Payment Times Reporting Act 2020

PART 1A - PROVISIONS ABOUT REPORTING ENTITIES AND REPORTING NOMINEES  

Division 5 - Reporting nominees  

SECTION 10L   REPORTING NOMINEE DETERMINATION  

10L(1)    
The Regulator may determine, in writing, that a constitutionally covered entity (the first entity ) is a reporting nominee for one or more other entities (the other entities ) specified in the determination if:

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

(b)    the application specifies each of the other entities for the purposes of paragraph 10M(2)(a) ; and

(c)    the Regulator is satisfied that the first entity controls each of the other entities; and

(d)    the Regulator is satisfied that at least one of the other entities is a reporting entity; and

(e)    the Regulator is satisfied that each of the other entities that is a reporting entity has consented to the first entity being a reporting nominee for that other entity; and

(f)    the Regulator is satisfied that the first entity is not a reporting entity; and

(g)    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

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

Note 1:

The determination does not result in the reporting nominee becoming a reporting entity.

Note 2:

If any of the other entities are reporting entities, the determination does not result in those entities ceasing to be reporting entities. However, rules made for the purposes of section 14 may prescribe different reporting requirements for different circumstances (see subsections 14(3) and (4) ). For example, the rules may provide that a report given by one of the other entities need not include certain information that is required to be included in the reporting nominee ' s report.

Note 3:

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

10L(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

10L(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 paragraph 10M(2)(b) ; or

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

10L(4)    
Despite paragraph (3)(a) , the time specified in the determination may be the start of the first provisional reporting period of the first 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

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