Textual Amendments
F1Sch. 5A inserted (31.12.2020) by The Greenhouse Gas Emissions Trading Scheme (Amendment) Order 2020 (S.I. 2020/1557), arts. 2(1), 37
9.—(1) The UK ETS authority may open accounts in the name of the UK ETS authority for the purposes of the UK ETS, in particular—
(a)a total quantity account (for the creation of allowances under article 18);
(b)an allocation account (to hold allowances to be allocated under Part 4A);
(c)a new entrants' reserve account (to keep track of the new entrants' reserve referred to in article 34G);
(d)an auction account (to hold allowances to be auctioned under the Auctioning Regulations);
(e)a market stability mechanism account (to hold excess allowances unsold at auctions under the Auctioning Regulations);
(f)a deletion account (to hold allowances deleted under paragraph 23);
(g)a surrender account (to hold allowances surrendered under paragraph 24);
(h)one or more general holding accounts (to hold allowances transferred from accounts before closure under paragraph 30).
(2) An account held by the UK ETS authority is a “central account”.
10.—(1) Where a recognised auction platform is appointed to auction allowances under the Auctioning Regulations, the UK ETS authority must, as soon as reasonably practicable, instruct the registry administrator to open an auction delivery account in the name of the recognised auction platform.
(2) The recognised auction platform must as soon as reasonably practicable after appointment under the Auctioning Regulations submit to the registry administrator—
(a)the charge for opening the account set out in the charging scheme published under article 36A;
(b)applications under paragraph 16 to appoint at least 2 individuals as operational authorised representatives for the account with account permissions such that they are together able to propose and approve all types of action in relation to the account.
(3) The registry administrator may, by notice to the UK ETS authority or the recognised auction platform, require the UK ETS authority or the recognised auction platform to provide, in the form specified in the notice, such information as the registry administrator considers necessary to open the account.
(4) As soon as reasonably practicable after receiving the charge required under sub-paragraph (2)(a) and any information required under sub-paragraph (3) and at least 2 operational authorised representatives with the account permissions referred to in sub-paragraph (2)(b) have been appointed for the account, the registry administrator must open the account.
(5) In this paragraph, “recognised auction platform” means a recognised investment exchange in relation to which a recognition order under the Recognised Auction Platform Regulations 2011 is in force.
(6) In sub-paragraph (5), “recognised investment exchange” means an investment exchange in relation to which a recognition order under section 290 of the Financial Services and Markets Act 2000 is in force.
11.—(1) This paragraph applies where the regulator—
(a)issues a greenhouse gas emissions permit for an installation under paragraph 3 of Schedule 6;
(b)grants an application for the partial transfer of a greenhouse gas emissions permit under paragraph 9 of Schedule 6;
(c)converts an installation's hospital or small emitter permit into a greenhouse gas emissions permit under paragraph 24(2) or 26(3) of Schedule 7; or
(d)converts an installation's permit (within the meaning of GGETSR 2012) into a greenhouse gas emissions permit under paragraph 1(4)(a) of Schedule 11.
(2) The regulator must, as soon as reasonably practicable—
(a)instruct the registry administrator to open an operator holding account for the installation in the name of the operator of the installation or, where sub-paragraph (1)(b) applies, for the installation consisting of the transferred units (as defined in paragraph 8(1) of Schedule 6) in the name of the new operator (as defined in paragraph 7(1) of that Schedule); or
(b)inform the registry administrator that a new operator holding account is not required.
(3) Where sub-paragraph (2)(a) applies, the registry administrator may, by notice to the operator or the regulator, require the operator or the regulator to provide, in the form specified in the notice, such information as the registry administrator considers necessary to—
(a)open the account; and
(b)assess whether the operator is a fit and proper person to hold an operator holding account.
(4) As soon as reasonably practicable after receiving an instruction under sub-paragraph (2)(a) and any information required under sub-paragraph (3), the registry administrator must assess whether the operator is a fit and proper person to hold an operator holding account and—
(a)if the registry administrator considers that the operator is a fit and proper person to hold an operator holding account, open the account; or
(b)if the registry administrator does not consider that the operator is a fit and proper person to hold an operator holding account, open, and immediately suspend, the account, imposing the restriction set out in paragraph 25(2)(b) or (c) (or both).
