172Determinations that information is covered by secrecy provision

172 Determinations that information is covered by secrecy provision

(1) The Reserve Bank may determine, in writing, that specified information is covered by this subsection if:

(a) the information is:

(i) information that reveals the fact that a specified direction given to a body corporate under subsection 91(1) was given; or

(ii) information that is, or is contained in a specified document, given to a body corporate covered by subsection (2) of this section by the Reserve Bank in the exercise of a power or the performance of a function under Part 7 (crisis resolution); and

(b) the Reserve Bank reasonably believes that the determination is appropriate to manage or respond to a condition in section 90 being satisfied in relation to a designated entity.

(2) A body corporate is covered by this section if it is incorporated in Australia and it:

(a) is a designated entity; or

(b) is a related body corporate of a designated entity; or

(c) was a related body corporate of a designated entity before a transfer of business or shares under Division 5 of Part 7; or

(d) is a body corporate to which information has been provided under section 128 in relation to a transfer.

(3) As soon as practicable after making the determination, the Reserve Bank must give the body corporate to which the determination relates a copy of the determination.

(4) As soon as practicable after the Reserve Bank gives the body corporate a copy of the determination under subsection (3), the body corporate must:

(a) take reasonable steps to discover who is covered by paragraphs 174(3)(b) and (c) in relation to the information specified in the determination; and

(b) if it is practicable to do so—give a copy of the determination to each person who the body corporate believes to be so covered.

(5) A body corporate contravenes this subsection if:

(a) the body corporate is given a copy of a determination under subsection (3); and

(b) the body corporate is required under subsection (4) to take action in relation to the determination; and

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

Fault‑based offence

(6) A body corporate commits an offence if the body corporate 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.