within 30 business days after the entity’s designation comes into force; or

if the ACCC determines a longer period for the report under section 22—within the period determined.

the entity is required to give a report under subsection (1); and

the entity fails to give the report within the period required by subsection (2).

for a body corporate—300 penalty units; and

for an individual—60 penalty units.

within 30 business days after the end of the financial year; or

if the ACCC determines a longer period for the report under section 22—within the period determined.

the entity is required to give a report under subsection (1); and

the entity fails to give the report within the period required by subsection (2).

for a body corporate—300 penalty units; and

for an individual—60 penalty units.

the names of the parties to the agreement;

details of the cash distribution services or facilities access to which the agreement relates;

the postcodes of any customer locations to which the cash distribution services or facilities access under the agreement relates;

the date the agreement was entered into;

the period of the agreement;

such information (if any) about the agreement as is determined under subsection (2) of this section.

if the agreement was varied at any time in the financial year to which the report relates—information setting out how any of the information mentioned in subsection (1) of this section has changed during that financial year;

if the agreement ceased to be in force at any time in the financial year—the date of that occurrence.

the entity’s report under section 19 is to be given within a longer period specified in the determination; or

the entity’s report under section 20 for one or more specified financial years is to be given within a longer period specified in the determination.

on its own initiative; or

on written application by the entity.

a service agreement or access agreement to which the entity is party;

an agreement varying a service agreement or access agreement to which the entity is party.

the entity is required to give a copy of a document in accordance with a notice under subsection (1); and

the entity fails to comply with the requirement.

for a body corporate—300 penalty units; and

for an individual—60 penalty units.

the entity is required to retain a document in accordance with this section; and

the entity fails to comply with the requirement.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

the entity enters into a service agreement or access agreement for which it is the provider; and

the agreement is not in writing.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

the entity enters into an agreement to vary a service agreement or access agreement for which it is the provider; and

the agreement to vary is not in writing.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

the entity participates in negotiations regarding:

a proposed service agreement or access agreement with the other person for which the entity would be the provider; or

a proposed variation of a service agreement or access agreement with another person for which the entity is the provider; and

the entity has approved standard terms covering the cash distribution services or facilities access to which the proposed agreement, or proposed variation, relates; and

the entity fails to give the other person a written copy of the approved standard terms within a reasonable time after starting to participate in the negotiations; and

the approval or determination under Division 4 in relation to the approved standard terms is not revoked before the time the entity is required to give the copy under paragraph (c).

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

Continuing contraventions

the entity participates in negotiations regarding:

a proposed service agreement or access agreement with the other person; or

a proposed variation of a service agreement or access agreement with the other person; and

at the time the entity starts to participate in the negotiations, the entity has approved standard terms covering the cash distribution services or facilities access to which the proposed agreement, or proposed variation, relates; and

any of the following applies in relation to the period during which the negotiations are undertaken:

as at the start of, or at any time in, that period, the entity is required by the ACCC to make an application to vary those approved standard terms (see section 36);

as at the start of, or at any time in, that period the entity has a pending approval application for variation of those approved standard terms (see section 37);

at any time in that period, the ACCC approves a variation of those approved standard terms (see section 42);

at any time in that period, the ACCC determines a variation of those approved standard terms (see section 43);

at any time in that period, the approval or determination of those approved standard terms is revoked by the ACCC (see section 46); and

the entity fails to give the other person written notice of the following within a reasonable time after the occurrence to which paragraph (c) applies:

the occurrence;

if the occurrence relates to a proposed variation or approval of a variation—the particulars of the variation.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

Continuing contraventions

another person proposes to enter into a service agreement or access agreement with the entity; and

the entity would be the provider for the proposed agreement; and

the entity has approved standard terms that cover the cash distribution services or facilities access to which the proposed agreement relates; and

the entity does not reasonably attempt to enter into the agreement on either:

the approved standard terms; or

other terms specifically negotiated with the other person; and

a determination under subsection 54(1) (about arbitration determinations) does not apply in relation to the proposed agreement.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

another person proposes to vary a service agreement or access agreement the person has entered into with the entity; and

the entity is the provider for the service agreement or access agreement; and

the entity has approved standard terms that cover the cash distribution services or facilities access to which the proposed variation relates; and

the entity does not reasonably attempt to enter into an agreement to vary the service agreement or access agreement on either:

terms consistent with the approved standard terms; or

other terms specifically negotiated with the other person; and

a determination under subsection 54(1) (about arbitration determinations) does not apply in relation to the proposed variation.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

the entity:

provides cash distribution services and would be the provider of those services for a proposed service agreement; or

owns, operates or controls a relevant facility and would be the provider of facilities access to that facility for a proposed access agreement; and

the entity does not have approved standard terms that cover the cash distribution services or facilities access to which the proposed agreement relates; and

the entity fails to give another person who is proposed to be party to the agreement a reasonable opportunity to negotiate the terms of the agreement.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

the entity is the provider for a service agreement or access agreement; and

there is a proposed agreement to vary the service agreement or access agreement; and

the entity does not have approved standard terms that cover the cash distribution services or facilities access to which the proposed agreement relates; and

the entity fails to give another person who is party to the service agreement or access agreement a reasonable opportunity to negotiate the terms of the agreement to vary.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

the entity participates in negotiations with another person about a proposed service agreement or access agreement; and

the entity would be the provider for the agreement; and

either:

the entity fails to deal in good faith with the other person in relation to the negotiations; or

the entity fails to advise the other person in writing about the existence of the arbitration process in Division 2 of Part 4 in the course of the negotiations.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

the entity participates in negotiations with another person about a proposed agreement to vary a service agreement or access agreement; and

the entity is the provider for the agreement; and

either:

the entity fails to deal in good faith with the other person in relation to the negotiations; or

the entity fails to advise the other person in writing about the existence of the arbitration process in Division 2 of Part 4 in the course of the negotiations.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

the extent to which the entity has acted honestly;

the extent to which the entity has not acted arbitrarily, capriciously, unreasonably, recklessly or with ulterior motives;

the extent to which the entity has acted in a way that constitutes retribution against the other person for past disputes with the other person (including disputes in mediation or arbitration);

the nature of the entity’s relationship with the other person (including the extent to which the entity has conducted the relationship without duress);

the extent to which the entity’s relationship with the other person has been conducted in recognition of the need for certainty regarding the risks and costs of providing and purchasing cash distribution services or facilities access;

the extent to which the entity has undermined, or denied the other person, a benefit of any agreement;

whether the entity has complied with any applicable confidentiality requirements relating to information disclosed or obtained in dealing with or resolving a complaint or dispute with the other person;

whether the entity has ensured that any terms of an agreement that it proposes in the negotiations, or that would result from the negotiations, are fair, reasonable, transparent and non-discriminatory;

any other relevant matter.

