A scheme participant is required to surrender the number of certificates calculated as the scheme participant’s individual certificate target for a compliance period.
(2)
An election by a scheme participant to surrender a certificate for the purposes of meeting its individual certificate target or remedying a carried forward shortfall, or to carry forward a shortfall, must be made to the Scheme Regulator in accordance with this Part.
(3)
An election has no effect unless it is accepted by the Scheme Regulator.
(4)
If a scheme participant surrenders less than the number of certificates in its individual certificate target for a compliance period, the scheme participant has a shortfall for the compliance period, consisting of the number of certificates the scheme participant failed to surrender.
