171Reserve Bank’s power to require special report

171 Reserve Bank’s power to require special report

(1) The Reserve Bank may give a designated entity a written notice requiring the entity to give the Reserve Bank a special report within the time specified in the notice.

(2) The notice must specify the particular matters that the special report must address.

(3) The Reserve Bank may extend the time for complying with the notice by written notice given to the designated entity.

Failure to comply with notice

(4) A body corporate contravenes this subsection if:

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

(b) the Reserve Bank gives the body corporate a notice under subsection (1); and

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

(5) Subsection (4) does not apply to the extent that the notice requires the body corporate to include information or address matters in the special report that:

(a) are not within the knowledge or control of the body corporate; or

(b) cannot reasonably be ascertained by the body corporate.

Note: A defendant bears an evidential burden in relation to the matter in this subsection (see subsection 13.3(3) of the Criminal Code and section 96 of the Regulatory Powers Act).

Fault‑based offence

(6) A person commits an offence if the person contravenes subsection (4).

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 (4).

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:

(i) 50,000 penalty units; and

(ii) if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and

(b) for an individual—the greater of:

(i) 5,000 penalty units; and

(ii) if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.