The Vehicle Emissions Trading Schemes Order 2023

Trading VCTS allowances

69.—(1) During a trading window, a VCTS participant may trade any VCTS allowances with another VCTS participant.

(2) A VCTS participant must trade whole numbers of VCTS allowances.

(3) Each VCTS participant which is a party to a trade must, before the end of the trading window, notify the administrator and each notification must include—

(a) the name and account number in the registry of the VCTS participant which is the transferor;

(b) the name and account number in the registry of the VCTS participant which is the transferee;

(c) the number of VCTS allowances traded; and

(d) the price paid for those VCTS allowances.

(4) A VCTS participant which trades a VCTS allowance in accordance with this article must inform the other party to the trade of their account number in the registry.

(5) Where a VCTS participant is a pool VCTS participant, a reference in this article to a VCTS participant’s account number is a reference to the account number of the manufacturer identified to the administrator in accordance with—

(a) paragraph 5(c)(i) of Schedule 5 (application to be treated as a pool participant) in the application made under that Schedule; or

(b) article 83(1) (updating information provided with application under Schedule 5).

(6) Where a trade is notified in accordance with paragraph (3), the administrator must update the registry and notify the parties to the trade accordingly.

(7) Unless the administrator is satisfied that notification of a trade has been given in accordance with this article, the trade is treated as not having taken place.