Regulator may require relinquishment of safeguard mechanism credit units etc. issued on false or misleading information
22XNE Regulator may require relinquishment of safeguard mechanism credit units etc. issued on false or misleading information
Scope
This section applies if:
a number of safeguard mechanism credit units have been issued to a person (other than the Commonwealth) in relation to a facility; and
the units were issued to the person on the basis of information given to the Regulator (whether or not by the person); and
the information was false or misleading in a material particular; and
the issue of any or all of the units was directly or indirectly attributable to the false or misleading information.
An example of false or misleading information would be a report given under this Act that contained inaccurate information about greenhouse gas emissions.
Relinquishment
The Regulator may, by written notice given to the person, require the person to relinquish a specified number of relinquishable units.
The specified number must not exceed the number of safeguard mechanism credit units the issue of which was directly or indirectly attributable to the false or misleading information.
The person must comply with the requirement within 90 days after the notice was given.
An administrative penalty is payable under section 22XNI for non‑compliance with a relinquishment requirement.
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