordance with an approval of the Secretary of State given under Part 4 of these Regulations, (iv) meeting any other requirements that are— (aa) expressly provided for in these Regulations, or incidental to the obligations in these Regulations, including the obligations in respect of management and oversight in regulation 17, (bb) necessary to comply with the law of a part of the United Kingdom (“a UK legal requirement”), provided the Secretary of State has approved the action or transaction under paragraph (2) below; (b) pay dividends to shareholders; (c) enter into transactions that incur debt, other than as permitted under an approved funding and investment strategy; (d) act as a guarantor for a person; (e) be party to banking arrangements that allow a right to set-off; (f) grant security over the offshore decommissioning fund or its assets, unless required to do so by a written notice of the Secretary of State; (g) enter into a contract (including employment contracts) under which the offshore decommissioning fund may be liable to third parties, unless— (i) the Secretary of State has given prior written approval for that contract, or for contracts of a particular specified type that include that contract, and (ii) the contract contains— (aa) an unconditional waiver of any claim against the fund insofar as this is permitted by the law of any part of the United Kingdom, (bb) an indemnity for any claim against the fund that cannot be excluded under paragraph (aa), and (cc) a restriction on the counter-party taking any action to wind up or apply for any insolvency proceedings concerning the fund; (h) commence an action to wind up, dissolve or otherwise close the offshore decommissioning fund other than in accordance with— (i) a proposal approved under regulation 11(5), (ii) a UK court order or a transfer scheme that has been given effect in accordance with regulation 12, or (iii) a fund closure authorised by the Secretary of State under regulation 29 or 30. (2) Where the fund holder or a relevant person believes that a transaction needs to be entered into or an activity carried on, in order to comply with a UK legal requirement as mentioned under paragraph (1)(a)(iv)(bb)— (a) that person must notify and consult with the Secretary of State concerning the requirement and seek the Secretary of State’s prior approval for a proposed action or transaction; (b) the Secretary of State must— (i) consider whether a UK legal requirement applies, (ii) if so, whether the proposed action or transaction complies with the requirement and is the only or best way of complying with it, and (iii) reach a final decision on whether to approve the action or transaction.
16 Restrictions on fund activities
(1) It is prohibited for a person to do any of the following in relation to an offshore decommissioning fund— (a) carry on activities or enter into transactions other than for the purposes of— (i) accruing sufficient security for decommissioning costs, (ii) making investments in accordance with an approved funding and investment strategy, (iii) enabling accountable persons to comply with their decommissioning obligations or duties and making payments in relation to decommissioning costs in accordance with an approval of the Secretary of State given under Part 4 of these Regulations, (iv) meeting any other requirements that are— (aa) expressly provided for in these Regulations, or incidental to the obligations in these Regulations, including the obligations in respect of management and oversight in regulation 17, (bb) necessary to comply with the law of a part of the United Kingdom (“a UK legal requirement”), provided the Secretary of State has approved the action or transaction under paragraph (2) below; (b) pay dividends to shareholders; (c) enter into transactions that incur debt, other than as permitted under an approved funding and investment strategy; (d) act as a guarantor for a person; (e) be party to banking arrangements that allow a right to set-off; (f) grant security over the offshore decommissioning fund or its assets, unless required to do so by a written notice of the Secretary of State; (g) enter into a contract (including employment contracts) under which the offshore decommissioning fund may be liable to third parties, unless— (i) the Secretary of State has given prior written approval for that contract, or for contracts of a particular specified type that include that contract, and (ii) the contract contains— (aa) an unconditional waiver of any claim against the fund insofar as this is permitted by the law of any part of the United Kingdom, (bb) an indemnity for any claim against the fund that cannot be excluded under paragraph (aa), and (cc) a restriction on the counter-party taking any action to wind up or apply for any insolvency proceedings concerning the fund; (h) commence an action to wind up, dissolve or otherwise close the offshore decommissioning fund other than in accordance with— (i) a proposal approved under regulation 11(5), (ii) a UK court order or a transfer scheme that has been given effect in accordance with regulation 12, or (iii) a fund closure authorised by the Secretary of State under regulation 29 or 30. (2) Where the fund holder or a relevant person believes that a transaction needs to be entered into or an activity carried on, in order to comply with a UK legal requirement as mentioned under paragraph (1)(a)(iv)(bb)— (a) that person must notify and consult with the Secretary of State concerning the requirement and seek the Secretary of State’s prior approval for a proposed action or transaction; (b) the Secretary of State must— (i) consider whether a UK legal requirement applies, (ii) if so, whether the proposed action or transaction complies with the requirement and is the only or best way of complying with it, and (iii) reach a final decision on whether to approve the action or transaction.
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