The Secretary of State may make a certificate purchase order.
A certificate purchase order is an order which imposes the certificate purchase obligation on—
the purchasing body of GB certificates;
the purchasing body of NI certificates.
The certificate purchase obligation is that—
the purchasing body of GB certificates must pay the redemption value of a GB certificate to the person presenting it;
the purchasing body of NI certificates must pay the redemption value of a NI certificate to the person presenting it.
The purchasing body of GB certificates is—
the Authority, or
such other eligible person as may be designated by the order as the purchasing body of GB certificates.
The purchasing body of NI certificates is—
the Northern Ireland authority, or
such other eligible person as may be designated by the order as the purchasing body of NI certificates.
A person is an "eligible person" for the purposes of designation under subsection (4)(b) if the person is—
a CFD counterparty at the time when the designation is made, or
the Secretary of State.
A person is an "eligible person" for the purposes of designation under subsection (5)(b) if the person is a CFD counterparty at the time when the designation is made.
Subsection (3) is subject to sections 32O to 32Z2.