(a) Within five business days of receiving a CO₂ allowance transfer, except as provided in subdivision (b) of this section, the department or its agent will record a CO₂ allowance transfer by moving each CO₂ allowance from the transferor account to the transferee account as specified by the request, provided that:

(b) A CO₂ allowance transfer into or out of a compliance account that is submitted for recordation following the CO₂ allowance transfer deadline and that includes any CO₂ allowances that are of allocation years that fall within a control period or interim control period prior to or the same as the control period or interim control period to which the CO₂ allowance transfer deadline applies will not be recorded until after completion of the process pursuant to section 242-6.5 of this Part.

(c) Where a CO₂ allowance transfer submitted for recordation fails to meet the requirements of subdivision (a) of this section, the department or its agent will not record such transfer.