TITLE IIPROVISIONS FOR THE REGISTRY
CHAPTER 2Transactions
Article 38
Only transactions expressly provided for in this Regulation for each account type shall be initiated by that account type.
F1Article 39Execution of transfers
1.
For all transactions specified in this Chapter, an out of band confirmation must be required by the Registry before the transaction can be initiated. A transaction may only be initiated where an authorised representative has confirmed the transaction out of band.
2.
If an account representative suspects that a transfer was initiated fraudulently, the account representative may request the national administrator to cancel the transfer on behalf of the account representative before the transfer is communicated for finalisation.
F2Article 40Nature of Kyoto units and finality of transactions
1.
The record of the Registry constitutes sufficient evidence of title over a Kyoto unit and of any other matter which is by this Regulation directed or authorised to be recorded in the Registry.
2.
Any recovery or restitution obligations that may arise under United Kingdom law in respect of a Kyoto unit only apply to the Kyoto unit in kind.
3.
Subject to this paragraph, a transaction is final and irrevocable upon its finalisation pursuant to Article 104. Except where a transaction may be reversed in accordance with relevant international climate law, and without prejudice to any provision of or remedy under United Kingdom law that may result in a requirement or order to execute a new transaction in the Registry, the national administrator may not reverse or revoke any transaction that has become final and irrevocable under this Regulation.
4.
A purchaser and holder of a Kyoto unit acting in good faith acquires title to that Kyoto unit free of any defects in the title of the transferor.
F3Article 41Creation of allowances
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F3Article 42Transfer of general allowances to be auctioned
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F3Article 43Transfer of general allowances to be allocated free of charge
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F3Article 44Transfer of general allowances for the new entrant reserve
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F3Article 45Transfer of aviation allowances to be auctioned
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F3Article 46Transfer of aviation allowances to be allocated free of charge
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F3Article 47Transfer of aviation allowances to the special reserve
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F3Article 48Transfer of general allowances to the EU Total Quantity-Account
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F3Article 49Transfer of aviation allowances to the EU Aviation Total Quantity Account
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F3Article 50Deletion of aviation allowances
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F3Article 51Entry of national allocation tables into the EUTL
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F3Article 52Changes to the national allocation tables
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F3Article 53Free allocation of general allowances
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F3Article 54Entry of national aviation allocation tables into the EUTL
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F3Article 55Changes to the national aviation allocation tables
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F3Article 56Free allocation of aviation allowances
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F3Article 57Return of aviation allowances
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F3Article 58International credit holdings in the Union Registry
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F3Article 59Entry of international credit entitlement tables into the EUTL
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F3Article 60Use of international credits through allowance exchange
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F3Article 61Calculation of remaining international credit entitlement
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F3Article 62Entry of auction tables into the EUTL
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F3Article 63Changes to the auction tables
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F3Article 64Auctioning of allowances
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F4Article 65Transfers of Kyoto units initiated by an account holder
The Secretary of State must ensure that the Registry provides for the carrying out of any request from an account holder to transfer Kyoto units to any other account, unless such a transfer is prevented by the status of the initiating or receiving account.
F5Article 66Transfers of allowances or Kyoto units initiated by a trading account
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F5Article 67Surrender of allowances
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F5Article 68Deletion of allowances
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F6Article 69Cancellation of Kyoto units
The Secretary of State must ensure that the Registry provides for the carrying out of any request from an account holder to cancel Kyoto units held in its accounts by transferring a specified type and number of Kyoto units from the relevant account into the cancellation account of the Registry.
F7Article 70Reversal of finalised processes initiated in error
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