Md. Code Regs. 26.09.01.06

Current through Register Vol. 51, No. 21, October 18, 2024

Section 26.09.01.06 - CO2 Allowance Transfers

A. CO₂ Allowance Transfers. To transfer a CO₂ allowance, the CO₂ authorized account representative or alternate CO₂ authorized account representative shall submit the following information to the Department:

(1) The account numbers of both the transferor and the transferee;

(2) The serial numbers of each CO₂ allowance to be transferred;

(3) The printed name and signature of the CO₂ authorized account representative of the transferor account and the date signed;

(4) The date when the last sale or purchase transaction was completed for each allowance, if any; and

(5) The purchase or sale price of the allowances that are to be sold or purchased.

B. Recording the Transfer of Allowances.

(1) The Department shall record the transfer of each CO₂ allowance from the transferor account to the transferee account within 5 business days of receiving a CO₂ allowance transfer, if:

(a) The transfer was submitted in accordance with the provisions in §A of this regulation;

(b) At the time of the transfer, the transferor account contains each CO₂ allowance, identified by serial number, to be transferred.

(2) The Department may not record the allowance transfer within 5 business days if:

(a) The request for allowance transfer is received after the CO₂ allowance transfer deadline; and

(b) The transfer includes CO₂ allowances that belong to the allocation years that fall within the same or prior control periods to which the CO₂ allowance transfer deadline applies.

(3) When all requirements are satisfied, the Department shall record the transfer after deducting allowances for compliance.

C. Notification of a Transfer.

(1) Notice of Recording a Transfer. The Department shall notify the CO₂ authorized account representatives or alternate CO₂ authorized account representatives of both the transferor and transferee accounts of a transfer of CO₂ allowances within 5 business days of recording the transfer.

(2) Notice of Not Recording a Transfer. Within 10 business days of receipt of a request for CO₂ transfer that fails to meet the requirements of this regulation, the Department shall notify the CO₂ authorized account representatives or alternate CO₂ authorized account representatives of both accounts of the decision not to record the transfer and the reasons for the decision.

(3) Upon satisfying applicable requirements, a CO₂ allowance transfer may be resubmitted for recording.

Md. Code Regs. 26.09.01.06

Regulation .06 amended effective May 18, 2009 (36:10 Md. R. 717)