(5) The registry administrator must give notice to the operator and the regulator of a decision to open and suspend an account under sub-paragraph (4)(b).
(6) A notice under sub-paragraph (5) must include the reason for the suspension unless the registry administrator considers that its inclusion might prejudice the investigation or prosecution of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom or would be contrary to the interests of national security.
(7) Where, after a suspension under sub-paragraph (4)(b), the registry administrator subsequently considers that the operator is a fit and proper person to hold an operator holding account, the registry administrator must, as soon as reasonably practicable—
(a)lift the suspension;
(b)give notice to the operator and the regulator that the suspension has been lifted.
12.—(1) Where the regulator grants an application for the transfer (other than a partial transfer) of an installation's greenhouse gas emissions permit under paragraph 9 of Schedule 6, the regulator must, as soon as reasonably practicable—
(a)instruct the registry administrator to transfer the operator holding account for the installation held in the name of the transferring operator (as defined in paragraph 7(1) of Schedule 6) to the new operator (as defined in that sub-paragraph);
(b)instruct the registry administrator to—
(i)open an operator holding account for the installation in the name of the new operator; and
(ii)close the operator holding account held in the name of the transferring operator; or
(c)inform the registry administrator that no action under paragraph (a) or (b) is required.
(2) Where paragraph (1)(a) or (b) applies, the registry administrator may, by notice to the new operator or the regulator, require the new operator or the regulator to provide, in the form specified in the notice, such information as the registry administrator considers necessary to—
(a)transfer or, as the case may be, open the account; and
(b)assess whether the new operator is a fit and proper person to hold an operator holding account.
(3) As soon as reasonably practicable after receiving an instruction under sub-paragraph (1)(a) or (b) and any information required under sub-paragraph (2), the registry administrator must assess whether the new operator is a fit and proper person to hold an operator holding account and—
(a)if the registry administrator considers that the new operator is a fit and proper person to hold an operator holding account, transfer or, as the case may be, open the account; or
(b)if the registry administrator does not consider that the new operator is a fit and proper person to hold an operator holding account—
(i)transfer or, as the case may be, open the account; and
(ii)immediately suspend the account, imposing the restriction set out in paragraph 25(2)(b) or (c) (or both).
(4) The registry administrator must give notice to the new operator and the regulator of a decision to transfer or, as the case may be, open and suspend an account under sub-paragraph (3)(b).
(5) A notice under sub-paragraph (4) must include the reason for the suspension unless the registry administrator considers that its inclusion might prejudice the investigation or prosecution of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom or would be contrary to the interests of national security.
(6) Where, after a suspension under sub-paragraph (3)(b), the registry administrator subsequently considers that the new operator is a fit and proper person to hold an operator holding account, the registry administrator must, as soon as reasonably practicable—
(a)lift the suspension;
(b)give notice to the new operator and the regulator that the suspension has been lifted.
(7) Where the registry administrator receives an instruction to transfer an operator holding account under sub-paragraph (1)(a), no action may be performed in relation to the account until the registry administrator complies with sub-paragraph (3).
13.—(1) Where the regulator issues an emissions monitoring plan to a person under article 29, the regulator must, as soon as reasonably practicable, instruct the registry administrator to open an aircraft operator holding account in the name of the person.
(2) The registry administrator may, by notice to the person or the regulator, require the person or the regulator to provide, in the form specified in the notice, such information as the registry administrator considers necessary to—
(a)open the account; and
(b)assess whether the person is a fit and proper person to hold an aircraft operator holding account.
(3) As soon as reasonably practicable after receiving an instruction under sub-paragraph (1) and any information required under sub-paragraph (2), the registry administrator must assess whether the person is a fit and proper person to hold an aircraft operator holding account and—
(a)if the registry administrator considers that the person is a fit and proper person to hold an aircraft operator holding account, open the account; or
(b)if the registry administrator does not consider that the person is a fit and proper person to hold an aircraft operator holding account, open, and immediately suspend, the account imposing the restriction set out in paragraph 25(2)(b) or (c) (or both).
(4) The registry administrator must give notice to the person and the regulator of a decision to open and suspend an account under sub-paragraph (3)(b).
