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U.S. Code as of:
01/19/04
Section 7671f. Exchange authority
(a) Transfers
The Administrator shall, within 10 months after November 15,
1990, promulgate rules under this subchapter providing for the
issuance of allowances for the production of class I and II
substances in accordance with the requirements of this subchapter
and governing the transfer of such allowances. Such rules shall
insure that the transactions under the authority of this section
will result in greater total reductions in the production in each
year of class I and class II substances than would occur in that
year in the absence of such transactions.
(b) Interpollutant transfers
(1) The rules under this section shall permit a production
allowance for a substance for any year to be transferred for a
production allowance for another substance for the same year on an
ozone depletion weighted basis.
(2) Allowances for substances in each group of class I substances
(as listed pursuant to section 7671a of this title) may only be
transferred for allowances for other substances in the same Group.
(3) The Administrator shall, as appropriate, establish groups of
class II substances for trading purposes and assign class II
substances to such groups. In the case of class II substances,
allowances may only be transferred for allowances for other class
II substances that are in the same Group.
(c) Trades with other persons
The rules under this section shall permit 2 or more persons to
transfer production allowances (including interpollutant transfers
which meet the requirements of subsections (a) and (b) of this
section) if the transferor of such allowances will be subject,
under such rules, to an enforceable and quantifiable reduction in
annual production which -
(1) exceeds the reduction otherwise applicable to the
transferor under this subchapter,
(2) exceeds the production allowances transferred to the
transferee, and
(3) would not have occurred in the absence of such transaction.
(d) Consumption
The rules under this section shall also provide for the issuance
of consumption allowances in accordance with the requirements of
this subchapter and for the trading of such allowances in the same
manner as is applicable under this section to the trading of
production allowances under this section.
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