70Obligation to notify Reserve Bank of certain matters

70 Obligation to notify Reserve Bank of certain matters

(1) A body corporate contravenes this subsection if:

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

(b) the body corporate fails to give a written notice to the Reserve Bank, or to do so in the approved form (if any), immediately after becoming aware that:

(i) the body corporate has failed to comply with one or more cash distribution standards, or is likely to fail to comply with such standards; or

(ii) the body corporate has failed to comply with one or more resolvability standards, or is likely to fail to comply with such standards; or

(iii) the body corporate has ceased, intends to cease or is likely to cease providing one or more cash distribution services that are critical to the availability of cash in Australia; or

(iv) the body corporate has reduced, intends to reduce or is likely to reduce, the body corporate’s provision of one or more cash distribution services that are critical to the availability of cash in Australia; or

(v) the body corporate’s financial viability is at risk or is likely to be at risk, such that the body corporate’s ability to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia might be affected.

Fault‑based offence

(2) A person commits an offence if the person contravenes subsection (1).

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.

Civil penalty provision

(3) A person is liable to a civil penalty if the person contravenes subsection (1).

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.