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

Schedule 2   Financial market infrastructure: new and enhanced regulatory powers

Part 9   Enhancing regulator powers for CS facility licensees

Division 2   Other amendments

Reserve Bank Act 1959

114   After section 84

Insert:

84A Protection from liability - crisis powers etc.

Protection from criminal actions or proceedings

(1) A criminal action or proceeding does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if:

(a) the person does the thing, or omits to do the thing, for the purpose of:

(i) performing or purportedly performing any function; or

(ii) exercising or purportedly exercising any power;

conferred or expressed to be conferred by or under:

(iii) section 823F (directions to preserve stability in the Australian financial system) of the Corporations Act 2001; or

(iv) Part 7.3B (crisis resolution for CS facility licensees) of that Act; and

(b) it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and

(c) the person is covered by subsection (3) of this section.

Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code.

Protection from civil actions or proceedings

(2) A civil action or proceeding does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if:

(a) the person does the thing, or omits to do the thing, for the purpose of:

(i) performing or purportedly performing any function; or

(ii) exercising or purportedly exercising any power;

conferred or expressed to be conferred by or under Part 7.3 (licensing of clearing and settlement facilities) or 7.3B (crisis resolution of CS facility licensees) of the Corporations Act 2001; and

(b) it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and

(c) the person is covered by subsection (3) of this section.

Persons protected

(3) This subsection covers the following persons:

(a) the Bank;

(b) the Governor;

(c) the Deputy Governor;

(d) a member of the Reserve Bank Board;

(e) a member of the Payments System Board;

(f) a staff member of the Reserve Bank Service;

(g) an officer or employee of:

(i) an Agency (within the meaning of the Public Service Act 1999); or

(ii) an authority of the Commonwealth;

whose services are made available to the Bank in connection with the performance or exercise of any of the Bank's functions or powers.

Reasonableness

(4) For the purposes of paragraph (1)(b) or (2)(b), treat it as reasonable for a person to do a thing, or to omit to do a thing, in order to achieve a purpose unless no reasonable person in that person's position would do the thing, or omit to do the thing, in order to achieve that purpose.