(1) During a trading window, a CRTS participant which is also a VRTS participant may acquire two CRTS credits in exchange for one unused VRTS allowance by making a request to the administrator if—

(a) the participant’s number of units of activity in the VRTS in a scheme year does not exceed the sum of—

(i) the number of VRTS allowances which were allocated to the participant in accordance with article 45 for that year;

(ii) the number of any VRTS allowances which were banked by the participant in accordance with article 46 and were available for it to use at the beginning of the trading window; and

(iii) the number of any VRTS credits which were acquired by the participant in accordance with article 55 (conversion of unused VCTS allowances);

(b) the participant has more VRTS allowances than it requires in order to comply with article 59 (accounting for activity in the VRTS) for that scheme year (referred to in this article as “unused VRTS allowances”); and

(c) the participant did not acquire the unused VRTS allowances in accordance with article 47 (borrowing VRTS allowances).

(2) A request under paragraph (1)—

(a) must be made during the trading window following the scheme year for which the participant intends to surrender the CRTS credits to which the request relates; and

(b) may be for the exchange of a part of a VRTS allowance but may not be for the exchange of a part which is smaller than one tenth of a VRTS allowance.

(3) A CRTS credit acquired in accordance with this article may not be traded under article 25.

CRTS credits: conversion of VRTS credits by a CRTS participant which is also an SPV van manufacturer

23B

(1) During a trading window, a CRTS participant which is also an SPV van manufacturer may acquire two CRTS credits in exchange for one VRTS credit by making a request to the administrator.

(2) A request under paragraph (1)—

(a) must be made during the trading window following the scheme year for which the participant intends to surrender the CRTS credits to which the request relates; and

(b) may be for the exchange of a part of a VRTS credit but may not be for the exchange of a part which is smaller than one tenth of a VRTS credit.

(3) A CRTS credit acquired in accordance with this article may not be traded under article 25.

Measuring activity in the CRTS

Trading CRTS allowances and credits: CRTS participants

Trading CRTS allowances with VRTS participants

25A

(1) During a trading window, a CRTS participant may trade any unused CRTS allowances with a VRTS participant if—

(a) the CRTS participant’s number of units of activity in the CRTS in a scheme year does not exceed the sum of—

(i) the number of CRTS allowances which were allocated to the CRTS participant in accordance with article 13 for that year;

(ii) the number of any CRTS allowances which were banked by the CRTS participant in accordance with article 14 and were available for it to use at the beginning of the trading window; and

(iii) the number of any CRTS credits which were acquired by the CRTS participant in accordance with article 23 (conversion of unused CCTS allowances) and are available for it to use;

(b) the CRTS participant has more CRTS allowances than it requires in order to comply with article 27 (accounting for activity in the CRTS) for that scheme year (referred to in this article as “unused CRTS allowances”); and

(c) the CRTS participant did not acquire the unused CRTS allowances in accordance with article 15 (borrowing CRTS allowances).

(2) Where a CRTS participant trades a CRTS allowance under this article, the CRTS allowance is automatically converted to four tenths of a VRTS credit on disposal.

(3) The CRTS participant may trade parts of CRTS allowances (in which case the conversion rate in paragraph (2) applies on a proportional basis) but may not trade a part smaller than one tenth of a CRTS allowance.

(4) Each party to a trade under this article 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 transferor;

(b) the name and account number in the registry of the transferee;

(d) the number of CRTS allowances traded; and

(e) the price paid for those CRTS allowances.

(5) Each party to a trade under this article must inform the other party to the trade of their account number in the registry.

(6) Where—

(a) the transferor is a pool CRTS participant, article 25(5) applies to a trade under this article as it applies to a trade under that article;

(b) the transferee is a pool VRTS participant, article 57(5) applies to a trade under this article as it applies to a trade under that article.

(7) Where a trade is notified in accordance with paragraph (4), the administrator must update the registry and notify the parties to the trade accordingly.

(8) Unless the administrator is satisfied that notification of a trade has been given in accordance with paragraph (4), the trade is treated as not having taken place.

Trading CRTS credits with CRTS participants: SPV car manufacturers

Trading CRTS credits with VRTS participants: SPV car manufacturers

26A

(1) An SPV car manufacturer may trade any CRTS credits acquired by it under article 21 or 22 with a VRTS participant in accordance with paragraphs (2) to (7).

(2) An SPV car manufacturer may only trade a CRTS credit under this article during the trading window following the scheme year for which the CRTS credit was acquired by the SPV car manufacturer.

(3) Where an SPV car manufacturer trades a CRTS credit with a VRTS participant under this article, the CRTS credit is automatically converted to four tenths of a VRTS credit on disposal.

