10BVolunteering entity determination

10B Volunteering entity determination

(1) The Regulator may determine, in writing, that a constitutionally covered entity is a reporting entity if: (a) the entity applies to the Regulator under subsection 10C(1); and (b) the Regulator is satisfied that: (i) the entity is not a reporting entity as a result of becoming a reporting entity under subsection 7(1); and (ii) the entity is not controlled by another entity that is a reporting entity.

Note 1: An entity to which a determination under this subsection applies is a volunteering entity (see the definition of volunteering entity in section 5).

Note 2: A decision not to determine that an entity is a reporting entity is reviewable: see section 51.

(2) A determination under subsection (1) takes effect at the time specified in the determination, which must be: (a) the time specified in the application for the purposes of subsection 10C(2); or (b) if the application does not specify a time for the purposes of subsection 10C(2)—at the start of the first provisional reporting period of the entity that begins after the Regulator makes the determination. (3) Despite paragraph (2)(a), the time specified in the determination may be the start of the first provisional reporting period of the entity that begins after the Regulator makes the determination, if the Regulator considers it appropriate in all the circumstances for the determination to take effect at that time. (4) A determination under subsection (1) is not a legislative instrument.