SECTION 5 U.K. Transaction reversal
Article 51U.K.Reversal of finalised processes initiated in error
1.If an account holder or a registry administrator acting on behalf of the account holder unintentionally or erroneously initiated one of the transactions listed in paragraph 2, the account holder may propose to the administrator of its account to carry out a reversal of the completed transaction in a written request. The request shall be duly signed by the authorised representative or representatives of the account holder that are authorised to initiate the type of transaction to be reversed and shall be posted within 5 working days of the finalisation of the process. The request shall contain a statement indicating that the transaction was initiated erroneously or unintentionally.
2.Account holders may propose the reversal of the following transactions:
(a)allocation of Chapter III allowances;
(b)allocation of Chapter II allowances;
(c)surrender of allowances;
(d)surrender of CERs and ERUs;
(e)deletion of allowances;
(f)cancellation of Kyoto units.
3.If the administrator of the account establishes that the request fulfils the conditions under paragraph 1 and the administrator agrees with the request, it may propose the reversal of the transaction in the Union registry.
4.The Union registry shall accept the proposal for reversal, block the units that are to be transferred by the reversal and forward the proposal to the Central Administrator provided that all of the following conditions are met:
(a)the transaction to be reversed was not completed more than 30 working days prior to the account administrator's proposal in accordance with paragraph 3;
(b)no operator would become non-compliant for a previous year as a result of the reversal;
(c)the destination account of the transaction to be reversed still holds the amount of units of the type that were involved in the transaction to be reversed;
(d)the transaction to be reversed was not yet followed up by a deduction in accordance with Article 52 from the minimum deposited quantity after an accounting transfer made on the basis of the transaction to be reversed;
(e)the allocation of Chapter III allowances to be reversed was carried out after the expiry date of the installation's permit.
5.The Central Administrator shall approve the proposal within 10 working days. Where the transaction to be reversed involves transfers of Kyoto units from one KP registry to another KP registry, this approval shall only be given if the ITL administrator agreed to reverse the transaction in the ITL.
6.The Union registry may complete the reversal with different units of the same unit type that are on the destination account of the transaction that is being reversed.