The Carbon Dioxide Transport and Storage (Financing of Costs of Offshore Decommissioning) Regulations 2026
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Change 1
17 Managing and oversight of offshore decommissioning fund
(1) A fund holder and a fund administrator must manage the offshore decommissioning fund, with reasonable care and skill, commensurate with the duties given to each in the approved holding arrangement information and the approved funding and investment strategy— (a) in accordance with any duties imposed upon them by the law of a part of the United Kingdom, (b) ensuring the fund operates in accordance with its constitutional document and other approved fund information, (c) ensuring the fund complies with the requirements of these Regulations, and (d) ensuring that the costs of running the fund are kept as low as possible whilst also being consistent with efficient management. (2) A relevant person must take all reasonable measures to ensure the offshore decommissioning fund is managed in accordance with these Regulations, such measures to include— (a) notifying the Secretary of State, if a relevant person reasonably believes that the fund is not being so managed, and (b) exercising rights to enforce performance of obligations by the fund holder and, if applicable, the fund administrator. (3) A relevant person, a fund holder or a fund administrator must promptly notify the Secretary of State— (a) if required to do so by regulation 11(2)(b) or 12(2), and (b) where such a person receives notice that the offshore decommissioning fund, its assets or its investments may be affected by legal proceedings threatened or issued in any jurisdiction.
17 Managing and oversight of offshore decommissioning fund
(1) A fund holder and a fund administrator must manage the offshore decommissioning fund, with reasonable care and skill, commensurate with the duties given to each in the approved holding arrangement information and the approved funding and investment strategy— (a) in accordance with any duties imposed upon them by the law of a part of the United Kingdom, (b) ensuring the fund operates in accordance with its constitutional document and other approved fund information, (c) ensuring the fund complies with the requirements of these Regulations, and (d) ensuring that the costs of running the fund are kept as low as possible whilst also being consistent with efficient management. (2) A relevant person must take all reasonable measures to ensure the offshore decommissioning fund is managed in accordance with these Regulations, such measures to include— (a) notifying the Secretary of State, if a relevant person reasonably believes that the fund is not being so managed, and (b) exercising rights to enforce performance of obligations by the fund holder and, if applicable, the fund administrator. (3) A relevant person, a fund holder or a fund administrator must promptly notify the Secretary of State— (a) if required to do so by regulation 11(2)(b) or 12(2), and (b) where such a person receives notice that the offshore decommissioning fund, its assets or its investments may be affected by legal proceedings threatened or issued in any jurisdiction.
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