(5) A notice under sub-paragraph (4) must include the reason for the suspension unless the registry administrator considers that its inclusion might prejudice the investigation or prosecution of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom or would be contrary to the interests of national security.
(6) Where, after a suspension under sub-paragraph (3)(b), the registry administrator subsequently considers that the person is a fit and proper person to hold an aircraft operator holding account, the registry administrator must, as soon as reasonably practicable—
(a)lift the suspension;
(b)give notice to the person and the regulator that the suspension has been lifted.
14.—(1) Any person may apply to the registry administrator to open a trading account on terms agreed by the registry administrator.
(2) An application must be accompanied by—
(a)the charge for the application set out in the charging scheme published under article 36A;
(b)applications under paragraph 16 to appoint at least 2 individuals as operational authorised representatives for the account with account permissions such that they are together able to propose and approve all types of action in relation to the account.
(3) After receiving an application, the registry administrator may, by notice to the applicant, require the applicant to provide, in the form specified in the notice, such information as the registry administrator considers necessary to determine the application.
(4) As soon as reasonably practicable after receiving the application and any information required under sub-paragraph (3), the registry administrator must assess whether the applicant is a fit and proper person to hold a trading account and—
(a)if the registry administrator considers that the applicant is a fit and proper person to hold a trading account and at least 2 operational authorised representatives with the account permissions referred to in sub-paragraph (2)(b) have been appointed for the account, open the account; or
(b)if either—
(i)the registry administrator does not consider that the applicant is a fit and proper person to hold a trading account; or
(ii)at least 2 operational authorised representatives with the account permissions referred to in sub-paragraph (2)(b) have not been appointed for the account,
give notice to the applicant that the application to open the account is refused.
(5) A notice under sub-paragraph (4)(b) must include the reason for the refusal unless the registry administrator considers that its inclusion might prejudice the investigation or prosecution of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom or would be contrary to the interests of national security.
15.—(1) An account holder must give details to the registry administrator of an individual whom the account holder appoints as a person authorised to give instructions to the registry administrator on the account holder's behalf in relation to the account.
(2) An individual appointed under sub-paragraph (1) is the “primary contact” for the account.
(3) An account holder who is an individual may appoint the account holder as the primary contact for the account.
(4) An account holder who has appointed a primary contact may give details to the registry administrator of a second individual whom the account holder appoints as a person authorised to give instructions to the registry administrator on the account holder's behalf in relation the account.
(5) An individual appointed under sub-paragraph (4) is the “alternative primary contact” for the account.
(6) The primary contact and any alternative primary contact must be at least 18 years of age.
(7) An account holder may, at any time by notice to the registry administrator—
(a)replace the primary contact;
(b)replace or remove the alternative primary contact.
16.—(1) An account holder or a prospective account holder may apply to the registry administrator for one or more individuals (up to a maximum number of 8) to be appointed as authorised representatives for the account with access to the registry to perform actions in relation to the account on behalf of the account holder.
(2) An account holder who is an individual may apply for the account holder to be appointed as an authorised representative for the account.
(3) An authorised representative must be at least 18 years of age.
(4) An authorised representative may have one of the following permissions (an “account permission”)—
(a)permission to propose actions in relation to the account;
(b)permission to approve actions in relation to the account;
(c)permission to propose actions, and approve actions proposed by another operational authorised representative, in relation to the account;
(d)permission to review account information only.
(5) An application for an individual to be appointed as an authorised representative must—
(a)specify which account permission the individual is to have;
(b)be accompanied by the charge for the application set out in the charging scheme published under article 36A.
(6) After receiving an application, the registry administrator may, by notice to the applicant, require the applicant to provide, in the form specified in the notice, such information as the registry administrator considers necessary to determine the application.
(7) As soon as reasonably practicable after receiving the application and any information required under sub-paragraph (6), the registry administrator must assess whether the individual is a fit and proper person to be an authorised representative and—
(a)if the registry administrator considers that the individual is a fit and proper person to be an authorised representative, appoint the individual as an authorised representative with the account permission in respect of which the application is made and give notice to the applicant of the appointment; or
(b)if the registry administrator considers that the individual is not a fit and proper person to be an authorised representative, give notice to the applicant that the application is refused.
(8) A notice under sub-paragraph (7)(b) must include the reason for the refusal unless the registry administrator considers that its inclusion might prejudice the investigation or prosecution of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom or would be contrary to the interests of national security.
