Financial Sector Legislation Amendment Act (No. 1) 2003 (116 of 2003)
Schedule 2 Banking Act 1959
18 After Part V
Insert:
Part VI - Reconsideration and Review of decisions
51A Definitions
In this Part:
decision has the same meaning as in the Administrative Appeals Tribunal Act 1975.
reviewable decision of APRA means a decision of APRA to which, under this Act, this Part applies.
51B Reconsideration of decisions
(1) A person affected by a reviewable decision of APRA who is dissatisfied with the decision may, by notice in writing given to APRA, within the period of 21 days after the day on which the decision first comes to the notice of the person, or within such further period as APRA allows, request APRA to reconsider the decision.
(2) The request must set out the reasons for making the request.
(3) Upon receiving the request, APRA must reconsider the decision and may, subject to subsection (4), confirm or revoke the decision or vary the decision in such manner as APRA thinks fit.
(4) If APRA does not confirm, revoke or vary a decision before the end of the period of 21 days after the day on which APRA received the request under subsection (1) to reconsider the decision, APRA is taken, at the end of that period, to have confirmed the decision under subsection (3).
(5) If APRA confirms, revokes or varies a decision before the end of the period referred to in subsection (4), APRA must, by notice served on the person who made the request:
(a) tell the person of the result of APRA's reconsideration of the decision; and
(b) set out the findings on material questions of fact; and
(c) refer to the evidence or other material on which those findings were based; and
(d) give APRA's reasons for confirming, revoking or varying the decision, as the case may be.
(6) When APRA serves on a person a notice containing information of a kind mentioned in paragraph (5)(b) or (c), APRA may include in the notice conditions to be complied with in relation to the notice or any information disclosed in the notice.
(7) A person commits an offence if the person fails to comply with a condition imposed under subsection (6).
Maximum penalty: Imprisonment for 2 years.
(8) Strict liability applies to the physical element of the offence in subsection (7) that the condition is imposed under subsection (6).
Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
51C Review of decisions
(1) Applications may be made to the Administrative Appeals Tribunal for review of decisions of APRA that have been confirmed or varied under subsection 51B(3).
(2) If a decision is taken, because of the operation of subsection 51B(4), to be confirmed, section 29 of the Administrative Appeals Tribunal Act 1975 applies as if the prescribed time for making application for review of the decision were the period beginning on the day on which the decision is taken to be confirmed and ending on the 28th day after that day.
(3) If a person makes a request under subsection 51B(1) in respect of a reviewable decision of APRA, section 41 of the Administrative Appeals Tribunal Act 1975 applies as if the making of the request were the making of an application to the Administrative Appeals Tribunal for a review of that decision.
(4) The hearing of a proceeding relating to a reviewable decision of APRA is to take place in private and the Tribunal may, by order:
(a) give directions as to the persons who may be present; and
(b) give directions of a kind referred to in paragraph 35(2)(b) or (c) of the Administrative Appeals Tribunal Act 1975.
51D Statements to accompany notification of decisions
(1) If a reviewable decision of APRA is made and notice in writing of the decision is given to a person affected by the decision, the notice is to include a statement to the effect that:
(a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by APRA in accordance with subsection 51B(1); and
(b) a person whose interests are affected by the decision may, subject to the Administrative Appeals Tribunal Act 1975, if dissatisfied with a decision made by APRA upon that reconsideration confirming or varying the first-mentioned decision, apply to the Administrative Appeals Tribunal for a review of the decision so confirmed or varied.
(2) A notice given to a person under subsection (1) may impose conditions relating to the disclosure of any information setting out reasons for the decision that is contained in, or in a document accompanying, the notice.
(3) A person commits an offence if the person fails to comply with a condition imposed under subsection (2).
Maximum penalty: Imprisonment for 2 years.
Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
(4) If APRA confirms or varies a decision under subsection 51B(3) and gives to a person notice in writing of the confirmation or variation of the decision, the notice is to include a statement to the effect that a person whose interests are affected by the decision may, subject to the Administrative Appeals Tribunal Act 1975, if dissatisfied with the decision so confirmed or varied, apply to the Administrative Appeals Tribunal for review of the decision.
(5) Any failure to comply with the requirements of subsection (1) or (4) in relation to a decision does not affect the validity of the decision.