18MRequirements before publishing draft instrument

18M Requirements before publishing draft instrument

18M Requirements before publishing draft instrument

(1) Before publishing a draft rate of return instrument under this Subdivision, the AER must—

(a) establish a reference group to help the AER implement an effective consumer consultation process for making the proposed instrument (a consumer reference group); and

(b) publish a notice on its website—

(i) inviting persons to make a written submission to the AER about the proposed instrument; and

(ii) stating the period, not less than 28 days, within which a submission must be made; and

(c) seek concurrent expert opinions or evidence about the proposed instrument.

(2) A person may make a submission after the stated period only with the written approval of the AER.

(3) Subject to subsections (4) and (5), the AER may seek the expert opinions or evidence in the way it considers appropriate.

Example—

The AER might convene a conference of experts to identify key issues, and areas of dispute and agreement among the experts, about the content of the proposed instrument.

(4) The AER must call for nominations of eligible experts but may seek the expert opinions or evidence from any eligible expert.

(5) If practicable, the AER must seek the expert opinions or evidence from at least 3 eligible experts.

(6) The AER must publish on its website—

(a) submissions made under this section; and

(b) a report on the outcomes of seeking the expert opinions or evidence.

(7) In this section—

eligible expert means a person with qualifications or experience in a field the AER considers relevant to making a rate of return instrument.

Examples of relevant fields—

Finance, economics, law, consumer affairs, institutional investment.

pt 3, div 1B, sdivs 1–5 (ss 18F–18Y): Ins 2018 No 33, sec 6.