(9) The registry administrator may, in administrative rules made under paragraph 6(1)(a), provide for whether actions of a particular type require the approval of a second operational authorised representative in addition to the operational authorised representative proposing the action.
(10) The appointment of an authorised representative for an account does not preclude the account holder from instructing the registry administrator to perform actions in relation to the account on behalf of the account holder.
(11) In this Schedule, “operational authorised representative” means an authorised representative who has an account permission referred to in sub-paragraph (4)(a), (b) or (c).
17.—(1) An account holder may apply to the registry administrator to change the account permission of an individual appointed as an authorised representative.
(2) An application must—
(a)specify which account permission the individual is to have;
(b)be accompanied by the charge for the application set out in the charging scheme published under article 36A.
(3) After receiving an application, the registry administrator may, by notice to the account holder, require the account holder to provide, in the form specified in the notice, such information as the registry administrator considers necessary to determine the application.
(4) As soon as reasonably practicable after receiving the application and any information required under sub-paragraph (3), the registry administrator must assess whether the individual is still a fit and proper person to be an authorised representative and—
(a)if the registry administrator considers that the individual is still a fit and proper person to be an authorised representative, change the individual's account permission to the account permission in respect of which the application is made and give notice to the account holder of the change; or
(b)if the registry administrator considers that the individual has ceased to be a fit and proper person to be an authorised representative, give notice to the account holder that the application is refused.
(5) A notice under sub-paragraph (4)(b) must include the reason for the refusal unless the registry administrator considers that its inclusion might prejudice the investigation or prosecution of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom or would be contrary to the interests of national security.
18.—(1) The registry administrator may suspend an authorised representative's access to the registry in either of the following circumstances—
(a)if the registry administrator considers that the suspension is necessary to ensure that the registry is secure and protected from misuse;
(b)if the registry administrator considers that the authorised representative has ceased to be a fit and proper person to be an authorised representative.
(2) Where the registry administrator suspends an authorised representative's access to the registry, the registry administrator must give notice of the suspension to the account holder as soon as reasonably practicable.
(3) A notice under sub-paragraph (2) must include the reason for the suspension unless the registry administrator considers that its inclusion might prejudice the investigation or prosecution of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom or would be contrary to the interests of national security.
(4) Where, after a suspension under sub-paragraph (2), the registry administrator subsequently considers that the circumstances giving rise to the suspension no longer exist, the registry administrator must as soon as reasonably practicable—
(a)lift the suspension;
(b)give notice to the account holder that the suspension has been lifted.
19.—(1) The registry administrator may remove an individual as an authorised representative for an account—
(a)if the account holder requests the registry administrator to remove the individual as authorised representative;
(b)if the individual requests the registry administrator to remove the individual as authorised representative;
(c)if the registry administrator considers that the individual has ceased to be a fit and proper person to be an authorised representative; or
(d)where the individual's access to the registry has been suspended, if the registry administrator considers that the circumstances giving rise to the suspension still exist and are unlikely to be resolved within a reasonable period of time.
(2) The registry administrator must give notice to the account holder of a removal under sub-paragraph (1)(b), (c) or (d).
(3) A notice following a removal under sub-paragraph (1)(c) or (d) must include the reason for the removal unless the registry administrator considers that its inclusion might prejudice the investigation or prosecution of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom or would be contrary to the interests of national security.
20.—(1) An allowance may be transferred from one account to another.
(2) Sub-paragraph (1) is subject to—
(a)paragraph 11(4)(b) (operator holding accounts);
(b)paragraph 12(3)(b) or (7) (transfer of operator holding accounts);
(c)paragraph 13(3)(b) (aircraft operator holding accounts);
(d)paragraph 25 (suspension of accounts).
21. The transfer of an allowance between accounts may be cancelled by the account holder of the transferring account at any time before the transfer has completed.
22.—(1) A transfer of an allowance that has completed may not be reversed except as set out in this paragraph.
(2) The registry administrator must reverse the transfer of an allowance to the deletion account if, within 14 days beginning with the day on which the transfer completes, the account holder requests the registry administrator to reverse the transfer.
