92Plan must address compliance with financial security requirements

92 Plan must address compliance with financial security requirements

(1) The plan must describe how the licence holder is complying, or is to comply, with section 117 of the Act. (2) Without limiting subsection (1), the plan must: (a) set out the method used to calculate the amount of financial security provided, or to be provided, to the Commonwealth for the purposes of subsection 117(1) of the Act, which must comply with subsection (3) of this section; and (b) describe how the licence holder has verified that the method set out under paragraph (a) will calculate an amount of financial security that is sufficient to comply with subsection 117(1) of the Act and subsection (3) of this section; and (c) state the amount of financial security (if any) that the licence holder has provided, and describe the form or forms in which it has been provided; and (d) state any amounts of financial security that the licence holder is to provide, and describe the form or forms in which it is to be provided; and (e) describe any determinations made by the Minister under section 102 (Minister may require financial security to be in a particular form), and describe how any such determinations are being, or are to be, complied with; and (f) if financial security is to be provided at different times in relation to particular licence infrastructure—include the material mentioned in section 103. (3) Without limiting the matters that the method set out under paragraph (2)(a) may deal with, the method must identify and calculate the costs, expenses and liabilities that may arise in connection with, or as a result of, the following: (a) the decommissioning of licence infrastructure; (b) removing relevant structures, equipment and property from the licence area; (c) removing things from a vacated area that would be relevant structures, equipment or property if the vacated area was still part of the licence area of the relevant licence; (d) the remediation of the licence area and vacated areas, and any other area affected by licence activities.

Note: For relevant structures, equipment and property, see section 87.

(4) The method set out under paragraph (2)(a) must take into account any costs, expenses and liabilities that might arise from emergencies or unexpected circumstances in relation to anything mentioned in paragraph (3)(a), (b), (c) or (d). (5) The Regulator may only approve the plan if the Regulator is satisfied that: (a) the method set out in the plan under paragraph (2)(a) appropriately identifies and quantifies the costs, expenses and liabilities mentioned in subsection 117(1) of the Act; and (b) if the Minister has made a determination under section 102 about the form or forms of the financial security—the form or forms of financial security described under paragraph (2)(c) and (d) of this section are consistent with the determination; and (c) if financial security is to be required at different times in relation to particular licence infrastructure, in accordance with section 103—the material included in the plan for the purposes of section 103 is likely to ensure that financial security that relates to particular licence infrastructure is provided before that licence infrastructure is constructed or installed in the licence area.