Payment Times Reporting Act 2020

PART 1A - PROVISIONS ABOUT REPORTING ENTITIES AND REPORTING NOMINEES  

Division 3 - Subsidiary reporting entities  

SECTION 10E   SUBSIDIARY REPORTING ENTITY DETERMINATION  

10E(1)    
The Regulator may determine, in writing, that a constitutionally covered entity is a subsidiary reporting entity if:

(a)    the entity applies to the Regulator under subsection 10F(1) ; and

(b)    the entity is controlled by another entity that is a reporting entity; and

(c)    the Regulator is satisfied that granting the application:

(i) would not be contrary to the public interest; and

(ii) would be consistent with the objects of this Act; and

(d)    the Regulator is satisfied of any other matters prescribed by the rules.

Note 1:

A subsidiary reporting entity becomes a reporting entity when the determination under this subsection takes effect (see subsection 7(4) ).

Note 2:

Rules made for the purposes of section 14 may provide that:

(a) a payment times report given by a subsidiary reporting entity must include information about the payment terms, times and practices of the entity and other entities that the entity controls; and

(b) that information is not required to be included in a payment times report given by the reporting entity that controls the subsidiary reporting entity.

Note 3:

Rules made for the purposes of section 14 may make other provision in relation to subsidiary reporting entities.

Note 4:

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

10E(2)    
In deciding whether to make a determination under subsection (1) , the Regulator must have regard to any matters prescribed by the rules.

When determination takes effect

10E(3)    
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 10F(2) ; or

(b)    if the application does not specify a time for the purposes of subsection 10F(2) - at the start of the first provisional reporting period of the entity that begins after the Regulator makes the determination.

10E(4)    
Despite paragraph (3)(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.

Determination is not a legislative instrument

10E(5)    
A determination under subsection (1) is not a legislative instrument.