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Carbon Credits Trading Act No. 36 of 2022.

Country/Territory
Bahamas
Document type
Legislation
Date
2022
Source
FAO, FAOLEX
Original source
Supplement Part I of the Official Gazette No. 32, 11 August 2022.
Long title
An Act to regulate the trading of carbon credits in or from the Bahamas.
Subject
Environment gen.
Keyword
Air quality/air pollution Business/industry/corporations Certification Climate change Credit Data collection/reporting Emissions trading Offences/penalties Pollution control Emissions
Geographical area
Americas, Caribbean, Latin America and the Caribbean, North Atlantic, Small Island Developing States
Entry into force notes
This Act enters into force on the day appointed by Minister by Order published in the Official Gazette.
Abstract

This Act establishes a regulatory framework for the trading of carbon credits in or from the Bahamas. This Act shall apply to any person who participates in the promotion, marketing, arranging, purchase or sale of carbon trading products; and to any legal entity carrying on a carbon trading business irrespective of the physical location from which the activity is carried out. This Act lays down provisions for (I) the creation of a regulatory framework for the conduct of carbon credit business, including carbon trading exchanges, carbon credit verification bodies and carbon trading registries, (II) defining the requirements for the Commission's approval of the listing of carbon trading products on carbon trading exchanges, (III) defining the registration requirements for persons wishing to engage in carbon trading activities or operate, (IV) defining mandatory requirements for registrants to maintain adequate financial resources and solvency, (V) defining requirements for registrants to implement and maintain registration and data protection measures, (VI) defining requirements for registrants to comply with anti-money laundering and countering the financing of terrorism prevention measures and standards, and (VII) establishing offenses, penalties, and sanctions for non-compliance with the Act.

Full text
English
Website
www.scb.gov.bs