; and (B) include a showing by the petitioner that there are data to support the petition. (3) Timelines (A) Petitions The Administrator shall grant or deny the petition under paragraph (1) by not later than 270 days after the date on which the Administrator receives the petition. (B) Regulations If the Administrator grants a petition under paragraph (1), the final regulations with respect to the petition shall be promulgated by not later than 1 year after the date on which the Administrator grants the petition. (4) Denial If the Administrator denies a petition under paragraph (1), the Administrator shall publish a description of the reason for the denial. (5) Insufficient information If the Administrator determines that the data included under paragraph (2)(B) in a petition are not sufficient to make a determination under this subsection, the Administrator shall use any authority available to the Administrator to acquire the necessary data. (d) Applicability The Administrator may not promulgate under subsection (a) a regulation for the production or consumption of regulated substances that is more stringent than the production or consumption levels required under section 6(b)(3) that takes effect before January 1, 2024. 8. Exchange authority (a) Transfers Not later than 270 days after the date of enactment of this Act, the Administrator shall promulgate a final regulation that governs the transfer of allowances for the production of regulated substances under section 6(c)(1) that uses— (1) the applicable exchange values described in the table contained in section 4(a); or (2) the exchange value described in the rule designating the substance as a regulated substance under section 4(c). (b) Requirements The final rule promulgated pursuant to subsection (a)(1) shall— (1) ensure that the transfers under this section will result in greater total reductions in the production of regulated substances in each year than would occur during the year in the absence of the transfers