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Exposure Draft - Regulating Australian Carbon Credit Units and Eligible International Emissions Units as Financial Products

Date:

Tuesday, 22 November 2011

Content ID:

2233

Abstract:

On 15 September 2011 Acts to establish the Carbon Farming Initiative scheme received royal assent. The package of legislation includes the Australian National Registry of Emissions Units Act 2011, the Carbon Credits (Carbon Farming Initiative) Act 2011, and the Carbon Credits (Consequential Amendments) Act 2011.

The legislation allows for tradeable 'credits' from Australian land-based actions that reduce or store carbon pollution provided they meet requirements under the relevant Act.

The tradeable 'credits' will be regulated under the financial products regime established by the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001. The proposed amendments to the Corporations Regulations 2001 and the Australian Securities and Investments Commission Regulations 2001 will modify this regime so that it fits the unique characteristics of the credits and avoids unnecessary compliance costs.

The draft Regulations provide a transitional period of seven months to allow stakeholders sufficient time to comply with their new obligations before the licensing requirements commence.

Making a submission

Interested parties are invited to comment on the exposure draft. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Tuesday, 13 December 2011

Address written submissions to:
The Manager
Consumer Credit Unit
Retail Investor Division
The Treasury
Langton Crescent
PARKES ACT 2600
Email: carbonfarming@treasury.gov.au

For enquiries, please call Christian Mikula on (02) 6263 2046 or Melissa Lui Yuen on (02) 6263 4481.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

ASIC Amendment  24.35kb
Corporations Amendment  89.56kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

ASIC Amendment  364.95kb
Corporations Amendment  545.41kb

Related Items:

There are no related items available for content item 2233.

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