Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3B - CRISIS RESOLUTION FOR CS FACILITY LICENSEES  

Division 9 - Other matters  

Subdivision A - Secrecy determinations  

SECTION 848B   VARIATION OR REVOCATION OF DETERMINATIONS  

848B(1)    
The Reserve Bank may, in writing, vary a determination made under subsection 848A(1) if paragraphs 848A(1)(a) and (b) would apply in relation to the direction as varied.

848B(2)    
The Reserve Bank may, in writing, revoke a determination made under subsection 848A(1) .

848B(3)    
As soon as practicable after making the variation or revocation, the Reserve Bank must give the body corporate to which the determination relates a copy of the variation or revocation.

848B(4)    
As soon as practicable after the Reserve Bank gives the body corporate a copy of the variation or revocation under subsection (3) , the body corporate must:

(a)    if it is practical to do so - give a copy of the variation or revocation to each person to whom the body corporate gave:

(i) a copy of the determination under paragraph 848A(4)(b) ; or

(ii) a copy of an earlier variation of the determination (if any) under this paragraph; or

(iii) a copy of the determination as previously varied (if applicable) under paragraph (b) of this subsection; and

(b)    in the case of a variation that results in additional information being specified in the determination:

(i) take reasonable steps to discover who is covered by paragraphs 848C(2)(a) and (b) in relation to the additional information (and is not covered by paragraph (a) of this subsection); and

(ii) if it is practicable to do so - give a copy of the determination, as varied, to each person who the body corporate believes to be so covered.

Note: Failure to comply with this subsection is an offence: see subsection 1311(1) .

848B(5)    
A variation or revocation under this section is not a legislative instrument.