(4) An SPV car manufacturer may trade parts of CRTS credits (in which case the conversion rate in paragraph (3) applies on a proportional basis) but may not trade a part smaller than one tenth of a CRTS credit.

(5) Each party to a trade under this article 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 transferor;

(b) the name and account number in the registry of the transferee;

(d) the number of CRTS credits traded; and

(e) the price paid for those CRTS credits.

(6) Each party to a trade under this article must inform the other party to the trade of their account number in the registry.

(7) Where the transferee is a pool VRTS participant, article 57(5) applies to a trade under this article as it applies to a trade under that article.

(8) Where a trade is notified in accordance with paragraph (5), the administrator must update the registry and notify the parties to the trade accordingly.

(9) Unless the administrator is satisfied that notification of a trade has been given in accordance with paragraph (5), the trade is treated as not having taken place.

Accounting for activity in the CRTS

Payments: CRTS

Banked or borrowed CRTS allowances of former CRTS participants

Expiry of CRTS allowances and CRTS credits

VRTS credits: conversion of unused CRTS allowances by a VRTS participant which is also a CRTS participant

55A

(1) During a trading window, a VRTS participant which is also a CRTS participant may acquire one VRTS credit in exchange for two and a half unused CRTS allowances by making a request to the administrator if—

(a) the participant’s number of units of activity in the CRTS in a scheme year does not exceed the sum of—

(i) the number of CRTS allowances which were allocated to the participant in accordance with article 13 for that year;

(ii) the number of any CRTS allowances which were banked by the participant in accordance with article 14 and were available for it to use at the beginning of the trading window; and

(iii) the number of any CRTS credits which were acquired by the participant in accordance with article 23 (conversion of unused CCTS allowances into CRTS credits) and are available for it to use;

(b) the participant has more CRTS allowances than it requires in order to comply with article 27 (accounting for activity in the CRTS) for that scheme year (referred to in this article as “unused CRTS allowances”); and

(c) the participant did not acquire the unused CRTS allowances in accordance with article 15 (borrowing CRTS allowances).

(2) A request under paragraph (1)—

(a) must be made during the trading window following the scheme year for which the participant intends to surrender the VRTS credits to which the request relates;

(b) may be for the exchange of a part of a CRTS allowance but may not be for the exchange of a part which is smaller than one tenth of a CRTS allowance.

(3) A VRTS credit acquired in accordance with this article may not be traded under article 57.

VRTS credits: conversion of CRTS credits by a VRTS participant which is also an SPV car manufacturer

55B

(1) During a trading window, a VRTS participant which is also an SPV car manufacturer may acquire one VRTS credit in exchange for two and a half CRTS credits by making a request to the administrator.

(2) A request under paragraph (1)—

(a) must be made during the trading window following the scheme year for which the participant intends to surrender the VRTS credits to which the request relates; and

(b) may be for the exchange of a part of a CRTS credit but may not be for the exchange of a part which is smaller than one tenth of a CRTS credit.

(3) A VRTS credit acquired in accordance with this article may not be traded under article 57.

Measuring activity in the VRTS

Trading VRTS allowances and credits: VRTS participants

Trading VRTS allowances with CRTS participants

57A

(1) During a trading window, a VRTS participant may trade any unused VRTS allowances with a CRTS participant if—

(a) the VRTS participant’s number of units of activity in the VRTS in a scheme year does not exceed the sum of—

(i) the number of VRTS allowances which were allocated to the VRTS participant in accordance with article 45 for that year;

(ii) the number of any VRTS allowances which were banked by the VRTS participant in accordance with article 46 and were available for it to use at the beginning of the trading window; and

(iii) the number of any VRTS credits which were acquired by the VRTS participant in accordance with article 55 (conversion of unused VCTS allowances into VRTS credits) and are available for it to use;

(b) the VRTS participant has more VRTS allowances than it requires in order to comply with article 59 (accounting for activity in the VRTS) (referred to in this article as “unused VRTS allowances”); and

(c) the VRTS participant did not acquire the unused VRTS allowances in accordance with article 47 (borrowing VRTS allowances).

(2) Where a VRTS participant trades an unused VRTS allowance under this article, the VRTS allowance is automatically converted to two CRTS credits on disposal.

(3) A VRTS participant may trade parts of VRTS allowances (in which case the conversion rate in paragraph (2) applies on a proportional basis) but may not trade a part smaller than one tenth of a VRTS allowance.

(4) Each party to a trade under this article must, before the end of trading window, notify the administrator of the trade, and each notification must include—

(a) the name and account number in the registry of the transferor;

(b) the name and account number in the registry of the transferee;

(d) the number of VRTS allowances traded; and

(e) the price paid for those VRTS allowances.

(5) Each party to a trade under this article must inform the other party to the trade of their account number in the registry.

