(a) RINs assigned to volumes of renewable fuel -
(1) Assigned RIN, for the purposes of this subpart, means a RIN assigned to a volume of renewable fuel pursuant to § 80.1426(e) with a K code of 1.
(3) An assigned RIN cannot be transferred to another person without simultaneously transferring a volume of renewable fuel to that same person.
(4) No more than 2.5 assigned gallon-RINs with a K code of 1 can be transferred to another person with every gallon of renewable fuel transferred to that same person.
(i) On each of the dates listed in paragraph (a)(5)(ii) of this section in any calendar year, the following equation must be satisfied for assigned RINs and volumes of renewable fuel owned by a person:
Σ(RIN)D ≤Σ(Vsi * 2.5)D
D = Applicable date.
Σ(RIN)D = Sum of all assigned gallon-RINs with a K code of 1 that are owned on date D.
(Vsi)D = Volume i of renewable fuel owned on date D, standardized to 60 °F, in gallons.
(ii) The applicable dates are March 31, June 30, September 30, and December 31.
(6) Any transfer of ownership of assigned RINs must be documented on product transfer documents generated pursuant to § 80.1453.
(i) The RIN must be recorded on the product transfer document used to transfer ownership of the volume of renewable fuel to another person; or
(ii) The RIN must be recorded on a separate product transfer document transferred to the same person on the same day as the product transfer document used to transfer ownership of the volume of renewable fuel.
(b) RINs separated from volumes of renewable fuel -
(1) Separated RIN, for the purposes of this subpart, means a RIN with a K code of 2 that has been separated from a volume of renewable fuel pursuant to § 80.1429.
(2) Any person that has registered pursuant to § 80.1450 can own a separated RIN.
(3) Separated RINs can be transferred any number of times.
(c) RIN expiration. Except as provided in § 80.1427(a)(7), a RIN is valid for compliance during the calendar year in which it was generated, or the following calendar year. Any RIN that is not used for compliance purposes for the calendar year in which it was generated, or for the following calendar year, will be considered an expired RIN. Pursuant to § 80.1431(a), an expired RIN will be considered an invalid RIN and cannot be used for compliance purposes.
(d) Any batch-RIN can be divided into multiple batch-RINs, each representing a smaller number of gallon-RINs, if all of the following conditions are met:
(1) All RIN components other than SSSSSSSS and EEEEEEEE are identical for the original parent and newly formed daughter RINs.
(2) The sum of the gallon-RINs associated with the multiple daughter batch-RINs is equal to the gallon-RINs associated with the parent batch-RIN.