the entity provides, or offers to provide, cash distribution services or facilities access; and

the entity does not have approved standard terms covering the cash distribution services or facilities access; and

the entity:

does not have a pending approval application for such standard terms; and

does not have such standard terms for which an approval is yet to take effect (see paragraph 42(2)(c)); and

if the ACCC notified the entity under paragraph 43(5)(a) that the ACCC is proposing to make a determination of standard terms that would cover the cash distribution services or facilities access:

the ACCC has notified the entity under paragraph 43(6)(b) that the ACCC does not intend to proceed with making the determination; or

the period within which the determination may be made under subsection 43(8) has expired; and

the cash distribution services or facilities access is not of a kind specified under subsection (2) of this section.

a kind of cash distribution services; or

a kind of facilities access.

Timing for application

the entity is required to apply to the ACCC under subsection (1); and

the entity fails to do so within the period required by subsection (3) (as affected by any extension under subsection (4)).

for a body corporate—300 penalty units; and

for an individual—60 penalty units.

the entity is required to make an application in accordance with a notice under subsection (1); and

the entity fails to do so within the period required by subsection (3) (as affected by any extension under subsection (4)).

for a body corporate—300 penalty units; and

for an individual—60 penalty units.

proposed standard terms covering the provision of a kind of cash distribution services or facilities access to all customers or to one or more particular kinds of customers; or

a proposed variation of approved standard terms that the entity has in relation to the provision of a kind of cash distribution services or facilities access to all customers or to one or more particular kinds of customers.

be made in writing; and

set out the kind of cash distribution services or facilities access, and the kinds of customers (if applicable), to which the application relates; and

contain any other information, and be accompanied by any documents, specified in an instrument under subsection (3).

fees and adjustments to fees, including the pricing model used, for cash distribution services or facilities access provided under the agreement;

invoicing for the cash distribution services or facilities access, including payment terms, late fees and interest payable;

termination of the agreement;

warranties for the cash distribution services or facilities access;

dealing with and resolving complaints by a party to the agreement about matters arising under or in connection with the agreement;

alternative dispute resolution processes (such as conferencing, mediation or arbitration) as a way of resolving disputes between the parties to the agreement about matters arising under or in connection with the agreement;

the way cash distribution services or facilities access is to be arranged under the agreement (as applicable);

for standard terms covering facilities access—any applicable pre-conditions for that access (such as safety, security or insurance requirements);

any other matter specified in an instrument under subsection (5).

set out the proposed variation of the standard terms; and

to the extent that the existing standard terms do not deal with any matter specified in an instrument under subsection (5)—include proposed standard terms dealing with that matter.

the entity is required to give information in accordance with a notice under subsection (1); and

the entity fails to comply with the requirement.

for a body corporate—300 penalty units; and

for an individual—60 penalty units.

within a reasonable time after the request is made, decide whether or not to give the permission; and

give the entity notice of the decision as soon as practicable after it is made; and

if the ACCC decides to give the permission—specify in the notice a reasonable period within which the amendment may be made.

the period specified in the notice of the permission; or

if the ACCC allows a longer period for making the amendment—that period.

ACCC may require amendment of application

at any time after the application is made (but before a decision is made on the application):

a new matter is specified for the purposes of paragraph 37(4)(i); or

there is a change in a matter specified for the purposes of that paragraph; and

the ACCC considers such an amendment is necessary or desirable to deal with that new matter or change in matter.

the entity is required to amend an application under subsection (4); and

the entity fails to comply with the requirement.

for a body corporate—300 penalty units; and

for an individual—60 penalty units.

the ACCC has not made a decision on the application; and

the designated entity neither provides, nor proposes to provide, any cash distribution services or facilities access that would be covered by the standard terms to which the application relates.

the object of this Act;

the legitimate business interests of the designated entity;

the public interest;

the interests of customers who would potentially be provided relevant cash distribution services or facilities access by the entity;

the principle that the pricing of relevant cash distribution services or facilities access should:

be set so as to generate expected revenue that is at least sufficient to meet the efficient costs of providing the cash distribution services or facilities access; and

include a return on investment commensurate with the regulatory and commercial risks involved; and

for facilities access—not discriminate in favour of the entity’s own downstream operations (in the case of a vertically integrated designated entity), or operations of a related body corporate, except to the extent that the cost of providing facilities access to other persons is higher; and

use methods that provide incentives to reduce costs incurred by or otherwise improve productivity of the entity;

any relevant service-level standard;

any relevant cash-related contractual chain order;

any requirements determined under subsection 60(1) (which deals with dispute resolution requirements);

any submissions or consultation referred to in subsection (3) of this section in relation to the application;

any information given under section 38 in relation to the application;

any other matters the ACCC considers relevant.

inviting submissions from the public or particular persons on the application; or

undertaking such other consultation on the application as the ACCC considers appropriate, whether publicly or with particular persons.

130 business days after the day the application is made; or

if the application is for an approval of a proposed variation of approved standard terms—90 business days after the day the application is made.

any period during which the ACCC is waiting for the entity to amend the application under section 39 after granting permission for or giving notice requiring the making of the amendment;

any period during which the ACCC is waiting to receive information from the entity in accordance with a notice under section 38 in relation to the application;

any period during which the ACCC is conducting consultation under subsection (3) of this section.

the notice must set out the standard terms approved or variation approved; and

for an approval of standard terms—the notice must:

state the kind of cash distribution services or facilities access in relation to which the standard terms are approved; and

state that the approval applies in relation to all customers or to a specified kind of customers; and

in any case—the approval takes effect:

on the day after notice of the decision to approve the standard terms or the variation is given to the entity; or

on a later day specified in the notice (which must not be more than 10 business days after the notice is given).

