27Designated entity must give notice of certain matters relating to approved standard terms

27 Designated entity must give notice of certain matters relating to approved standard terms

(1) A designated entity is liable to a civil penalty if:

(a) the entity participates in negotiations regarding:

(i) a proposed service agreement or access agreement with the other person; or

(ii) a proposed variation of a service agreement or access agreement with the other person; and

(b) at the time the entity starts to participate in the negotiations, the entity has approved standard terms covering the cash distribution services or facilities access to which the proposed agreement, or proposed variation, relates; and

(c) any of the following applies in relation to the period during which the negotiations are undertaken:

(i) as at the start of, or at any time in, that period, the entity is required by the ACCC to make an application to vary those approved standard terms (see section 36);

(ii) as at the start of, or at any time in, that period the entity has a pending approval application for variation of those approved standard terms (see section 37);

(iii) at any time in that period, the ACCC approves a variation of those approved standard terms (see section 42);

(iv) at any time in that period, the ACCC determines a variation of those approved standard terms (see section 43);

(v) at any time in that period, the approval or determination of those approved standard terms is revoked by the ACCC (see section 46); and

(d) the entity fails to give the other person written notice of the following within a reasonable time after the occurrence to which paragraph (c) applies:

(i) the occurrence;

(ii) if the occurrence relates to a proposed variation or approval of a variation—the particulars of the variation.

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—5,000 penalty units; and

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

Continuing contraventions

(2) Subsection 93(2) of the Regulatory Powers Act does not apply in relation to a contravention of subsection (1) of this section.