165Simplified outline of this Part

165 Simplified outline of this Part

This Part contains provisions about the ACCC’s powers to make record‑keeping rules and gives the Reserve Bank information‑gathering powers and the power to make a secrecy determination.

The ACCC may make record‑keeping rules with regard to the object of this Act and to assist in the performance or exercise of its functions or powers. The ACCC must consult the Reserve Bank before making record‑keeping rules. The ACCC must also review the record‑keeping rules within certain periods. Enforcement mechanisms for the record‑keeping rules include civil penalties.

The Reserve Bank is given powers to direct information or documents to be provided to the Reserve Bank in relation to the performance or exercise of its functions or powers. The Reserve Bank may also make a determination that specified information obtained or generated in connection with Part 7 (crisis resolution) of this Act is prohibited from disclosure. Certain persons and circumstances are excepted from this prohibition. Enforcement mechanisms for these provisions include civil and criminal penalties.

This Part also outlines circumstances in which a person is required to provide assistance to the Reserve Bank or another person, as well as circumstances in which certain persons can use or disclose information obtained or generated in connection with the performance of functions or duties under this Act.