Decision not to approve

the entity has failed to comply with a requirement under section 35 to make an application for approval of standard terms covering the cash distribution services or facilities access; or

the entity has failed to comply with a requirement under section 38 to give the ACCC information in relation to an application for approval of standard terms covering the cash distribution services or facilities access; or

the ACCC has decided (or is taken to have decided) under Subdivision C not to approve standard terms covering the cash distribution services or facilities access.

the ACCC is satisfied that:

the entity has failed to comply with a requirement under section 36 to make an application for approval of a variation of standard terms covering the cash distribution services or facilities access; or

the entity has failed to comply with a requirement under section 38 to give the ACCC information in relation to an application for approval of a variation of approved standard terms covering the cash distribution services or facilities access; or

the ACCC has decided (or is taken to have decided) under Subdivision C not to approve a variation of approved standard terms covering the cash distribution services or facilities access for the entity; and

the variation is in relation to the same matter with which the requirement to vary, or application for approval of a variation, was concerned.

the matters mentioned in paragraphs 41(2)(a) to (g);

any submissions or consultation referred to in subsection (7) of this section in relation to the application;

any information given under section 45 in relation to the determination;

any other matters the ACCC considers relevant.

Notification of proposal before making decision to determine standard terms

notify the entity, in writing, of the matters in relation to which the ACCC is proposing to make a determination; and

invite the entity to make submissions to the ACCC within 10 business days after the notice is given regarding the proposal to make the determination.

consider any submissions made under paragraph (5)(b); and

notify the entity, in writing, of whether the ACCC intends to proceed with making a determination under subsection (1).

Consultation on determination

may conduct consultation by:

inviting submissions from the public or particular persons on the proposed determination; or

undertaking such other consultation on the proposed determination as the ACCC considers appropriate, whether publicly or with particular persons; and

without limiting paragraph (a)—must, by written notice given to the entity, invite submissions from the entity within the period specified in the notice on standard terms that the ACCC proposes to determine.

any period during which the ACCC is waiting to receive information from the entity in accordance with a notice under section 45 in relation to the proposed determination;

any period during which the ACCC is conducting consultation under paragraph (7)(b) of this section.

on the day after the notice of the determination is given to the entity; or

on a later day specified in the determination (which must not be more than 10 business days after the notice of the determination is given).

the entity is required to give information in accordance with a notice under subsection (1); and

the entity fails to comply with the requirement.

for a body corporate—300 penalty units; and

for an individual—60 penalty units.

Subdivision E—Revocation and related matters

the public interest; and

any relevant service-level standard; and

any relevant cash-related contractual chain order; and

any submissions made by the entity in response to a notice under subsection (4) relating to the decision; and

any other matters the ACCC considers relevant.

specify the day on which the revocation takes effect; and

include a statement regarding the effect of section 35 (designated entity must apply for approval of standard terms).

give the entity a written notice of the proposed decision that contains a statement of the reasons for the proposed decision; and

invite the entity to make submissions regarding the proposed decision within 10 business days after the notice is given.

the name of the entity;

for any approved standard terms that the entity has:

a statement identifying the cash distribution services or facilities access covered by those terms; and

the content of those terms (as affected by any variation approved under this Division); and

the date the approval or determination of those terms (and the approval or determination of any variation of those terms) came into force;

for any revocation of an approval or determination that has been made under this Division:

a statement identifying the cash distribution services or facilities access that were covered by the approval or determination; and

the date the revocation came into force.

a designated entity and a person who is proposed to be party to a service agreement or access agreement with the entity under which the entity would be the provider are unable to agree on one or more terms of the service agreement or access agreement; or

all of the following apply:

a designated entity and another person are parties to a service agreement or access agreement;

the entity is the provider for the agreement;

either or both of the parties are seeking to vary the agreement;

the parties are unable to agree on one or more terms of the variation.

the names of the parties to the dispute;

the nature of the dispute;

what terms of a proposed service agreement or access agreement, or proposed variation of such an agreement, have not been agreed;

what action has been taken to attempt to resolve the dispute;

what outcome to the dispute the party is seeking;

whether the request is made by the party with the agreement of the other party;

if the appointment of a particular arbitrator is requested (see subsection (2))—the name and contact details of the arbitrator;

any other information the party considers is relevant to the request.

Notification of other party

both:

the dispute relates to the provision of cash distribution services or facilities access by a designated entity; and

the entity does not have approved standard terms covering the cash distribution services or facilities access; or

the ACCC is satisfied that the dispute could have a material effect on the availability of cash in Australia.

is frivolous or vexatious; or

concerns a dispute that has previously been the subject of another arbitration.

details of the arbitrator appointed; or

if the ACCC decides not to appoint an arbitrator—notice of that decision.

how the arbitration is to be conducted (for example, by telephone or in meetings, including by means of virtual attendance technology); and

the time and place for the arbitration; and

the day the arbitration commences.

the person is a party to a dispute for which an arbitration is conducted under this Division; and

the person fails to attend the arbitration.

determine, in writing:

the terms that are the subject of the dispute; and

the period during which those terms are required to be used in relation to the parties to the dispute; and

give a copy of the determination to each party to the dispute; and

give a copy of the determination to the ACCC.

the object of this Act;

the legitimate business interests of the designated entity;

the public interest;

the principle that the pricing of relevant services or access should:

be set so as to generate expected revenue that is at least sufficient to meet the efficient costs of providing the cash distribution services or facilities access; and

include a return on investment commensurate with the regulatory and commercial risks involved; and

for facilities access—not discriminate in favour of the entity’s own downstream operations (in the case of a vertically integrated designated entity), or operations of a related body corporate, except to the extent that the cost of providing facilities access to other persons is higher; and

use methods that provide incentives to reduce costs incurred by or otherwise improve productivity of the entity;

any relevant service-level standard;

any relevant cash-related contractual chain order;

any requirements determined under subsection 60(1) (which deals with dispute resolution requirements);

any other matters the arbitrator considers relevant.

