Nev. Admin. Code § 445B.388 - Reciprocity

1. The Director may grant reciprocity for banking, transferring or redeeming an emission reduction credit that is issued by an entity other than the Director if the requirements used by the entity for issuing an emission reduction credit are equivalent to or more stringent than the applicable requirements of section 16 of this regulation.

2. For an emission reduction credit to be granted reciprocity pursuant to this section, the entity issuing the emission reduction credit must submit a reciprocity request on behalf of the owner of the emission reduction credit to the Director accompanied by the administrative and determination review fees for a reciprocity request required by NAC 445B.327 and all documentation associated with the original emission reduction credit issued by the entity, including, but not limited to:

(a) The transfer request of the owner of the emission reduction credit, including the transferee's information;

(b) The complete application that originated the emission reduction credit;

(c) The technical support materials used by the entity for issuing the emission reduction credit;

(d) The final emission reduction credit determination;

(e) Any public notice relating to the issuance of the emission reduction credit;

(f) Any public comment relating to the issuance of the emission reduction credit;

(g) Any appeal documents relating to the issuance of the emission reduction credit;

(h) The operating permit as it was before the issuance of the emission reduction credit; and

(i) The operating permit, as revised, which resulted in the generation of the emission reduction credit or evidence of the termination of the operating permit.

3. The Director will review the reciprocity request and make a determination whether to approve or deny the transfer. In making the determination, the Director will evaluate the entity's criteria against the criteria for issuing an emission reduction credit in section 16 of this regulation. If the reciprocity request is approved, the transfer becomes effective on the date on which the Director records the transfer in the registry and notifies both parties of the transfer. The notification shall contain an emission reduction credit summary report signed by the Director.

4. On behalf of the owner of the emission reduction credit, the Director may request reciprocity from an entity which maintains a registry to transfer an emission reduction credit that is recorded in the registry to a registry maintained by the entity. The reciprocity request must be submitted to the Director accompanied by the administrative reciprocity request fee required by NAC 445B.327.

5. An emission reduction credit that has been granted reciprocity to be transferred from the registry to a registry maintained by another entity shall be placed in a holding account in the registry for up to 1 year pending evidence provided by the transferee to the Director of a federally enforceable permit issued by the entity. When such evidence is received, the emission reduction credit will be transferred to the registry maintained by the entity for recording in the account of the transferee. If such evidence has not been provided within 1 year after reciprocity is granted, the emission reduction credit will be returned to the account of the owner in the registry. The Director may grant an extension of the time to provide evidence pursuant to this subsection upon a showing that the extension is justified.

6. An emission reduction credit transferred pursuant to this section will be recorded in tons per year for each air pollutant specified in subsection 2 of section 13.

Notes

Nev. Admin. Code § 445B.388

Added to NAC by Environmental Comm'n by R054-15, eff. 10/27/2015

NRS 445B.210, 445B.300