119Recovery and application of financial security

119 Recovery and application of financial security

(1) The regulations may provide for specified kinds of costs, expenses and liabilities incurred by the Commonwealth or the Regulator in relation to a licence, or debts owed by a licence holder to the Commonwealth or the Regulator under this Act, to be recovered by the Commonwealth from a financial security provided by the licence holder. (2) To avoid doubt, the costs, expenses, liabilities and debts mentioned in subsection (1): (a) are not limited to the costs, expenses and liabilities mentioned in subsection 117(1); and (b) may include amounts of offshore electricity infrastructure levy that are due and payable to the Commonwealth by the licence holder. (3) An amount: (a) received by the Commonwealth as financial security, or in respect of a financial security, for the purposes of this section; or (b) recovered by the Commonwealth from a financial security provided for the purposes of this section; is to be credited to the Offshore Infrastructure Registrar Special Account. (4) An amount referred to in subsection (3) must be: (a) applied to any cost, expense or liability incurred by the Commonwealth, or debt owed to the Commonwealth, that may be recovered from the financial security under regulations made for the purposes of subsection (1); or (b) paid to the Regulator for the purposes of: (i) applying the amount to any cost, expense or liability incurred by the Regulator, or debt owed to the Regulator, that may be recovered from the financial security under regulations made for the purposes of subsection (1); or (ii) to the extent that the Regulator is satisfied that the amount is no longer required—refunding the amount; or (c) to the extent that the Regulator is satisfied that the amount is no longer required—refunded by the Commonwealth; or (d) if paragraphs (a), (b) and (c) do not apply—retained by the Commonwealth until it is: (i) applied as mentioned in paragraph (a); or (ii) paid to the Regulator as mentioned in paragraph (b); or (iii) refunded as mentioned in paragraph (c).