a determination under subsection 54(1) applies in relation to entering into a services agreement or access agreement with another person; and

the designated entity would be the provider under such an agreement; and

either:

the designated entity does not reasonably attempt to enter into such an agreement with the other person on the terms determined in the determination; or

the determination is not complied with in relation to the terms of the agreement.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

a determination under subsection 54(1) applies in relation to varying a services agreement or access agreement with another person; and

the designated entity is the provider for the services agreement or access agreement; and

either:

the designated entity does not reasonably attempt to enter into an agreement to vary the services agreement or access agreement on the terms determined in the determination; or

the determination is not complied with in relation to the terms of the variation.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

all the parties to the dispute jointly request the arbitrator to do so; or

the arbitrator considers that, having regard to matters of which the arbitrator has become aware during the conduct of the arbitration:

the request for appointment of an arbitrator was vexatious; or

the subject matter of the dispute is trivial, misconceived or lacking in substance; or

the party who requested the appointment of an arbitrator has not engaged in negotiations in good faith.

the names of the parties to the dispute; and

the nature of the dispute that was the subject of the arbitration; and

that the arbitration has been terminated; and

that the dispute has not been resolved; and

the reason for terminating the arbitration.

the ACCC; and

each party to the dispute.

the parties to the dispute agree otherwise; or

the arbitrator makes a determination under subsection (3) regarding the costs.

the parties agree otherwise; or

the arbitrator makes a determination under subsection (3) regarding the costs.

that the reasonable costs associated with the conduct of the arbitration are to be apportioned in a specified way;

that a party to the dispute is to pay the whole of the costs, or specified costs, of the other party to the dispute attending the arbitration.

which party to the dispute requested the ACCC to appoint an arbitrator (or whether the appointment was requested on the agreement of the parties); and

the outcome of the arbitration.

a request under section 51 for the appointment of an arbitrator; or

the content of a determination under section 54; or

the content of submissions made by parties in the course of the arbitration.

one or more specified designated entities; or

a specified class of designated entities; or

all designated entities.

internal complaints handling processes of the designated entities for complaints regarding the provision or proposed provision of cash distribution services or facilities access by the designated entities; or

alternative dispute resolution procedures for disputes regarding the provision or proposed provision of cash distribution services or facilities access by the designated entities.

a requirement determined under subsection (1) applies to the entity; and

the entity fails to comply with the requirement.

for a body corporate—5,000 penalty units; and

for an individual—1,000 penalty units.

internal complaints handling processes;

alternative dispute resolution.

the entity is required to give documents in accordance with a notice under subsection (1); and

the entity fails to comply with the requirement within the period required by subsection (2).

for a body corporate—300 penalty units; and

for an individual—60 penalty units.

one or more specified designated entities; or

a specified class of designated entities; or

all designated entities.

the availability, frequency, speed, timeliness or location of cash distribution services or facilities access;

pricing relating to cash distribution services or facilities access;

the availability or accessibility of relevant facilities involved in the provision of cash distribution services;

service agreements or access agreements;

reporting of information to the ACCC in relation to cash distribution services or facilities access.

different, or different classes of, designated entities; or

different, or different classes of, cash distribution services or facilities access; or

different classes of service agreements or access agreements; or

different locations; or

different circumstances.

the object of this Act; and

the public interest; and

any relevant cash-related contractual chain order.

the standard applies to the entity; and

the ACCC reasonably believes the entity has failed to comply, is failing to comply, or will fail to comply with the standard.

within the time specified in the direction, which must be a reasonable time; or

if the direction does not specify a reasonable time—within a reasonable time.

a service-level standard applies to the entity; and

the entity fails to comply with the standard.

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

an exemption is in force under section 68 in relation to the entity; and

either:

the exemption covers the entity’s compliance with the standard generally; or

the failure to comply with the standard arose in relation to a requirement covered by the exemption.

Failure to comply with direction given by ACCC

the entity is given a direction under section 66; and

the entity fails to comply with the direction.

for a body corporate—300 penalty units.

for an individual—60 penalty units.

an exemption is in force under section 68 in relation to the entity; and

either:

the exemption covers the entity’s compliance with the standard generally; or

the failure to comply with the direction arose in relation to a requirement of a service-level standard covered by the exemption.

on written application by the entity; or

on the ACCC’s own initiative.

the service-level standards generally; or

one or more specified requirements of the service-level standards.

different cash distribution services; or

different classes of service agreements or access agreements; or

different locations; or

different circumstances.

must be made in writing; and

must specify a period of 12 months or less for which the exemption is in force; and

may be subject to conditions specified in the exemption.

the body corporate is a designated entity; and

the body corporate fails to give a written notice to the Reserve Bank, or to do so in the approved form (if any), immediately after becoming aware that:

the body corporate has failed to comply with one or more cash distribution standards, or is likely to fail to comply with such standards; or

the body corporate has failed to comply with one or more resolvability standards, or is likely to fail to comply with such standards; or

the body corporate has ceased, intends to cease or is likely to cease providing one or more cash distribution services that are critical to the availability of cash in Australia; or

the body corporate has reduced, intends to reduce or is likely to reduce, the body corporate’s provision of one or more cash distribution services that are critical to the availability of cash in Australia; or

the body corporate’s financial viability is at risk or is likely to be at risk, such that the body corporate’s ability to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia might be affected.

Fault-based offence

for a body corporate—2,400 penalty units; and

for an individual—imprisonment for 2 years or 240 penalty units, or both.

Civil penalty provision

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

the body:

is a designated entity; or

is a related body corporate of a designated entity and is incorporated in Australia; and

the body fails to give a written notice to the Reserve Bank, or to do so in the approved form (if any), immediately after:

the body forms an intention to enter into a transaction to recapitalise; or

the board of the body agrees to a plan to restructure the body.

for a body corporate—2,400 penalty units; and

for an individual—imprisonment for 2 years or 240 penalty units, or both.

Civil penalty provision

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

Invalid acts

is incorporated in Australia; and

purports to do either of the following acts:

enter into a transaction to which subparagraph (1)(b)(i) applies;

an act that is part of implementing a plan to which subparagraph (1)(b)(ii) applies; and

contravenes subsection (1) in relation to that transaction or plan;

the act is invalid and of no effect.

in writing; and

in the approved form (if any).

the body is:

a designated entity; or

a related body corporate of a designated entity and is incorporated in Australia; and

the body fails to give a written notice to the Reserve Bank, or to do so in the approved form (if any), immediately after becoming aware of a material change in circumstances of the body that:

relate to the designated entity’s ability to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia, or if the body is the designated entity, relate to risk management; and

are circumstances to which subsection (2) applies.

the solvency of the body;

voting power in the body (but see subsections (3) and (4));

the structure of the body;

the structure of the group (if any) consisting of:

the body; and

each related body corporate of the body;

the provision of one or more cash distribution services that are critical to the availability of cash in Australia.

