250 R.I. Code R. 250-RICR-120-05-46.11

Current through December 26, 2024

Section 250-RICR-120-05-46.11 - CO[2] Allowance Transfers

46.11.1Submission of CO₂ allowance transfers

A. The CO₂ authorized account representatives seeking recordation of a CO₂ allowance transfer shall submit the transfer to the Department or its agent. To be considered correctly submitted, the CO₂ allowance transfer shall include the following elements in a format specified by the Department or its agent:

1. Both the transferor and transferee accounts;

2. A specification by serial number 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 of the completion of the last sale or purchase transaction for the allowance, if any; and

5. The purchase or sale price of the allowance that is the subject of a sale or purchase transaction under §46.11.1(A)(4) of this Part.

46.11.2Recordation

A. Within five (5) business days of receiving a CO₂ allowance transfer, except as provided in §46.11.2(B) of this Part, the Department or its agent will record a CO₂ allowance transfer by moving each CO₂ allowance from the transferor account to the transferee account as specified by the request, provided that:

1. The transfer is correctly submitted under §46.11.1 of this Part;

2. The transferor account includes each CO₂ allowance identified by serial number in the transfer; and

3. The transfer meets all other requirements of this regulation.

B. A CO₂ allowance transfer into or out of a compliance account that is submitted for recordation following the CO₂ allowance transfer deadline, as defined in § 46.5(A)(22) of this Part, and that includes any CO₂ allowances that are of allocation years that fall within a control period or interim control period prior to or the same as the control period or interim control period to which the CO₂ allowance transfer deadline applies will not be recorded until after completion of the process pursuant to §46.12.5(B) of this Part.

C. Where a CO₂ allowance transfer submitted for recordation fails to meet the requirements of §46.11.2(A) of this Part, the Department or its agent will not record such transfer.

46.11.3Notification

A. Notification of recordation.

1. The Department or its agent will notify each party to the transfer within five (5) business days of recordation of a CO₂ allowance transfer under §46.11.2 of this Part. Notice will be given to the CO₂ authorized account representatives of both the transferor and transferee accounts.

B. Notification of non-recordation.

1. The Department or its agent will notify the CO₂ authorized account representatives of both accounts subject to the transfer of the following within ten (10) business days of receipt of a CO₂ allowance transfer that fails to meet the requirements of §46.11.2(A) of this Part:

a. A decision not to record the transfer, and

b. The reasons for such non-recordation.

C. Nothing in this section shall preclude the submission of a CO₂ allowance transfer for recordation following notification of non-recordation. All submissions of CO₂ allowances following notification of non-recordation are subject to the provisions of § 46.11 of this Part.

250 R.I. Code R. 250-RICR-120-05-46.11

Amended effective 12/25/2018