(3) The registry administrator must reverse the transfer of an allowance to the surrender account if, within 14 days beginning with the day on which the transfer completes, the account holder requests the registry administrator to reverse the transfer.
(4) Sub-paragraph (3) is subject to paragraph 24 (surrender of allowances).
(5) Where the account from which the allowance was transferred has been closed since the transfer completed (and the transfer cannot therefore be reversed), the account holder who requests the reversal of a transfer must give notice to the registry administrator of an alternative account to which the allowance is to be transferred.
[F2(6) The registry administrator may reverse the transfer of an allowance from the allocation account if the transfer was made in error.]
Textual Amendments
23.—(1) An account holder may delete an allowance by transferring the allowance from the account holder's account to the deletion account.
(2) An allowance transferred to the deletion account may not be transferred from the deletion account and ceases to be available for any other purpose unless the transfer is reversed under paragraph 22 (transfer reversals).
24.—(1) The operator of an installation or a person who is an aircraft operator in relation to a scheme year may surrender an allowance by transferring the allowance from the operator's operator holding account for the installation or the aircraft operator's aircraft operator holding account to the surrender account.
(2) An allowance that has been transferred to the surrender account may not be transferred from the surrender account and ceases to be available for any other purpose.
(3) But the transfer of an allowance to the surrender account may be reversed under paragraph 22(3) if—
(a)the person requesting the reversal has complied with—
(i)where the person requesting the reversal is the operator of an installation, the person's obligations to surrender allowances under article 27 in respect of the installation;
(ii)where the person requesting the reversal is an aircraft operator in relation to a scheme year, the person's obligations to surrender allowances under article 34; and
(b)the reversal of the transfer would not result in the person being in breach of those obligations.
25.—(1) The registry administrator may suspend an account other than a central account in any of the following circumstances—
(a)if, on the death or dissolution of the account holder or the occurrence of an insolvency event in relation to the account holder, either—
(i)it is not clear who has the right to deal with the assets of the account holder; or
(ii)the registry administrator has not received instructions about the operation of the account from the person who has the right to deal with the assets of the account holder;
(b)if the registry administrator does not consider that the account holder is a fit and proper person to hold the account;
(c)if the registry administrator considers that the account has been, is being or may be used in relation to the commission of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom.
[F3(d)at the request of the account holder.]
(2) A suspended account may be subject to one or more of the following restrictions—
(a)no allowances may be transferred to the account except from the allocation account;
(b)no authorised representative may perform an action in relation to the account by accessing the registry;
(c)no allowances may be transferred from the account except to a central account.
(3) Where the registry administrator suspends an account [F4under sub-paragraph (1)(a), (b) or (c)], the registry administrator must give notice of the suspension to the account holder as soon as reasonably practicable.
(4) A notice under sub-paragraph (3) must include the reason for the suspension unless the registry administrator considers that its inclusion might prejudice the investigation or prosecution of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom or would be contrary to the interests of national security .
(5) Where, after a suspension under sub-paragraph (1), the registry administrator subsequently considers that the circumstances giving rise to the suspension no longer exist, the registry administrator must as soon as reasonably practicable—
(a)lift the suspension;
(b)give notice to the account holder that the suspension has been lifted.
(6) For the purposes of this paragraph an “insolvency event” occurs in relation to an account holder if—
(a)an order for the winding-up of the account holder is made;
(b)a resolution for the voluntary winding-up of the account holder is passed;
(c)the account holder enters into administration;
(d)a bankruptcy order is made in relation to the account holder or, in Scotland, an award of sequestration is made against the account holder;
(e)a provisional liquidator is appointed for the account holder under section 135 of the Insolvency Act 1986; or
(f)an event (an “overseas insolvency event”) occurs in a country or territory outside the United Kingdom in relation to the account holder that the registry administrator considers corresponds to an event (a “UK insolvency event”) referred to in paragraphs (a) to (e).
(7) For the purpose of considering under sub-paragraph (6)(f) whether an overseas insolvency event corresponds to a UK insolvency event, where, in consequence of the UK insolvency event, a person is appointed to an office (for example, liquidator or trustee in bankruptcy) to deal with the assets of the account holder, it is immaterial whether or not there is a corresponding appointment in consequence of the overseas insolvency event.