Change in voting power in listed related body corporate

a related body corporate of a designated entity; and

a listed body.

before the change, a particular person held:

no voting power in the body; or

less than 20% of the voting power in the body; and

after the change, the person holds at least 20% of that voting power.

Changes already notified to Reserve Bank

for a body corporate—2,400 penalty units; and

for an individual—imprisonment for 2 years or 240 penalty units, or both.

Civil penalty provision

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

the person appoints an external administrator of a designated entity; and

neither of the following applies:

the Reserve Bank approved the appointment under subsection (2);

notification under subsection (1) regarding the appointment was given at least 7 days before the appointment was made.

Strict liability offence

for a body corporate—600 penalty units; and

for an individual—60 penalty units.

Civil penalty provision

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

Invalid acts

the body corporate is incorporated in Australia; and

a purported external administrator of the body corporate, appointed in contravention of subsection (3), purports to act in relation to the body corporate’s business;

those acts are invalid and of no effect.

the body corporate is a designated entity; and

the designated entity becomes aware that a person is considering appointing, or has appointed, an external administrator of a body corporate that is a related body corporate of the designated entity and is incorporated in Australia; and

the designated entity fails to give a written notice to the Reserve Bank, or to do so in the approved form (if any), of that matter as soon as practicable after becoming aware of it.

Strict liability offence

for a body corporate—600 penalty units; and

for an individual—60 penalty units.

Civil penalty provision

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

is a designated entity; or

is a related body corporate of a designated entity and is incorporated in Australia;

must give written notice to the Reserve Bank, at least 7 days before making an application to the Court in relation to a matter arising under the winding-up of the body corporate.

the application; or

other matters relating to the winding-up, or proposed winding up, of the body corporate; or

the affairs of the body corporate.

notify the Reserve Bank of certain matters or events; or

provide to the Reserve Bank information or documents relating to such matters or events.

specify the manner and form in which notifications are to be made, or information or documents are to be provided;

provide for notifications to be made, or information or documents to be provided:

as and when required by the Reserve Bank; or

on the basis of a standing request, which may be triggered at specified intervals or by the occurrence of specified events;

provide for notifications to be made, or information or documents to be provided, a specified minimum period in advance of a planned or anticipated event.

Procedural matters

the body corporate is a designated entity; and

notification rules apply to the body corporate; and

the body corporate fails to comply with those rules.

require the body corporate to notify an event or matter that is not within the knowledge or control of the body corporate; or

require the body corporate to provide information that:

is not within the knowledge or control of the body corporate; or

cannot reasonably be ascertained by the body corporate.

require the body corporate to provide documents that are not within the knowledge or control of the body corporate.

Fault-based offence

for a body corporate—2,400 penalty units; and

for an individual—imprisonment for 2 years or 240 penalty units, or both.

Civil penalty provision

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

the body corporate:

is a designated entity; or

is a related body corporate of a designated entity, and is incorporated in Australia; and

the body corporate is subject to a standard determined under this Division; and

the body corporate fails to comply with the standard.

Fault-based offence

for a body corporate—2,400 penalty units; and

for an individual—imprisonment for 2 years or 240 penalty units, or both.

Civil penalty provision

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

Consultation and inconsistencies

a designated entity is complying with cash distribution standards; or

a designated entity, or a related body corporate of a designated entity, is complying with resolvability standards.

the Australian Federal Police; or

(b) the Chief Executive Officer of the Australian Crime Commission established by the Australian Crime Commission Act 2002; or

(c) a member of the staff of the ACC (within the meaning of the Australian Crime Commission Act 2002); or

the Director of Public Prosecutions.

is a designated entity; or

is a related body corporate of a designated entity and is incorporated in Australia.

specified action that the Reserve Bank reasonably believes will promote compliance by the directed body with its obligations under Division 2 of this Part, or Division 4 of Part 8, if the Reserve Bank reasonably believes that the directed body is not complying or is not likely to comply with those obligations; or

specified action to reduce risks to the continued provision of the directed body’s cash distribution services, if the Reserve Bank reasonably believes that the directed body has not done, or is unlikely to do, all things reasonably practicable to minimise those risks.

specified action to comply with all or part of one or more standards in force under Division 3, if the Reserve Bank reasonably believes that the directed body is not complying with those standards or parts; or

specified action to manage or resolve an impediment to the effective management of or response to a condition in section 90 being satisfied in relation to:

the directed body; or

the directed body’s cash distribution services; or

the cash distribution services of a related body corporate, of the directed body, that is incorporated in Australia;

if the Reserve Bank reasonably believes that the directed body has not done, or is unlikely to do, all things reasonably practicable to manage or resolve the impediment.

the body corporate is given a direction under subsection (1); and

the body corporate fails to comply with the direction.

Fault-based offence

for a body corporate—2,400 penalty units; and

for an individual—imprisonment for 2 years or 240 penalty units, or both.

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

the directed body provides; and

are critical to the availability of cash in Australia;

will reduce potential threats to the directed body’s continued provision of those services, if the Reserve Bank reasonably believes that the directed body is conducting, or likely to conduct, its affairs in a way that is likely to threaten that continued provision of cash distribution services.

the directed body is conducting, or likely to conduct, its affairs in a way that will, or is likely to, result in a reduction of a cash distribution service that is critical to the availability of cash in Australia; and

the reduction is likely to have a material adverse effect on the availability of cash in Australia.

the body corporate is given a direction under subsection (1); and

the body corporate fails to comply with the direction.

Fault-based offence

for a body corporate—2,400 penalty units; and

for an individual—imprisonment for 2 years or 240 penalty units, or both.

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

vary a direction given under section 82 or 83 to the body corporate if, at the time of variation, the Reserve Bank reasonably believes the variation is necessary or appropriate; or

revoke such a direction if, at the time of revocation, the Reserve Bank reasonably believes the direction is no longer necessary or appropriate.

the officer fails to take reasonable steps to ensure that the body corporate complies with a direction given to it under section 82 or 83; and

it would be reasonable to expect that the officer’s duties include ensuring that the body corporate complies with that direction.

Fault-based offence

for a body corporate—2,400 penalty units; and

for an individual—imprisonment for 2 years or 240 penalty units, or both.

