[Code of Federal Regulations]
[Title 40, Volume 18]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 40CFR94.303]

[Page 630-631]
 
                   TITLE 40--PROTECTION OF ENVIRONMENT
 
         CHAPTER I--ENVIRONMENTAL PROTECTION AGENCY (CONTINUED)
 
PART 94--CONTROL OF EMISSIONS FROM MARINE COMPRESSION-IGNITION ENGINES--
Table of Contents
 
   Subpart D Certification Averaging, Banking, and Trading Provisions
 
Sec. 94.303  General provisions.

    (a) Participation in the averaging, banking, and trading program is 
voluntary. A manufacturer may choose to involve some or all of its 
engine families in any or all aspects of the program.
    (b) An engine family is eligible to participate in the certification 
averaging, banking, and trading program for THC+NOX and PM 
emissions only if it is subject to regulation under this part with 
certain exceptions specified

[[Page 631]]

in paragraph (c) of this section. No averaging, banking, and trading 
program is available for meeting the CO standards of this part.
    (c) Engines may not participate in the certification averaging, 
banking, and trading program if they are exported. Only engines 
certified under this part are eligible for generation or use of credits 
in this certification averaging, banking, and trading program. Engines 
certified to the Blue Sky provisions of Sec. 94.8(f) are not eligible 
for inclusion in this certification averaging, banking, and trading 
program.
    (d) Averaging involves the generation of credits by a manufacturer 
for use by that same manufacturer in the same calendar year. A 
manufacturer may use averaging during certification to offset an 
emission exceedance of an engine family caused by an FEL above the 
applicable emission standard, subject to the provisions of this subpart.
    (e) Banking involves the generation of credits by a manufacturer in 
a given calendar year for use in a subsequent model year. A manufacturer 
may bank actual credits only after the end of the calendar year and 
after EPA has reviewed the manufacturer's end-of-year reports. During 
the calendar year and before submittal of the end-of-year report, 
credits originally designated in the certification process for banking 
will be considered reserved and may be redesignated for trading or 
averaging in the end-of-year report. Credits declared for banking from 
the previous calendar year that have not been reviewed by EPA may be 
used in averaging or trading transactions. However, such credits may be 
revoked at a later time following EPA review of the end-of-year report 
or any subsequent audit actions.
    (f) Trading involves the sale of banked credits for use in 
certification of new engines under this part. Only banked credits may be 
traded; reserved credits may not be traded.