Textual Amendments
F3Sch. 5A para. 25(1)(d) inserted (7.2.2022) by The Greenhouse Gas Emissions Trading Scheme (Amendment) Order 2021 (S.I. 2021/1455), arts. 2, 23(5)(a)
F4Words in Sch. 5A para. 25(3) inserted (7.2.2022) by The Greenhouse Gas Emissions Trading Scheme (Amendment) Order 2021 (S.I. 2021/1455), arts. 2, 23(5)(b)
26. The UK ETS authority may close—
(a)a central account;
(b)the auction delivery account.
27.—(1) This paragraph applies where—
(a)(i)an installation's greenhouse gas emissions permit is cancelled under paragraph 9(5)(b) of Schedule 6;
(ii)after giving a surrender notice under paragraph 11(3) of that Schedule in respect of a greenhouse gas emissions permit for an installation, the regulator certifies under paragraph 11(6)(b) of that Schedule that the conditions of the permit and the requirements of the surrender notice have been complied with or that there is no reasonable prospect of their being complied with;
(iii)after giving a revocation notice under paragraph 12(4) of that Schedule in respect of a greenhouse gas emissions permit for an installation, the regulator certifies under paragraph 12(7)(b) of that Schedule that the conditions of the permit and the requirements of the revocation notice have been complied with or that there is no reasonable prospect of their being complied with; or
(iv)after the regulator converts an installation's greenhouse gas emissions permit into a hospital or small emitter permit under paragraph 10 of Schedule 7, the obligations of the operator under the permit in respect of specified emissions before 1st January 2026 are complied with; and
(b)where relevant, any notice given under article 34V (return of allowances: notice to operator, etc.) to the operator of the installation or to a transferring operator (as defined in paragraph 7(1) of Schedule 6) has been complied with or the regulator considers that there is no reasonable prospect of the notice being complied with.
(2) The regulator must instruct the registry administrator to close the operator holding account for the installation.
(3) The registry administrator must give notice to the operator of the installation as soon as reasonably practicable after the account is closed.
28.—(1) This paragraph applies where—
(a)the regulator is satisfied under article 34P that a person has ceased to perform aviation activity and there is no realistic prospect that the person will resume aviation activity;
(b)the person has complied with the requirements of article 34(1) or the regulator considers that there is no reasonable prospect of the requirements being complied with; and
(c)where relevant, any notice given under article 34V (return of allowances: notice to operator, etc.) to the person has been complied with or the regulator considers that there is no reasonable prospect of the notice being complied with.
(2) The regulator must instruct the registry administrator to close the aircraft operator holding account.
(3) The registry administrator must give notice to the person as soon as reasonably practicable after the account is closed.
29.—(1) Where the account holder of a trading account instructs the registry administrator to close the account, the registry administrator must close the account—
(a)within 14 days after receiving the instruction; or
(b)if there are allowances in the account at the date on which the instruction is received, as soon as reasonably practicable after the allowances are transferred to another account.
(2) Where a trading account has been suspended, the registry administrator may close the account if the registry administrator considers that the circumstances giving rise to the suspension still exist and are unlikely to be resolved within a reasonable period of time.
(3) Where no transfers have been made to or from a trading account for a period of at least 1 year, the registry administrator may give notice to the account holder that the trading account will be closed; and if the account holder does not object in writing to the closure within 60 days after the date on which the notice is given, the registry administrator may close the account.
(4) The registry administrator must give notice to the account holder as soon as reasonably practicable after the account is closed under sub-paragraph (2) or (3).
(5) A notice following the closure of an account under sub-paragraph (2) must include the reason for the closure unless the registry administrator considers that its inclusion might prejudice the investigation or prosecution of an offence under the law of any part of the United Kingdom or a country or territory outside the United Kingdom or would be contrary to the interests of national security.
30.—(1) This paragraph applies where there are allowances in an account that is to be closed under paragraph 27, 28 or 29(2) or (3).
(2) Subject to sub-paragraph (3), the registry administrator must give notice to the account holder, requiring the account holder to transfer the allowances to another account on or before a date set out in the notice; and if the account holder does not comply with the notice, the registry administrator must transfer the allowances to a general holding account before closing the account.
(3) If the account to be closed has been suspended, the registry administrator must transfer the allowances to a general holding account before closing the account.]