Civil penalty provision

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

the person does the thing, or omits to do the thing, for the purpose of any of the following:

complying with a direction given under this Division by the Reserve Bank;

taking a measure, or an action, specified in such a direction;

doing, or refraining from doing, anything in accordance with such a direction; and

it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and

the person is any of the following:

an officer or senior manager of the body corporate, or of a related body corporate;

an employee or agent of the body corporate, or of a related body corporate;

the body corporate or a related body corporate;

a person engaged to provide services (including advice) to the body corporate or a related body corporate.

a law of the Commonwealth or of a State or Territory; or

a law of a foreign country or a part of a foreign country.

deny any obligation under the arrangement;

accelerate any debt under the arrangement;

terminate or close out:

the arrangement; or

any transaction relating to the arrangement;

enforce any security under the arrangement.

Person must not act contrary to this section

purport to do an act or thing that is not allowed to be done because of this section; or

purport to do an act or thing that can be done only if the arrangement does a thing that the arrangement is not allowed to do because of this section; or

omit to do an act or thing in circumstances where that omission would only be required or permitted if the arrangement did a thing that the arrangement is not allowed to do because of this section.

Payment Systems and Netting Act 1998 prevails over this section

subsections (1) to (3) of this section; and

(b) the Payment Systems and Netting Act 1998;

that Act prevails to the extent of the inconsistency.

Arrangements to which this section does not apply

the person:

is a body corporate that is a designated entity; or

is a related body corporate of a designated entity and is incorporated in Australia; or

was a related body corporate of a designated entity before a transfer of business or shares under this Part and is incorporated in Australia; or

is an officer of a body corporate covered by subparagraph (i), (ii) or (iii); and

the Reserve Bank reasonably believes that the direction is appropriate to manage or respond to a condition in section 90 being satisfied in relation to the entity.

the person is given a direction under subsection (1); and

the person fails to comply with the direction.

for a body corporate—2,400 penalty units; and

for an individual—imprisonment for 2 years or 240 penalty units, or both.

the person is given a direction under subsection (1); and

the person fails to comply with the direction.

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

this Act (other than subsection 200(3)) or any legislative instrument made under this Act;

(b) the Corporations Act 2001 or any legislative instrument made under that Act;

the body corporate’s constitution;

any arrangement to which the body corporate is party;

any listing rules of a financial market in whose official list the body corporate is included.

taking control of the business of the designated entity as statutory manager of the designated entity; and

appointing one or more persons to take control of the business of the designated entity, as statutory manager of the designated entity.

a statutory manager has taken control of the business of a designated entity, or the Reserve Bank intends that a statutory manager will take control of the business of a designated entity; and

the Reserve Bank reasonably believes that the action is appropriate to manage or respond to a condition in section 90 being satisfied in relation to the designated entity.

taking control of the business of a related body corporate of the designated entity, that is incorporated in Australia, as statutory manager of the related body corporate; and

appointing one or more persons to take control of the business of a related body corporate of the designated entity, that is incorporated in Australia, as statutory manager of the related body corporate.

the body corporate;

if the body is under external administration—the external administrator;

the ACCC.

Limits on individual exercise of powers

the Reserve Bank has taken control of the business of a related body corporate of a designated entity under paragraph 93(4)(a) for the purpose of managing or responding to a condition in section 90 being satisfied in relation to the entity; and

the designated entity ceases being under statutory management;

the Reserve Bank must decide under subsection (1) of this section to cease to be in control of the business of the related body corporate.

Termination of appointments of statutory managers

the Reserve Bank appoints a statutory manager of a related body corporate of a designated entity under paragraph 93(4)(b) for the purpose of managing or responding to a condition in section 90 being satisfied in relation to the entity; and

the designated entity ceases being under statutory management;

the Reserve Bank must, under subsection (4) of this section, terminate the appointment of the statutory manager of the related body corporate.

Notifying the ACCC

at the time specified in the notice given under subsection 93(5) as the time when the statutory manager takes control of the business (which must not be earlier than when the notice is given); or

if the notice given under that subsection does not specify a time as the time when the statutory manager takes control of the business—at the time the notice is given.

if the statutory manager is the Reserve Bank and the Reserve Bank decides under subsection 94(1) to cease to be in control of the body corporate’s business:

at the time specified in the notice given under subsection 94(2) as the time when the Reserve Bank ceases to be in control of the business (which must not be earlier than when the notice is given); or

if the notice given under subsection 94(2) does not specify a time as the time when the Reserve Bank ceases to be in control of the business—at the time the notice is given; or

if the Reserve Bank terminates the appointment of the statutory manager under subsection 94(4):

at the time specified in the notice given to the body corporate under subsection 94(5) as the time when the termination takes effect (which must not be earlier than when the notice is given); or

if the notice given to the body corporate under subsection 94(5) does not specify a time as the time when the termination takes effect—at the time the notice is given.

has control of the body corporate’s business, property and affairs; and

may carry on that business and manage that property and those affairs; and

at the direction of or with the written consent of the Reserve Bank:

may terminate or dispose of all or part of that business; and

may dispose of any of that property; and

may perform any other function, and exercise any other power, that the body corporate or any of its officers could perform or exercise if a statutory manager were not in control of the body corporate’s business.

alter the body corporate’s constitution or other arrangements for governance other than in accordance with section 98; or

recapitalise other than in accordance with section 99; or

effect a transfer of all or part of the shares in the body corporate or a total or partial transfer of the business of the body corporate, other than in accordance with Division 5 (compulsory transfers).

the performance of the statutory manager’s functions and duties under this Part in relation to the body corporate; or

the exercise of the statutory manager’s other powers under this Part in relation to the body corporate.

This section does not permit transfers of shares or business

this Act (other than subsection 200(3)) or any legislative instrument made under this Act;

(b) the Corporations Act 2001 or any legislative instrument made under that Act;

the body corporate’s constitution;

any arrangement to which the body corporate is party;

any listing rules of a financial market in whose official list the body corporate is included.

increase the body corporate’s level of share capital to a level specified in the determination;

issue one or more classes of shares, or one or more specified classes of rights to acquire shares, in the body corporate, being a class or classes specified in the determination;

issue capital instruments;

acquire, cancel or sell:

shares in the body corporate; or

rights to acquire shares in the body corporate;

reduce the body corporate’s share capital;

vary or cancel rights or restrictions attached to shares in a class of shares in the body corporate.

