Welsh credit account4
1
The Welsh Ministers may instruct the registry administrator to open an account (“the Welsh credit account”) in the UK registry for the purpose of holding carbon units which are to be credited to the net Welsh emissions account in accordance with regulation 5.
2
The Welsh credit account must be used to hold a carbon unit that is to be credited to the Net Welsh Emissions Account.
3
Subject to paragraph (4), carbon units in the Welsh credit account may only be transferred out of the Welsh credit account for the purposes of cancellation.
4
The Registry administrator may transfer a carbon unit out of the Welsh credit account for purposes other than cancellation if satisfied that—
i
no declaration under regulation 5(2) has been made in respect of that carbon unit; and
ii
the carbon unit was transferred to the Welsh credit account in error.
5
Any carbon unit transferred out of the Welsh credit account in accordance with paragraph (4) is to be returned to the account from which it was originally transferred.