91Reserve Bank’s directions power—manage or respond to crisis

91 Reserve Bank’s directions power—manage or respond to crisis

(1) The Reserve Bank may, in writing, give a person a direction to do, or refrain from doing, specified acts or things, if:

(a) the person:

(i) is a body corporate that is a designated entity; or

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

(iii) was a related body corporate of a designated entity before a transfer of business or shares under this Part and is incorporated in Australia; or

(iv) is an officer of a body corporate covered by subparagraph (i), (ii) or (iii); and

(b) the Reserve Bank reasonably believes that the direction is appropriate to manage or respond to a condition in section 90 being satisfied in relation to the entity.

(2) The direction may deal with the time by which, or period during which, it is to be complied with.

Fault‑based offence

(3) A person commits an offence if:

(a) the person is given a direction under subsection (1); and

(b) the person fails to comply with the direction.

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.

(4) Subsection 4K(2) (continuing offences) of the Crimes Act 1914 does not apply in relation to an offence against subsection (3) of this section.

Civil penalty provision

(5) A person is liable to a civil penalty if:

(a) the person is given a direction under subsection (1); and

(b) the person fails to comply with the direction.

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.

(6) Subsection 93(2) (continuing contraventions) of the Regulatory Powers Act does not apply in relation to a contravention of subsection (5) of this section.

Compliance despite other laws etc.

(7) A person who is given a direction under subsection (1) may do, or refrain from doing, an act or thing to comply with the direction despite all of the following:

(a) this Act (other than subsection 200(3)) or any legislative instrument made under this Act;