Notice to members

to the persons who were members of the body corporate just before the act; and

that:

identifies the act; and

explains the effect of the act on the members’ interests.

this Act (other than subsection 200(3)) or any legislative instrument made under this Act;

(b) the Corporations Act 2001 or any legislative instrument made under that Act;

the body corporate’s constitution;

any arrangement to which the body corporate is party;

any listing rules of a financial market in whose official list the body corporate is included.

attend on the statutory manager; or

give the statutory manager any information relating to the body corporate’s:

business, assets and other property; and

affairs and financial circumstances;

that the statutory manager reasonably believes would assist the statutory manager in performing the statutory manager’s functions, or exercising the statutory manager’s powers; or

allow the statutory manager to inspect and take copies of the body corporate’s books;

at the times and in the manner reasonably required by the statutory manager.

is an officer of the body corporate; or

was an officer of the body corporate:

at any time when the body corporate was under statutory management; or

any time occurring during the 3 years ending when the body corporate began to be under statutory management.

the person is given a request under subsection (1); and

the person fails to comply with the request.

is not within the knowledge or control of the person; or

cannot reasonably be ascertained by the person.

Fault-based offence

for a body corporate—600 penalty units; and

for an individual—imprisonment for 12 months or 60 penalty units, or both.

Civil penalty provision

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

Information may be given to the Reserve Bank

the person is a director of a body corporate; and

the body corporate is under statutory management; and

the person performs or exercises, or purports to perform or exercise, a function or power of a director.

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

Reserve Bank may revoke or vary the approval

subsection (2) applies; and

there is a conflict between:

a function or power of the statutory manager of the body corporate; and

a function or power of the director in relation to the body corporate;

the statutory manager’s function or power prevails.

Effect of this section

both:

the statutory manager and the Reserve Bank gives written consent to the transfer; and

that consent is unconditional; or

all of the following subparagraphs apply:

the statutory manager and the Reserve Bank gives written consent to the transfer;

that consent is subject to one or more specified conditions;

those conditions have been satisfied; or

the transfer is done to give effect to an action under section 99 (recapitalisation actions) by the statutory manager; or

the transfer is done to give effect to a transfer under Division 5 (compulsory transfers).

Alteration in the status of members

both:

the statutory manager and the Reserve Bank gives written consent to the alteration; and

that consent is unconditional; or

all of the following subparagraphs apply:

the statutory manager and the Reserve Bank gives written consent to the alteration;

that consent is subject to one or more specified conditions;

those conditions have been satisfied; or

the alteration is done to give effect to an action under section 99 (recapitalisation actions) by the statutory manager; or

the alteration is done to give effect to a transfer under Division 5 (compulsory transfers).

to the persons who were members of the body just before the alteration; and

that:

identifies the alteration; and

explains the effect of the alteration on the members’ interests.

may give a statutory manager of a body corporate a direction relating to the control of the body corporate’s business; and

may vary such a direction.

comply with the direction; or

immediately:

request the Reserve Bank to vary the direction; and

provide the Reserve Bank with information relating to the control of the body corporate’s business that is relevant to its request.

a statutory manager of a body corporate (other than the Reserve Bank) proposes to take an action; and

the statutory manager has reasonable grounds to believe that the action would likely pose a threat to the continuity of one or more cash distribution services that are critical to the availability of cash in Australia.

notify the Reserve Bank in writing as soon as practicable; and

obtain the Reserve Bank’s written consent.

Subdivision E—Other matters

a person who ceased to be the external administrator of the body corporate under subsection (1);

a purported external administrator of the body corporate appointed in contravention of subsection (3).

being in control of a body corporate’s business as statutory manager; or

having a statutory manager in control of a body corporate’s business;

are payable from the body corporate’s funds and are a debt due to the Reserve Bank.

was a circulating security interest when the interest arose; but

has stopped being a circulating security interest because:

in the case of a PPSA security interest—the property has stopped being a circulating asset; or

in the case of a security interest that was a floating charge when it arose—the floating charge has since become a fixed or specific charge.

Security interest in circulating asset

property of the body corporate that is subject to a security interest; or

property (other than PPSA retention of title property) that is used or occupied by, or is in the possession of, the body corporate but of which someone else is the owner or lessor.

in the ordinary course of the body corporate’s business; or

with the written consent of the secured party, owner or lessor, as the case may be; or

at the direction of or with the written consent of the Reserve Bank.

a body corporate is under statutory management; and

property of the body corporate is subject to a security interest; and

the statutory manager disposes of the property;

the disposal extinguishes the security interest.

property is used or occupied by, or is in the possession of, a body corporate; and

another person is the owner of the property; and

either:

the property is PPSA retention of title property; or

the property is subject to a retention of title clause under a contract; and

the owner demands the return of the property;

a disposal of the property that occurs after the demand is made does not mean that the disposal is not in the ordinary course of the body corporate’s business.

a body corporate is under statutory management; and

property of the body corporate is subject to a possessory security interest; and

the statutory manager of the body corporate disposes of the property by way of sale;

then:

if the net proceeds of sale equals or exceeds the total of the debts secured by:

the possessory security interest; and

any other security interest in the property, where the debt secured by the security interest has a priority that is equal to or higher than the priority of the debt secured by the possessory security interest;

the statutory manager of the body corporate must:

set aside so much of the net proceeds as equals the total of those debts; and

apply the amount so set aside in paying those debts; or

if the net proceeds of sale fall short of the total of the debts secured by:

the possessory security interest; and

any other security interest in the property, where the debt secured by the security interest has a priority that is equal to or higher than the priority of the debt secured by the possessory security interest;

then:

the statutory manager must set aside the net proceeds; and

the statutory manager must apply the amount so set aside in paying those debts in order of priority, on the basis that if the amount is insufficient to fully pay debts of the same priority, they must be paid proportionately; and

if any of those debts is not fully paid—so much of the debt as remains unpaid may be recovered from the body corporate as an unsecured debt.

