30% 30% 2034 through 2035 20% 20% 2036 and subsequent years 15% 15% (B) The Administrator shall, by regulation, allocate such production allowances and consumption allowances up to the quantities of such allowances established pursuant to this paragraph for the succeeding calendar year. The Administrator may, at the Administrator’s discretion, so allocate allowances through a single rulemaking for multiple succeeding calendar years. (3) Prohibition Effective January 1 of the calendar year immediately following the issuance of a final regulation pursuant to the second sentence of paragraph (1), it shall be unlawful for a person to do any of the following: (A) Production of a regulated substance without holding a production allowance that authorizes such production. (B) Consumption of a regulated substance without holding a consumption allowance that authorizes such consumption. (C) Holding, using, or transferring any production allowance or consumption allowance allocated under this section, except in accordance with regulations promulgated by the Administrator pursuant to paragraphs (1) and (2). (4) Nature of allowances An allowance does not constitute a property right. Nothing in this Act or in any other provision of law shall be construed to limit the authority of the United States to terminate or limit the authorization for the production or consumption of a regulated substance, as applicable, granted by the allowance. (5) Compliance For each year listed in table 4, the Administrator shall ensure that the annual quantity of production or consumption in the United States of all regulated substances does not exceed the product obtained by multiplying the production baseline or consumption baseline, as applicable, and the applicable percentage listed in Table 4. (c) Transfers The regulations required by subsection (b)(1) shall— (1) utilize the exchange values for each regulated substance by or pursuant to section 3