Part 2Trading of emissions quotas

I139Penalty provisions of UK Greenhouse Gas Emissions Trading Scheme 2002

1

If incorporated in a participation agreement, the penalty provisions of the Scheme shall have statutory effect between the parties to the agreement.

2

Subsection (1) applies in relation to agreements entered into before, as well as in relation to agreements entered into after, this section comes into force.

3

In that subsection—

  • “participation agreement” means an agreement that has the effect that a person is a participant in the Scheme;

  • “penalty provisions” means provisions for penalties for non-compliance with the Scheme;

  • “the Scheme” means the UK Greenhouse Gas Emissions Trading Scheme 2002 (which was made on behalf of the Secretary of State on 8th March 2002) as amended from time to time (whether before or after this section comes into force).