Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:1_848a
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 1 cl 848A
Character Range: 123306–125580

848A  Determinations that information is covered by secrecy provision
 (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.
 (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.
 (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.
 (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
 (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
 (6) An instrument made under subsection (1) is not a legislative instrument.