N.J. Admin. Code § 7:27C-6.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:27C-6.3 - Procedures for opening a general account

(a) Any person may apply to open a general account for the purpose of holding and transferring CO[2] allowances by submitting an application for a general account pursuant to (b) below.

(b) A complete application for a general account shall be submitted to the Department and include the following in a format prescribed by the Department:

1. The name, address, email address, and telephone number of the CO[2] authorized account representative;

2. At the option of the CO[2] authorized account representative, the organization name and type of organization;

3. A list of all persons subject to a binding agreement for the CO[2] authorized account representative to represent their ownership interest with respect to the CO[2] allowances held in the general account;

4. The following certification by the CO[2] authorized account representative and any alternate CO[2] authorized account representative: "I certify that I was selected as the CO[2] authorized account representative (or the alternate CO[2] authorized account representative, as applicable) by an agreement that is binding on all persons who have an ownership interest with respect to CO[2] allowances held in the general account. I certify that I have all the necessary authority to carry out my duties and responsibilities under the CO[2] Budget Trading Program on behalf of such persons and that each such person shall be fully bound by my representations, actions, inactions, or submissions and by any order or decision issued to me by the Department or a court of competent jurisdiction regarding the general account.";

5. The signature of the CO[2] authorized account representative and any alternate CO[2] authorized account representative and the dates signed; and

6. Documents of agreement referred to in the application for a general account, as may be required by the Department.

(c) The Department is under NO[x] obligation to review or evaluate the sufficiency of any documents of agreement referred to in the application for a general account.

(d) An application for a general account shall designate one and only one CO[2] authorized account representative and one and only one alternate CO[2] authorized account representative who may act on behalf of the CO[2] authorized account representative. The agreement by which the alternate CO[2] authorized account representative is selected shall include a procedure for authorizing the alternate CO[2] authorized account representative to act in lieu of the CO[2] authorized account representative.

N.J. Admin. Code § 7:27C-6.3

Adopted by 51 N.J.R. 992(a), effective 6/17/2019