Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:2_239bb
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 2 cl 239BB
Character Range: 260920–262871

239BB  Disclosure of interests by members

 (1) If:
 (a) a member is, or is to be, a member of the Financial Reporting Panel as constituted for the purposes of the performance or exercise of its functions or powers in relation to a particular matter; and
 (b) the member has or acquires any interest, pecuniary or otherwise, that could conflict with the proper performance of the member's functions in relation to that matter;
the member:
 (c) must disclose the interest to the Chairperson and to the parties involved in the matter; and
 (d) except with the Chairperson's consent, must not take part in the performance or exercise of the Financial Reporting Panel's functions or powers in relation to the matter.

 (2) The Chairperson must not, under paragraph (1)(d), consent to a member taking part in the performance or exercise of the Financial Reporting Panel's functions or powers in relation to a matter unless the Chairperson believes, on reasonable grounds, that the member's interest:
 (a) is immaterial or indirect; and
 (b) will not prevent the member from acting impartially in relation to the matter.

 (3) If the Chairperson becomes aware that a member who is, or is to be, a member of the Financial Reporting Panel (as constituted for the purposes of the performance or exercise of its functions or powers in relation to a particular matter) has, in relation to that matter, an interest of the kind referred to in subsection (1):
 (a) the Chairperson must revoke the direction given under subsection 239BA(2) in relation to the matter unless the Chairperson believes, on reasonable grounds, that the member's interest:
 (i) is immaterial or indirect; and
 (ii) will not prevent the member from acting impartially in relation to the matter; or
 (b) if the Chairperson is not required to revoke that direction under paragraph (a), the Chairperson must cause the member's interest to be disclosed to the parties involved in the matter.