Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (87 of 2024)

Schedule 1   Financial market infrastructure: resolution authority

Part 2   Crisis prevention

Corporations Act 2001

26   Section 821BA

Repeal the section, substitute:

821BA Obligation to notify Reserve Bank of certain matters

A CS facility licensee must give written notice to the Reserve Bank, immediately after becoming aware that:

(a) the licensee has failed to comply with one or more standards in force under section 827D or 827DA, or is likely to fail to comply with such standards; or

(b) the licensee may no longer be able to meet, or has breached, its obligation under paragraph 821A(1)(ab); or

(c) the licensee has ceased, intends to cease or is likely to cease providing one or more clearing and settlement facility services that are critical to the functioning of the financial system in Australia; or

(d) in the absence of external support, the licensee is likely to be unable to continue to provide one or more clearing and settlement facility services that are critical to the functioning of the financial system in Australia; or

(e) the licensee's financial viability is at risk or is likely to be at risk; or

(f) in the absence of external support, the licensee's financial viability is likely to be at risk; or

(g) an event treated, under the facility's operating rules, as a default event occurs, or is likely to occur, in relation to a participant in the CS facility.

Note: Failure to comply with this subsection is an offence: see subsection 1311(1).