S.L. 643.5 Art. 11Union registry. 13

(1) Allowances shall be held by a regulated entity in the Union registry. A regulated entity shall have a regulated entity holding account in the Union registry.

(2) The national registry administrator shall perform its functions in accordance with the relevant decisions and regulations adopted by the Commission pursuant to Directive 2003/87/EC:

Provided that in respect of regulated entity holding accounts, the Authority shall act as the national registry administrator:

Provided further that where the Authority acts as the national registry administrator there shall be no conflict of interest between the Authority and holders of regulated entity holding accounts.

(3) A request to open a regulated entity holding account shall be made by the Authority or the regulated entity to the national registry administrator.

(4) A request for the opening of a regulated entity holding account shall include all information required by the national registry administrator in accordance with the relevant decisions and regulations adopted by the Commission pursuant to Directive 2003/87/ EC and any requirements and terms and conditions made by the national registry administrator.

(5) The national registry administrator shall open and administer a regulated entity holding account for a regulated entity in accordance with the relevant decisions and regulations adopted by the Commission pursuant to Directive 2003/ 87/EC and any terms and conditions it may make. The national registry administrator shall not open an account unless it is satisfied that the request is in accordance with the requirements of this regulation.

(6) A regulated entity holding account holder and its nominated authorised representatives shall act in accordance with the relevant decisions and regulations adopted by the Commission pursuant to Directive 2003/87/EC and any terms and conditions made by the national registry administrator.

(7) Where a regulated entity fails to comply with any requirements of decisions and regulations adopted by the Commission in respect of registries or terms and conditions made by the national registry administrator in respect of registries, the national registry administrator may prevent the transfer of allowances or other accounting units into or out of a regulated entity holding account held by that regulated entity until any non-compliance is rectified:

Provided that the national registry administrator shall not prevent the surrender or cancellation of allowances in accordance with regulation 17.