AB 985 Summary

• Requires the State Air Resources Board to allow participating entities in market-based compliance mechanisms to freely sell or transfer greenhouse gas emissions allowances held in holding or compliance accounts, except for allowances retired to meet compliance obligations.

• Limits disclosure requirements for participating entities to only corporate associations with other entities registered in the market-based compliance mechanism, excluding disclosure of unregistered corporate associates.

• Prohibits participating entities from disclosing legal services or the names of persons providing legal services obtained by the entity.

• Requires the State Air Resources Board to adopt conforming regulations by June 30, 2015, with exemptions from the Administrative Procedure Act and California Environmental Quality Act.

• Declares the act an urgency statute to take effect immediately to address 2014 compliance deadlines under the California Global Warming Solutions Act of 2006.