166ACCC may make record‑keeping rules

166 ACCC may make record‑keeping rules

Making record‑keeping rules

(1) The ACCC may, by legislative instrument, make rules (the record‑keeping rules) for and in relation to requiring one or more specified designated entities to:

(a) keep and retain records; or

(b) prepare reports consisting of information contained in those records; or

(c) give any or all of the reports to the ACCC.

Note: Information and reports obtained by the ACCC under the record‑keeping rules are protected from disclosure under section 155AAA of the Competition and Consumer Act 2010.

(2) Without limiting subsection (1), the record‑keeping rules may do any or all of the following:

(a) specify the manner and form in which the records are to be kept;

(b) specify the manner and form in which reports are to be prepared;

(c) provide for:

(i) the preparation of reports as and when required by the ACCC; or

(ii) the preparation of periodic reports relating to such regular intervals as are specified in those rules;

(d) require or permit a report prepared in accordance with those rules to be given to the ACCC, in accordance with specified software requirements and specified authentication requirements:

(i) on a specified kind of data processing device (within the meaning of the Telecommunications Act 1997); or

(ii) by way of a specified kind of electronic transmission.

Procedural matters

(3) Before the ACCC makes record‑keeping rules, the ACCC must consult with the Reserve Bank.

(4) If record‑keeping rules apply to a designated entity, the ACCC must give the entity a copy of those rules.

(5) The ACCC must not exercise its powers under this section so as to require the keeping or retention of records unless the records contain, or will contain, information that is relevant to the operation of this Act.

Review of record‑keeping rules

(6) The ACCC must review record‑keeping rules at least once in each of the following periods:

(a) the period of 1 year after the commencement of those rules;

(b) the period of 5 years after the completion of the previous review of those rules.

(7) In reviewing record‑keeping rules under subsection (6), the ACCC must have regard to:

(a) the object of this Act; and

(b) whether the record‑keeping rules assist in the performance or exercise of the functions or powers of the ACCC under this Act.

Extension of time for giving report

(8) The ACCC may, by written notice given to a designated entity, allow the entity such further time as is specified in the notice to prepare and give a specified report required under the record‑keeping rules.