25.—(1) During a trading window, a CRTS participant may trade any CRTS allowances or CRTS credits with another CRTS participant, but may not trade—
(a)a CRTS allowance which was borrowed in accordance with article 15; or
(b)a CRTS credit which was acquired in accordance with article 23 (conversion of unused CCTS allowances).
(2) A CRTS participant may trade parts of CRTS allowances or CRTS credits, but may not trade a part smaller than one tenth of a CRTS allowance or CRTS credit.
(3) Each CRTS participant which is party to a trade must, before the end of the trading window, notify the administrator of the trade and each notification must include—
(a)the name and account number in the registry of the CRTS participant which is the transferor;
(b)the name and account number in the registry of the CRTS participant which is the transferee;
(c)the number of CRTS allowances or CRTS credits traded; and
(d)the price paid for those CRTS allowances or CRTS credits.
(4) A CRTS participant which trades a CRTS allowance or a CRTS credit in accordance with this article must inform the other party to the trade of their account number in the registry.
(5) Where a CRTS participant is a pool CRTS participant, a reference in this article to a CRTS participant’s account number is a reference to the account number of the manufacturer identified to the administrator in accordance with—
(a)paragraph 5(c)(i) of Schedule 5 (application to be treated as a pool participant) in the application made under that Schedule; or
(b)article 83(1) (updating information provided with application under Schedule 5).
(6) Where a trade is notified in accordance with paragraph (3), the administrator must update the registry and notify the parties to the trade accordingly.
(7) Unless the administrator is satisfied that notification of a trade has been given in accordance with this article, the trade is treated as not having taken place.