§ 33 — Closing of fixed-price carbon credit registry account

33.—(1) The Agency may close an FPCC registry account for a taxable facility of a registered person in any of the following circumstances:(a)

upon the application of the registered person, if the taxable facility is deregistered as such;

(b)

if the Agency is satisfied that the account has been, is being or is intended to be used for the commission of any criminal offence;

(c)

if the account has been inactive for 5 years from the last transaction carried out on the account;

(d)

if the person for whom the account was opened has ceased to be registered as a registered person;

(e)

in any other circumstances as may be prescribed.[Act 37 of 2022 wef 01/01/2024]

(2) Before closing the FPCC registry account, the Agency must give the registered person written notice of the Agency’s intention to do so if —(a)

unless otherwise prescribed, the proposed closure is pursuant to subsection (1)(c) or (d); or

(b)

the proposed closure is pursuant to circumstances prescribed under subsection (1)(e), and this subsection is prescribed as applying with respect to those circumstances.[Act 37 of 2022 wef 01/01/2024]

(3) The written notice under subsection (2) must state —(a)

the consequences of closing the FPCC registry account mentioned in subsection (6); and[Act 37 of 2022 wef 01/01/2024]

(b)

the date by which any written objection to the proposed closure must be given to the Agency, which must be a date at least 30 days after the date of the service of the notice.

(4) The Agency must not close the FPCC registry account if the Agency receives a written objection from the registered person to the proposed closure by the date mentioned in subsection (3)(b), unless the Agency is satisfied that the objection is frivolous or vexatious or has been withdrawn.[Act 37 of 2022 wef 01/01/2024]

(5) The Agency may close the FPCC registry account if the Agency does not receive a written objection from the registered person by the date mentioned in subsection (3)(b).[Act 37 of 2022 wef 01/01/2024]

(6) Upon closing the FPCC registry account of the registered person under this section, the Agency must —(a)

cancel any fixed‑price carbon credit remaining in the FPCC registry account and remove it from the FPCC registry account; and[Act 37 of 2022 wef 01/01/2024]

(b)

refund the registered person an amount equal to the carbon price of the fixed‑price carbon credit cancelled and removed.[Act 37 of 2022 wef 01/01/2024]

(7) A registered person is not entitled to a refund under subsection (6) if the cancellation and removal resulted from the closure of the FPCC registry account under subsection (1)(b).[Act 37 of 2022 wef 01/01/2024]

—(1) The Agency may close an FPCC registry account for a taxable facility of a registered person in any of the following circumstances:(a)

upon the application of the registered person, if the taxable facility is deregistered as such;

(b)

if the Agency is satisfied that the account has been, is being or is intended to be used for the commission of any criminal offence;

(c)

if the account has been inactive for 5 years from the last transaction carried out on the account;

(d)

if the person for whom the account was opened has ceased to be registered as a registered person;

(e)

in any other circumstances as may be prescribed.[Act 37 of 2022 wef 01/01/2024]

(2) Before closing the FPCC registry account, the Agency must give the registered person written notice of the Agency’s intention to do so if —(a)

unless otherwise prescribed, the proposed closure is pursuant to subsection (1)(c) or (d); or

(b)

the proposed closure is pursuant to circumstances prescribed under subsection (1)(e), and this subsection is prescribed as applying with respect to those circumstances.[Act 37 of 2022 wef 01/01/2024]

(3) The written notice under subsection (2) must state —(a)

the consequences of closing the FPCC registry account mentioned in subsection (6); and[Act 37 of 2022 wef 01/01/2024]

(b)

the date by which any written objection to the proposed closure must be given to the Agency, which must be a date at least 30 days after the date of the service of the notice.

(4) The Agency must not close the FPCC registry account if the Agency receives a written objection from the registered person to the proposed closure by the date mentioned in subsection (3)(b), unless the Agency is satisfied that the objection is frivolous or vexatious or has been withdrawn.[Act 37 of 2022 wef 01/01/2024]

(5) The Agency may close the FPCC registry account if the Agency does not receive a written objection from the registered person by the date mentioned in subsection (3)(b).[Act 37 of 2022 wef 01/01/2024]

(6) Upon closing the FPCC registry account of the registered person under this section, the Agency must —(a)

cancel any fixed‑price carbon credit remaining in the FPCC registry account and remove it from the FPCC registry account; and[Act 37 of 2022 wef 01/01/2024]

(b)

refund the registered person an amount equal to the carbon price of the fixed‑price carbon credit cancelled and removed.[Act 37 of 2022 wef 01/01/2024]

(7) A registered person is not entitled to a refund under subsection (6) if the cancellation and removal resulted from the closure of the FPCC registry account under subsection (1)(b).[Act 37 of 2022 wef 01/01/2024]