72Notice of any other material changes in circumstances

72 Notice of any other material changes in circumstances

(1) A body corporate (the body) contravenes this subsection if:

(a) the body is:

(i) a designated entity; or

(ii) a related body corporate of a designated entity and is incorporated in Australia; and

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

(i) relate to the designated entity’s ability to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia, or if the body is the designated entity, relate to risk management; and

(ii) are circumstances to which subsection (2) applies.

(2) For the purposes of subparagraph (1)(b)(ii), this subsection applies to circumstances that affect any of the following:

(a) the solvency of the body;

(b) voting power in the body (but see subsections (3) and (4));

(c) the structure of the body;

(d) the structure of the group (if any) consisting of:

(i) the body; and

(ii) each related body corporate of the body;

(e) the provision of one or more cash distribution services that are critical to the availability of cash in Australia.

Change in voting power in listed related body corporate

(3) Subsection (4) applies to a body corporate that is:

(a) a related body corporate of a designated entity; and

(b) a listed body.

(4) For the purpose of this section, a change in voting power in the body is a material change in circumstances of the body if, and only if:

(a) before the change, a particular person held:

(i) no voting power in the body; or

(ii) less than 20% of the voting power in the body; and

(b) after the change, the person holds at least 20% of that voting power.

Changes already notified to Reserve Bank

(5) Subsection (1) does not apply for a material change in circumstances of the body if the body has already notified the Reserve Bank of that change under another provision of this Division.

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 (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).