Opening of Registry accounts—identification procedures
11 Opening of Registry accounts—identification procedures
The regulations may prescribe identification procedures that must be carried out by the Regulator before the Regulator opens a Registry account in the name of the person.
The regulations may declare that a specified number is a transaction limit for the purposes of this section.
The regulations may make provision for identifying Registry accounts that are subject to a transaction limit.
An identification procedure prescribed under regulations made for the purposes of subsection (1):
may be expressed to apply to Registry accounts that are subject to a transaction limit; or
may be expressed to apply to Registry accounts that are not subject to a transaction limit.
The regulations may provide that, if a Registry account is subject to a particular transaction limit, the Regulator must not:
issue to the account any:
Australian carbon credit units; or
safeguard mechanism credit units; or
comply with an instruction to transfer units to the account;
if doing so would result in the account having entries for a number of units that exceeds the transaction limit.
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