104Amount of financial security that is no longer required

104 Amount of financial security that is no longer required

(1) For the purposes of paragraph 117(3)(c) of the Act, the Minister may determine, in writing, that a licence holder is no longer required to provide a specified amount of financial security if: (a) the Minister is satisfied that no further costs, expenses or liabilities are likely to arise in relation to the licence infrastructure, property or remediation activities to which the amount of financial security relates; and (b) the Minister is satisfied that the determination would not result in the amount of financial security provided by the licence holder in relation to the licence being insufficient to pay the costs, expenses and liabilities mentioned in subsection 117(1) of the Act. (2) In considering whether to make a determination under subsection (1): (a) the Minister must seek advice from the Regulator; and (b) the Minister must have regard to that advice. (3) If the Minister makes a determination under subsection (1): (a) the amount of financial security specified in the determination ceases to be required; and (b) the Minister must give written notice of the determination to the licence holder.