170Reserve Bank’s power to require expert report

170 Reserve Bank’s power to require expert report

Expert appointed by Reserve Bank

(1) The Reserve Bank may, by written notice given to a designated entity and a person (the expert), appoint the expert to provide the Reserve Bank with an expert report on specified matters relating to:

(a) the entity’s compliance with its obligations under Part 6 or 7; or

(b) the entity’s obligations under this Act, the rules or any other legislative instrument made under this Act, and the Reserve Bank performing functions or duties, or exercising powers, under or in connection with this Act, the rules, or any other legislative instrument made under this Act, in relation to those obligations.

Qualifications for appointment

(2) A person cannot be appointed under subsection (1) unless the Reserve Bank is satisfied that the person has the necessary skills or experience to provide the expert report.

Designated entity must assist expert

(3) The entity must give all information, explanation and assistance to the expert as the expert reasonably requests for the preparation and provision of the expert report.

(4) If the expert requests the entity to give the expert information, explanation or assistance under subsection (3), the Reserve Bank may, by written notice given to the entity, direct the entity to comply with the request by a specified day.

(5) A body corporate contravenes this subsection if:

(a) the body corporate is a designated entity; and

(b) the body corporate is given a direction under subsection (4); and

(c) the body corporate fails to comply with the direction.

Fault‑based offence

(6) A person commits an offence if the person contravenes subsection (5).

Note: An individual can commit an ancillary offence that is either an offence against this subsection or an offence relating to this subsection (see Part 2.4 of the Criminal Code).

Penalty:

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

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

(7) Subsection 4K(2) (continuing offences) of the Crimes Act 1914 does not apply in relation to an offence against subsection (6) of this section.

Civil penalty provision

(8) A person is liable to a civil penalty if the person contravenes subsection (5).

Note: An individual may be liable for an ancillary contravention of this civil penalty provision (see section 92 of the Regulatory Powers Act).

Civil penalty:

(a) for a body corporate—the greater of: