Subpart 242-7: CO2 Allowance Transfers
(Statutory authority: Environmental Conservation Law, §§ Environmental Conservation Law, §§ 1-0101, 1-0303, 3-0301, 11-0303, 11-0305, 11-0535, 13-0105, 15-0109, 15-1903, 16-0111, 17-0303, 19-0103, 19-0105, 19-0107, 19-0301, 19-0303, 19-0305, 24-0103, 25-0102, 34-0108, 49-0309, 71-2103, 71-2105; Energy Law, §§ 3-101, 3-103; Public Authorities Law, §§ 1850, 1851, 1854, 1855)
[Filed 11/27/13. Effective 1/1/14.]
[This is page 1 of 1 of this Subpart. A complete list of Subparts in this regulation appears in the Chapter 3 contents page. A list of sections in this Subpart appears below.]
For administrative information about this posting, contact: Division of Air Resources. The Bureau of Air Quality Planning at (518) 402-8396 is the contact for technical questions pertaining to this rule.
§242-7.1 Submission of CO2 allowance transfers
The CO2 authorized account representatives seeking recordation of a CO2 allowance transfer shall submit the transfer to the department or its agent. To be considered correctly submitted, the CO2 allowance transfer shall include the following elements in a format specified by the department or its agent:
(a) the numbers identifying both the transferor and transferee accounts;
(b) a specification by serial number of each CO2 allowance to be transferred;
(c) the printed name and signature of the CO2 authorized account representative of the transferor account and the date signed;
(d) the date of the completion of the last sale or purchase transaction for the allowance, if any; and
(e) the purchase or sale price of the allowance that is the subject of a sale or purchase transaction under subdivision (d) of this section.
(a) Within five business days of receiving a CO2 allowance transfer, except as provided in subdivision (b) of this section, the department or its agent will record a CO2 allowance transfer by moving each CO2 allowance from the transferor account to the transferee account as specified by the request, provided that:
(1) the transfer is correctly submitted under section 242-7.1 of this Subpart; and
(2) the transferor account includes each CO2 allowance identified by serial number in the transfer.
(b) A CO2 allowance transfer into or out of a compliance account that is submitted for recordation following the CO2 allowance transfer deadline and that includes any CO2 allowances that are of allocation years that fall within a control period or interim control period prior to or the same as the control period or interim control period to which the CO2 allowance transfer deadline applies will not be recorded until after completion of the process pursuant to section 242-6.5 of this Part.
(c) Where a CO2 allowance transfer submitted for recordation fails to meet the requirements of subdivision (a) of this section, the department or its agent will not record such transfer.
(a) Notification of recordation. Within five business days of recordation of a CO2 allowance transfer under section 242-7.2 of this Subpart, the department or its agent will notify each party to the transfer. Notice will be given to the CO2 authorized account representatives of both the transferor and transferee accounts.
(b) Notification of non-recordation. Within 10 business days of receipt of a CO2 allowance transfer that fails to meet the requirements of section 242-7.2(a) of this Subpart, the department or its agent will notify the CO2 authorized account representatives of both accounts subject to the transfer of:
(1) a decision not to record the transfer, and
(2) the reasons for such non-recordation.
(c) Nothing in this section shall preclude the submission of a CO2 allowance transfer for recordation following notification of non-recordation.