118AKTermination of mandatory operation direction

118AK Termination of mandatory operation direction

118AK Termination of mandatory operation direction

(1) The Minister may terminate a mandatory operation direction by giving the Registered participant subject to the direction and the AER written notice specifying—

(a) that the direction is terminated; and

(b) the date, not less than 3 months after the date of the notice, on which the termination takes effect.

(2) The Minister may terminate a mandatory operation direction—

(a) by agreement with the Registered participant subject to the direction; or

(b) if the Minister is satisfied, in accordance with the Rules, that effective compliance with the direction is no longer possible; or

(c) if the Minister otherwise determines on reasonable grounds that the direction should be terminated; or

(d) in circumstances prescribed by the Rules.

(3) The AER must, as soon as practicable after receiving a notice under subsection (1), publish the notice on its website.

(4) A Registered participant is not entitled to compensation, other than as provided for in the Rules, because of the termination of a mandatory operation direction.

s 118AK: Ins 2024 No 62, sec 6.