69Simplified outline of this Part

69 Simplified outline of this Part

This Part imposes obligations on certain persons to assist the Reserve Bank and other relevant persons to manage the preparation of a designated entity, and in some situations a related body corporate of a designated entity, for a crisis situation. The Reserve Bank is given powers under this Part to identify, monitor and respond to risks that could threaten the continuity of critical cash distribution services.

A designated entity has an obligation to notify the Reserve Bank if the entity becomes aware of certain changes to the entity’s circumstances or of a factor that may affect the entity’s ability to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia. The Reserve Bank has a power to make notification rules to require entities to notify additional events or matters.

The Reserve Bank may determine cash distribution standards for the purposes of maintaining the continuity of critical cash distribution services.

The Reserve Bank may determine resolvability standards and undertake resolution planning in connection with managing or responding to certain crisis conditions.

This Part also provides for the Reserve Bank to make assessments about compliance with those standards.

The Reserve Bank has powers to ensure compliance with this Part, to investigate non‑compliance and to enforce this Part. Enforcement mechanisms include civil and criminal penalties.