PPSA retention of title property

a body corporate is under statutory management; and

property is used or occupied by, or is in the possession of, the body corporate; and

another person is the owner of the property; and

(d) the property is subject to a retention of title clause under a contract (the original contract); and

the statutory manager disposes of the property by way of sale;

then:

if the net proceeds of sale equals or exceeds the total of:

so much of the purchase price, or other amount, under the original contract as remains unpaid; and

if there are one or more securities over the property—the debts secured by the securities;

the statutory manager must:

set aside so much of the net proceeds as equals that total; and

apply the amount so set aside in paying that total; or

if the net proceeds of sale fall short of the total of:

so much of the purchase price, or other amount, under the original contract as remains unpaid; and

if there are one or more securities over the property—the debts secured by the securities;

then:

the statutory manager must set aside the net proceeds; and

the statutory manager must apply the amount so set aside in paying those debts in order of priority, on the basis that if the amount is insufficient to fully pay debts of the same priority, they must be paid proportionately; and

if any of those debts is not fully paid—so much of the debt as remains unpaid may be recovered from the body corporate as an unsecured debt.

(a) a statutory manager of a body corporate requests, or authorises someone else to request, a person or authority (the supplier) to supply an essential service to the body corporate in Australia; and

the body corporate owes an amount to the supplier in respect of supply of the essential service before the effective day;

the supplier must not:

refuse to comply with the request for the reason only that the amount is owing; or

make it a condition of the supply of the essential service pursuant to the request that the amount is to be paid.

(a) an essential service within the meaning of the Corporations Act 2001; or

a thing specified in an instrument under subsection (3).

has qualified privilege in proceedings for defamation in relation to that statement; and

is not, in the absence of malice on the person’s part, liable to an action for defamation at the suit of a person in relation to that statement.

a reference in those sections to that Act were a reference to this Act; and

a reference in those sections to the company, or to an officer of the company, included a reference to the statutory manager of the body corporate; and

a reference in those sections to an assumption referred to in section 129 included a reference to an assumption that the statutory manager is:

acting within the statutory manager’s functions and powers as statutory manager; and

in particular, complying with this Act.

the Reserve Bank reasonably believes that the transfer is appropriate to manage or respond to a condition in section 90 being satisfied in relation to the designated entity; and

the Minister consents to the transfer in writing; and

the Reserve Bank is satisfied that the board of the receiving body consents to the transfer.

Transfer of all or part of the shares in a related body corporate

the Reserve Bank has made, or intends to make, a determination under subsection (1) that there is to be a transfer of shares in a designated entity to another body corporate; and

the Reserve Bank reasonably believes that the transfer to the receiving body is appropriate to manage or respond to a condition in section 90 being satisfied in relation to the designated entity; and

the Reserve Bank reasonably believes that the transfer is necessary to ensure the ability of the entity to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia; and

the target body is, or before the transfer of shares from the designated entity referred to in paragraph (a) of this subsection was, a related body corporate of the designated entity; and

the target body is incorporated in Australia; and

the Minister consents to the transfer in writing; and

the Reserve Bank is satisfied that the board of the receiving body consents to the transfer.

Determination

particulars of the transfer, including:

the names of the target body and the receiving body; and

whether it will be a transfer of all or part of the shares; and

if it will be a transfer of part of the shares—an indication of the shares that are to be transferred; and

a statement of the reasons why the determination has been made.

the Reserve Bank reasonably believes that the transfer is appropriate to manage or respond to a condition in section 90 being satisfied in relation to the designated entity; and

the Minister consents to the transfer in writing; and

the Reserve Bank is satisfied that the board of the receiving body consents to the transfer.

Total or partial transfer of business of related body corporate

the Reserve Bank has made, or intends to make, a determination under subsection (1) that there is to be a total or partial transfer of business from a designated entity to another body corporate; and

the Reserve Bank reasonably believes that the transfer to the receiving body is appropriate to manage or respond to a condition in section 90 being satisfied in relation to the designated entity; and

the Reserve Bank reasonably believes that the transfer is necessary to ensure the ability of the designated entity to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia; and

the target body is, or before the transfer of business from the entity was, a related body corporate of the designated entity; and

the target body is incorporated in Australia; and

the Minister consents to the transfer in writing; and

the Reserve Bank is satisfied that the board of the receiving body consents to the transfer.

Determination

particulars of the transfer, including:

the names of the target body and the receiving body; and

whether it will be a total or a partial transfer; and

if it will be a partial transfer—an indication of the part of the target body’s business that is to be transferred; and

a statement of the reasons why the determination has been made.

circumstances that have arisen since the consent was given;

circumstances that were in existence at or before the time when the consent was given but that were not known to the receiving body’s board when it gave its consent;

any other relevant matter.

if the determination is made under section 118—some or all of the shares that are to be transferred; or

if the determination is made under section 119—some or all of the assets and liabilities that are to be transferred.

the statement has been agreed to by the target body and the receiving body; and

the matters specified in the statement are appropriate.

conditions to be complied with by the target body or the receiving body before a certificate of transfer is issued in relation to the transfer;

conditions to be complied with by the target body or the receiving body after a certificate of transfer has been issued or has come into force in relation to the transfer.

a condition is imposed on the body corporate under subsection (1) in relation to a transfer; and

a certificate issued under section 125 that the transfer is to take effect is not in force; and

the Reserve Bank has not issued a certificate under section 123 that the transfer is not to take effect; and

the body corporate fails to comply with the condition.

Fault-based offence

for a body corporate—2,000 penalty units; and

for an individual—200 penalty units.

Civil penalty provision

for a body corporate—the greater of:

50,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

for an individual—the greater of:

5,000 penalty units; and

if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

the Reserve Bank has made a determination under section 118 or 119 that there is to be a transfer; and

the Reserve Bank has not issued a certificate under section 125 that the transfer is to take effect; and

either:

the consent of the board of the receiving body to the transfer has been withdrawn; or

the Reserve Bank decides under subsection (2) of this section that the transfer should not go ahead;

the Reserve Bank must, in writing, issue a certificate stating that the transfer is not to take effect.

the transfer concerned; or

a class of transfers that includes that transfer.

Subdivision B—Transfer process

the Reserve Bank has made a determination under section 118 or 119 that there is to be a transfer; and

the Reserve Bank reasonably believes that the transfer should go ahead; and

the consent of the board of the receiving body to the transfer remains in force;

the Reserve Bank must, in writing, issue a certificate stating that the transfer is to take effect.

include the names of:

the target body; and

the receiving body; and

if the determination is made under section 118:

state whether the transfer is a transfer of all or part of the shares; and