Commonwealth Consolidated Acts

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Obligation to notify Reserve Bank of certain matters

  (1)   A CS facility licensee must give written notice to the Reserve Bank of Australia (the Reserve Bank ), as soon as practicable, if:

  (a)   the licensee becomes aware that it has failed to comply with standards determined under section   827D, or is likely to fail to comply with such standards; or

  (b)   the licensee becomes aware that it may no longer be able to meet, or has breached, its obligation under subparagraph   821A(1)(aa)(ii).

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

  (2)   If the Reserve Bank considers it appropriate to do so, the Reserve Bank may give the Minister advice about the matter.

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