167Reserve Bank—directions to give information or documents relevant to designation under Part 2

167 Reserve Bank—directions to give information or documents relevant to designation under Part 2

(1) The Reserve Bank may, by written notice given to a person to whom subsection (2) applies, direct the person to give any of the following to the Reserve Bank:

(a) specified information;

(b) specified documents;

(c) documents containing specified information.

Note: The secrecy provision in section 79A of the Reserve Bank Act 1959 applies to information and documents obtained by the Reserve Bank under this section.

(2) This subsection applies to a person if:

(a) the Reserve Bank reasonably believes that the person is capable of giving the information or documents; and

(b) the Reserve Bank reasonably believes that the information or documents would assist the Reserve Bank in the performance or exercise of its functions or powers under Part 2 (about designating entities for the purposes of this Act).

(3) The direction:

(a) must specify a reasonable time by which, or a reasonable period during which, it is to be complied with; and

(b) may specify the form and manner in which the information or documents must be given.

(4) A person is liable to a civil penalty if:

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

(b) the person fails to comply with the notice.

Civil penalty:

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

(b) for an individual—1,000 penalty units.

(5) Subsection 93(2) (continuing contraventions) of the Regulatory Powers Act does not apply in relation to a contravention of subsection (4) of this section.