Carbon Pricing Act 2018 · 2020 Revised Edition · Part 5 · Carbon Pricing
33. Closing of fixed-price carbon credit registry account
Feedback & supportLast amended by an amending law of 2022.
The Agency may close an FPCC registry account for a taxable facility of a registered person in any of the following circumstances:
Agency
“Agency” means the National Environment Agency established by the National Environment Agency Act 2002;
upon the application of the registered person, if the taxable facility is deregistered as such;
if the Agency is satisfied that the account has been, is being or is intended to be used for the commission of any criminal offence;
if the account has been inactive for 5 years from the last transaction carried out on the account;
if the person for whom the account was opened has ceased to be registered as a registered person;
in any other circumstances as may be prescribed.
Before closing the FPCC registry account, the Agency must give the registered person written notice of the Agency’s intention to do so if —
FPCC registry account
“fixed-price carbon credit registry account” or “FPCC registry account” means a registry account for a taxable facility of a registered person that is opened by the Agency in the Fixed‑Price Carbon Credits Registry under section 31;
unless otherwise prescribed, the proposed closure is pursuant to subsection (1)(c) or (d); or
the proposed closure is pursuant to circumstances prescribed under subsection (1)(e), and this subsection is prescribed as applying with respect to those circumstances.
The written notice under subsection (2) must state —
the consequences of closing the FPCC registry account mentioned in subsection (6); and
the date by which any written objection to the proposed closure must be given to the Agency, which must be a date at least 30 days after the date of the service of the notice.
The Agency must not close the FPCC registry account if the Agency receives a written objection from the registered person to the proposed closure by the date mentioned in subsection (3)(b), unless the Agency is satisfied that the objection is frivolous or vexatious or has been withdrawn.
registered person
“registered person” means a person registered under section 7;
The Agency may close the FPCC registry account if the Agency does not receive a written objection from the registered person by the date mentioned in subsection (3)(b).
Upon closing the FPCC registry account of the registered person under this section, the Agency must —
cancel any fixed‑price carbon credit remaining in the FPCC registry account and remove it from the FPCC registry account; and
refund the registered person an amount equal to the carbon price of the fixed‑price carbon credit cancelled and removed.
A registered person is not entitled to a refund under subsection (6) if the cancellation and removal resulted from the closure of the FPCC registry account under subsection (1)(b).