eur.govt.nz Opening a Holding Account in NZEUR : New Zealand Emission Unit Register

Name of the Organization : New Zealand Emission Unit Register
Type of Facility : Opening a Holding Account in NZEUR
Country : New Zealand

Website : http://www.eur.govt.nz/how-to/guides-hmtl/guide-to-opening-an-account-in-the-nzeur

Opening a Holding Account in NZEUR:

The Getting Started guide is for persons who wish to open an NZEUR Holding Account for the purposes of:
** receiving emission units either as an entitlement from the Government or as a result of private emission unit trading
** surrendering emission units from the Holding Account to meet a Participant obligation under the New Zealand Emissions

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Trading Scheme (NZ ETS)
** facilitating private trading of emission units including the export of emission units.

Preconditions
** You will need to use a computer with internet access to navigate to www.eur.govt.nz
** You must already be a Registered User before applying to open a Holding Account.

Important Notes:
** The Registered User that applies to open a Holding Account will automatically be designated as a Primary Representative and be able to operate the Holding Account (other Primary Representatives may also be authorised).
** Applications to open a Holding Account can only be approved by the Registrar of the NZEUR once properly completed Account Holder Declaration forms have been received.
** All Account Holders must meet the qualifying criteria set out in Regulation 3 of the Climate Change (Unit Register) Regulations 2008 available here.
** The NZEUR Registrar may request additional information relating to an application to open a Holding Account.
** Until a Holding Account is approved by the NZEUR Registrar, emission units cannot be deposited into it.
** Opening a Holding Account does not mean that an Account Holder has automatically been registered as a participant in the New Zealand Emissions Trading Scheme (NZ ETS); however, opening a Holding Account is the first step towards becoming a registered participant of the NZ ETS (NZ ETS registered participants are required to have Holding Accounts).
** If you intend to become a registered participant of the NZ ETS there are some important considerations for you to take into account before opening a Holding Account or authorising Primary Representatives to operate the account.

Key Terms:

Registered User :
A person who has been authorised by the NZEUR Registrar to use the NZEUR online system, including opening Holding Accounts.

Username:
The unique name used by a Registered User to log on to the NZEUR (in conjunction with a unique password) in order to access a Holding Account.

Holding Account:
A type of NZEUR account in which emission units are held. Emission units may be transferred into or out of Holding Accounts by Primary Representatives. The NZEUR Registrar may also transfer emission units into Holding Accounts. Each Holding Account has one Account Holder and must have at least one, and may have up to five, Primary Representatives.

Account Holder:
The person or organisation who is the legal owner of the Holding Account and the emission units held in it. Account Holders remain legally responsible for their Holding Account and any actions of Primary Representatives authorised to operate the Holding Account. In some cases the Account Holder will consist of one person; in other cases the Account Holder may consist of more than one person.

Account Holder Declarations:
The Climate Change (Unit Register) Regulations 2008 require an account holder to make declarations in order to open a Holding Account or appoint a primary representative. These declarations are contained in the Account Holder Declaration form which will be emailed to the Account Holder as part of the Holding Account application process.

Account Holder (Organisation) :
Type The Account Holder (Organisation) Type identifies the nature of the Account Holder (for example, limited company, partnership, trust) which determines the nature of additional information that will need to be provided when opening a Holding Account. For example, if the Organisation Type is an unincorporated trust or partnership, the full legal names of each and every individual trustee or partner, and their contact details, will need to be provided to the NZEUR Registrar.

Primary Representative(s):
A person who has been authorised by the Account Holder to operate the Holding Account. Only an individual (for example, a natural person, not an incorporated body) who meets the qualifying criteria set out in the Climate Change (Unit Register) Regulations 2008, and is a Registered User of the NZEUR, will be approved as a Primary Representative. Account Holders who are individuals may nominate themselves to be the Primary Representative of their own Holding Account. Primary Representatives will receive notices from the NZEUR Registrar relating to the Holding Account.

ETS Registered Participant:
A person or organisation that has registered as either a mandatory or voluntary participant in the NZ ETS. All NZ ETS participants must have a Holding Account.
Preparer A person who has been authorised by the Account Holder to prepare transactions involving the Holding Account.
Approver A person who has been authorised by the Account Holder to approve transactions involving the Holding Account.

Authorised Person(s):
An Authorised Person is authorised to make declarations on behalf of an Account Holder. Declarations are required to open or close a Holding Account, or to add or remove a Primary Representative. Authorised persons are appointed by using the Supplementary Authority form attached to the Account Holder Declaration form.