(a) The credit registry. All emission credit generators, users, and holders will be included in the commission's credit registry.
  (1) All notices of generation, use, and transfer will be posted to the credit registry.
  (2) The credit registry will assign a unique number to each certificate which will include the amount of emission reductions generated.
  (3) The credit registry will maintain a listing of all credits available for each ozone nonattainment area.
(b) Life of an emission credit.
  (1) If an emission credit is used before its expiration date, the emission credit is effective for the life of the applicable user facility or mobile source.
  (2) Emission credits certified as part of an administratively complete application received after January 2, 2001 shall be available for use for 60 months from the date of the emission reduction.
  (3) Notwithstanding paragraph (2) of this subsection, the executive director may invalidate a certificate or portion of a certificate if local, state, or federal regulatory changes occur after the certification of the emission credit which would or would have affected the generating facility or mobile source.
(c) Creditability review of emission credits. Emission credits may be reviewed for creditability at any time during their banked life to ensure the reductions generating the emission credit are surplus to all current local, state, and federal requirements that would have affected the generating facility or mobile source.
  (1) A request for a creditability review may be made by any interested party through the submittal of a completed application form specified by the executive director.
  (2) If a creditability review identifies a regulatory change invalidating a certificate or portion of a certificate, the executive director shall void the emission credit certificate and, issue a new certificate with a unique number to the certificate owner in the amount of remaining surplus credit.
(d) Trading. Emission credits are freely transferable in whole or in part, and may be traded or sold to a new owner any time before the expiration date of the emission credit in accordance with the following.
  (1) Before the transfer, the seller shall submit a completed application form specified by the executive director.
  (2) The executive director will issue a new certificate number to the purchaser reflecting the emission credits purchased, and a new certificate number to the seller reflecting any remaining emission credits available to the original owner. A trade is considered final only after the executive director grants approval of the transaction.
  (3) The trading of emission credits may be discontinued by the executive director in whole or in part and in any manner, with commission approval, as a remedy for problems resulting from trading in a localized area of concern.
(e) Emission credit voidance. Emission credits may be voided from the credit registry by the owner at any time prior to the expiration date of the credit and may be held by the owner. Reductions certified as emission credits may still be used by the original owner as an emission reduction for netting purposes after the emission credits have expired, as provided by Chapter 116, Subchapter B of this title (relating to New Source Review Permits).

Source Note: The provisions of this §101.309 adopted to be effective January 17, 2003, 28 TexReg 83; amended to be effective June 25, 2015, 40 TexReg 3848