76Reserve Bank may make notification rules

76 Reserve Bank may make notification rules

Making notification rules

(1) The Reserve Bank may, by legislative instrument, make rules (notification rules) for and in relation to requiring one or more specified designated entities to:

(a) notify the Reserve Bank of certain matters or events; or

(b) provide to the Reserve Bank information or documents relating to such matters or events.

(2) Without limiting subsection (1), the notification rules may do any or all of the following:

(a) specify the manner and form in which notifications are to be made, or information or documents are to be provided;

(b) provide for notifications to be made, or information or documents to be provided:

(i) as and when required by the Reserve Bank; or

(ii) on the basis of a standing request, which may be triggered at specified intervals or by the occurrence of specified events;

(c) provide for notifications to be made, or information or documents to be provided, a specified minimum period in advance of a planned or anticipated event.

Procedural matters

(3) If notification rules apply to a designated entity, the Reserve Bank must give the entity a copy of those rules.

(4) The Reserve Bank must not exercise its powers under this section so as to require the notification of matters or events, or the provision of information or documents, unless the Reserve Bank reasonably believes that the requirements will enable the Reserve Bank to identify, monitor and respond to risks that could threaten the continued provision of a designated entity’s cash distribution services.

Compliance with notification rules

(5) A body corporate contravenes this subsection if:

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

(b) notification rules apply to the body corporate; and

(c) the body corporate fails to comply with those rules.

(6) Subsection (5) does not apply to the extent that notification rules:

(a) require the body corporate to notify an event or matter that is not within the knowledge or control of the body corporate; or

(b) require the body corporate to provide information that:

(i) is not within the knowledge or control of the body corporate; or

(ii) cannot reasonably be ascertained by the body corporate.

(c) require the body corporate to provide documents that are not within the knowledge or control of the body corporate.

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).