Payment Times Reporting Act 2020

PART 1A - PROVISIONS ABOUT REPORTING ENTITIES AND REPORTING NOMINEES  

Division 3 - Subsidiary reporting entities  

SECTION 10G   REVOCATION OF SUBSIDIARY REPORTING ENTITY DETERMINATION  
Revocation by Regulator

10G(1)    
The Regulator may revoke a determination under subsection 10E(1) by written notice given to the subsidiary reporting entity to which the determination relates.

Note:

A decision to revoke a determination that an entity is a subsidiary reporting entity is reviewable: see section 51 .

10G(2)    
A revocation under subsection (1) takes effect at the time specified in the notice, which must be either:

(a)    the start of the reporting period of the entity in which the Regulator gives the notice; or

(b)    the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a) of this subsection.

Revocation on notice by reporting entity

10G(3)    
If:

(a)    the Regulator has made a determination under subsection 10E(1) in respect of an entity; and

(b)    the determination has not been revoked;

the entity may, by written notice to the Regulator, inform the Regulator that the entity wishes to cease to be a subsidiary reporting entity.

10G(4)    
A notice under subsection (3) must specify the time when the determination under subsection 10E(1) is to be revoked, which must be either:

(a)    the start of the reporting period of the entity in which the entity gives the notice to the Regulator; or

(b)    the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a) of this subsection.

10G(5)    
If a subsidiary reporting entity gives the Regulator a notice under subsection (3) , the determination mentioned in paragraph (3)(a) is taken to be revoked at the time specified in the notice for the purposes of paragraph (4)(a) or (b) .