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 848A   DETERMINATIONS THAT INFORMATION IS COVERED BY SECRECY PROVISION  

848A(1)    
The Reserve Bank may determine, in writing, that specified information is covered by this subsection if:

(a)    the information is:

(i) information that reveals the fact that a specified direction given to a body corporate under subsection 840A(1) was given; or

(ii) information that is, or is contained in a specified document, given to a body corporate covered by subsection (2) of this section by the Reserve Bank in the exercise of a power or the performance of a function under this Part; and

(b)    the Reserve Bank reasonably believes that the determination is appropriate to manage or respond to a condition in section 831A being satisfied in relation to a CS facility licensee.

848A(2)    
A body corporate is covered by this section if it is incorporated in Australia and it:

(a)    is a CS facility licensee; or

(b)    is a related body corporate of a CS facility licensee; or

(c)    was a related body corporate of a CS facility licensee before a transfer of business or shares under this Part; or

(d)    is a body corporate to which information has been provided under section 839B in relation to a transfer.

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

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

(a)    take reasonable steps to discover who is covered by paragraphs 848C(2)(a) and (b) in relation to the information specified in the determination; and

(b)    if it is practicable to do so - give a copy of the determination 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) .

Reserve Bank must consider other determinations

848A(5)    
If the Reserve Bank makes a determination under subsection (1) of this section, the Reserve Bank must consider whether to also make a determination under section 848E (determination allowing disclosure by specified persons).

Determination not a legislative instrument

848A(6)    
An instrument made under subsection (1) is not a legislative instrument.