169Matters relating to Reserve Bank directions

169 Matters relating to Reserve Bank directions

Variation or revocation

(1) The Reserve Bank:

(a) may vary a direction given to a person under subsection 167(1) if paragraphs 167(2)(a) and (b) would apply to the direction as varied; or

(b) may vary a direction given to a person under subsection 168(1) if paragraphs 168(2)(b) and (c) would apply in relation to the direction as varied.

(2) The Reserve Bank may revoke a direction given to a person under subsection 167(1) or 168(1) if the Reserve Bank:

(a) for a direction given other than because of subparagraph 168(2)(c)(ii)—no longer reasonably believes that the person can give the Reserve Bank the specified information, the specified documents or documents containing the specified information; or

(b) for a direction given because of subparagraph 168(2)(c)(ii):

(i) no longer reasonably believes that the person can give the Reserve Bank the specified information, the specified documents or documents containing the specified information; or

(ii) no longer reasonably believes that the specified information, the specified documents or documents containing the specified information would assist the Reserve Bank to manage or respond to a condition in section 90 being satisfied in relation to the relevant designated entity, including because the condition is not satisfied.

(3) The variation or revocation must be given to the person in writing.

Directions are not legislative instruments

(4) A direction given under subsection 167(1) or 168(1), a variation under subsection (1) of this section or a revocation under subsection (2) of this section is not a legislative instrument.