79Standards—compliance, consultation and inconsistencies

79 Standards—compliance, consultation and inconsistencies

(1) A body corporate contravenes this subsection if:

(a) the body corporate:

(i) is a designated entity; or

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

(b) the body corporate is subject to a standard determined under this Division; and

(c) the body corporate fails to comply with the standard.

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.

Consultation and inconsistencies

(4) Before the Reserve Bank determines or varies a standard under this Division, it must consult with the designated entities that will be required to comply with the standard, or the standard as varied, as applicable.

(5) If there is an inconsistency between the resolvability standards and either the service‑level standards or the cash distribution standards, the resolvability standards prevail to the extent of the inconsistency.

(6) If there is an inconsistency between the cash distribution standards and the service‑level standards, the cash distribution standards prevail to the extent of the inconsistency.