(6) Where—

(a) the transferor is a pool VRTS participant, article 57(5) applies to a trade under this article as it applies to a trade under that article;

(b) the transferee is a pool CRTS participant, article 25(5) applies to a trade under this article as it applies to a trade under that article.

(7) Where a trade is notified in accordance with paragraph (4), the administrator must update the registry and notify the parties to the trade accordingly.

(8) Unless the administrator is satisfied that notification of a trade has been given in accordance with paragraph (4), the trade is treated as not having taken place.

Trading VRTS credits with VRTS participants: SPV van manufacturers

Trading VRTS credits with CRTS participants: SPV van manufacturers

58A

(1) An SPV van manufacturer may trade VRTS credits acquired by it under article 53 or 54 with a CRTS participant in accordance with paragraphs (2) to (7).

(2) An SPV van manufacturer may only trade a VRTS credit under this article during the trading window following the scheme year for which the VRTS credit was acquired by the SPV van manufacturer.

(3) Where an SPV van manufacturer trades a VRTS credit with a CRTS participant under this article, the VRTS credit is automatically converted to two CRTS credits on disposal.

(4) An SPV van manufacturer may trade parts of VRTS credits (in which case the conversion rate in paragraph (3) applies on a proportional basis) but may not trade a part smaller than one tenth of a VRTS credit.

(5) Each party to a trade under this article 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 transferor;

(b) the name and account number in the registry of the transferee;

(d) the number of VRTS credits traded; and

(e) the price paid for those VRTS credits.

(6) Each party to a trade under this article must inform the other party to the trade of their account number in the registry.

(7) Where the transferee is a pool CRTS participant, article 25(5) applies to a trade under this article as it applies to a trade under that article.

(8) Where a trade is notified in accordance with paragraph (5), the administrator must update the registry and notify the parties to the trade accordingly.

(9) Unless the administrator is satisfied that notification of a trade has been given in accordance with paragraph (5), the trade is treated as not having taken place.

Accounting for activity in the VRTS

Payments: VRTS

Banked or borrowed VRTS allowances of former VRTS participants

Expiry of VRTS allowances and VRTS credits

Schedule 3A — Alternative specific emissions of CO₂: OVC hybrid electric vehicles

Part 1 — General

1

In this Schedule—

“charge-depleting Type 1 test” means the test described in point 3.2.4 of Annex B8 to UN Regulation No 154;

“charge-sustaining Type 1 test” means the test described in point 3.2.5 of Annex B8 to UN Regulation No 154;

“class 3a vehicle” has the same meaning as in point 2.3.1.1 of Annex B1 to UN Regulation No 154;

“class 3b vehicle” has the same meaning as in point 2.3.1.2 of Annex B1 to UN Regulation No 154;

“Condition A” means the condition set out in paragraph 5;

“Condition B” means the condition set out in paragraph 6;

“Condition C” means the condition set out in paragraph 7;

“cycle energy demand” has the meaning given in point 3.5.6 of UN Regulation No 154;

“emissions type-approval certificate” means a certificate of type-approval which—in relation to a vehicle which is registered in Great Britain—is issued by the approval authority; andis sufficient to show that a vehicle complies with the requirements of Regulation (EU) 2017/1151, as that Regulation has effect in domestic law, or UN Regulation No 154;in relation to a vehicle which is registered in Northern Ireland—is issued by the approval authority or an EU approval authority; andis sufficient to show that a vehicle complies with the requirements of Regulation (EU) 2017/1151, as that Regulation has effect in EU law from time to time and by virtue of the Windsor Framework;

“equivalent vehicle”, in relation to a subject vehicle, means a vehicle which—belongs to the same vehicle type with regard to emissions as the subject vehicle; andwas type-approved in accordance with the Euro 6d-ISC-FCM emission standard or the Euro 6e emission standard;

“EU approval authority” has the same meaning as in article 30(1) of Regulation (EU) 2018/858, as that Regulation has effect in domestic law;

“EU Regulation-tested vehicle” means a vehicle in respect of which the level of emissions of CO₂ were tested for the purposes of type-approval in accordance with Regulation (EU) 2017/1151, as that Regulation has effect in EU law from time to time and by virtue of the Windsor Framework;

“Euro 6d-ISC-FCM emission standard” means the Euro 6d-ISC-FCM emission standard referred to in—in relation to an EU Regulation-tested vehicle, Table 1 of Appendix 6 of Annex 1 to Regulation (EU) 2017/1151, as that Regulation has effect in EU law from time to time and by virtue of the Windsor Framework;in relation to a GB Regulation-tested vehicle, Table 1 of Appendix 6 of Annex 1 to Regulation (EU) 2017/1151, as that Regulation has effect in domestic law;

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