18PReport about draft instrument by independent panel

18P Report about draft instrument by independent panel

18P Report about draft instrument by independent panel

(1) The AER must, as soon as practicable after publishing the draft instrument, establish an independent panel to give the AER a written report about the instrument.

(2) The panel—

(a) may carry out its activities, including giving the report, in the way it considers appropriate; but

(b) must seek to give the report by consensus.

(3) The panel must—

(a) consist of at least 3 members, appointed by the AER, who have qualifications or experience in a field the AER considers relevant to making a rate of return instrument; and

Examples of relevant fields—

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

(b) give the report to the AER before the AER makes the instrument.

(4) The AER must take reasonable steps to minimise and manage any conflicts of interest a panel member may have in relation to making the instrument.

(5) The report must—

(a) include the panel’s assessment of the evidence and reasons supporting the rate of return on capital or the value of imputation credits under the instrument; and

(b) state whether the report is given by consensus.

(6) The AER must publish the report on its website.

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