16EDisclosure of interest

16E Disclosure of interest

[Section 16E Inserted by No. 13 of 2015, s. 10, Applied:01 Jul 2015]

(1)  If a person appointed to the office of Regulator, Acting Regulator or Assistant Regulator has a direct or indirect interest (pecuniary or otherwise) in a matter that is about to be considered by the person in his or her capacity as Regulator, Acting Regulator or Assistant Regulator, the person must disclose the nature of the interest to the Minister as soon as practicable after the relevant facts come to the person's knowledge.

Penalty:  Fine not exceeding 50 penalty units.

(2)  Unless the Minister otherwise determines, a person who has made a disclosure under subsection (1) in relation to a matter must not –

(a) be present during any consideration of, or the making of a decision in relation to, the matter under this Act or during any other proceeding in relation to the matter under this Act; or

(b) take part in any consideration of, or the making of a decision in relation to, the matter.

(3)  Subsection (1) does not apply in respect of an interest that consists only of the receipt of a service that –

(a) is also available to members of the public; and

(b) is made available on the same terms as apply to members of the public.