Guide to Transferring Units Within NZ

April 2012

 

This guide is for Primary Representatives who wish to transfer units from a New Zealand Emission Unit Register (NZEUR) holding account to another holding account within the New Zealand Registry.

The NZEUR allows account holders to hold and transfer units within the NZEUR.  Transfers are undertaken by Primary Representatives who the account holder has authorised to operate the account on their behalf. Transactions are either undertaken by one Primary Representative alone, or where the Account Holder has chosen to assign roles to the account, transactions will be prepared by a preparer and then approved by an approver.  

Preconditions

• Access to a computer with internet access so as to navigate to www.eur.govt.nz.

• Access to your email account to retrieve the transaction authorisation code required to authorise the transfer.

• An approved holding account that holds New Zealand Units (NZUs) or Kyoto Units available for transfer (transferring account)  to another account within the NZEUR.

• The account holder name and the holding account number of the account to which the units will be transferred (acquiring account)

Key Points

When transferring units coming from numerous unit serial ranges in your account - only 75 different blocks of units may be selected in a single transfer transaction.

A Transaction Authorisation Code is required to be submitted when approving the transfer of units from an NZEUR holding account. The authorisation code is immediately emailed to primary representatives authorised to approve transfers when a transfer is prepared. If the transfer has not been approved and completed within 24 hours of the transfer being prepared, the transfer and authorisation code will be terminated and the transfer will need to be prepared again.

Common Questions and Answers 

Who can transfer units from a holding account? Only a Primary Representative on an account that contains units can transfer units from that account. The account holder can also transfer units if they elect to operate their own account. Where the account holder has elected to assign roles to Primary Representatives, a preparer can only prepare transactions, and transactions will then be completed when they are approved by an approver.

How long will it take for my transfer to take effect? Transfers within New Zealand will be registered immediately if there are no discrepancies in the proposed transaction.

Do I have to do my transfer online? Yes.

Will transferring units cost me anything? There is no transaction fee for transferring units.

What is a BLOCK of units? Each unit has a unique serial number. A block of units has a sequential set of serial numbers assigned to each unit in block.  A block of units can be made up of 1 unit or many units. Transfers involve selecting a unit, a block or several blocks of units to transfer. There is a limit of 75 different blocks of units that may be selected in a single transfer transaction.

What is the difference between transferring accounts and acquiring accounts? The transferring account is the holding account out of which units are being transferred. The acquiring account is the holding account into which the units are being transferred. Holding Accounts must be opened before they will be able to acquire units.

What is a Transaction Authorisation Code? A Transaction Authorisation Code is an additional layer of security to protect your user account from on-line fraud. You are required to submit a Transaction Authorisation Code when approving the transfer of units from your NZEUR holding account. This applies to all transfers to domestic and international accounts, but excludes surrenders to Crown accounts. When a transfer is prepared, a unique authorisation code is immediately emailed to primary representatives authorised to approve unit transfers. Primary representatives (approvers) will need to access their email account to retrieve the authorisation code from the email received titled NZEUR – Transaction Authorisation Required. Approvers are required to enter the authorisation code in addition to their password when authorising a transaction. If the transfer has not been approved and completed within 24 hours of the transfer being prepared, the transfer and authorisation code will be terminated and the transfer will need to be prepared again.

What happens if I make a mistake? It is very important that you do not make a mistake when completing the transfer of units between accounts.  Once the transaction has been completed and registered in the NZEUR it cannot be cancelled or changed.  Should units be mistakenly transferred by you to the wrong account the account holder will have to liaise directly with the acquiring account holder to resolve the transfer error and have the units transferred back to the transferring account. 
Can I transfer both NZUs and AAUs in the same transaction? Yes, you can transfer both types of units within the same transaction if transferring to another New Zealand account.

Can I print off a confirmation receipt of my transfer? Yes, the best way is to use the ‘Print as PDF’ or ‘Print as HTML’ options offered at the top of the relevant page. Also, each of the Primary Representatives on the account will be sent email confirmation that the transaction has been registered and completed in the NZEUR.

Can I transfer NZUs into an overseas account? No, NZUs are not recognised by the overseas registries – it is New Zealand’s domestic unit of trade.  You would have to undertake a conversion transaction, which converts the NZUs into Assigned Unit Amounts (AAUs).  The equivalent number of AAUs (type of Kyoto Unit) would then be transferred to the overseas account.

This guide is based on the law at the date of issuance. The information in this guide does not alter the laws of New Zealand or other official guidelines or requirements. Readers of this guide should take specific advice from qualified professional people before undertaking any action following information received from this guide.