Document ID: chunk:federal_register_of_legislation:F2010L02473:body:0:p4
Version: federal_register_of_legislation:F2010L02473
Segment Type: other
Provision Reference: 
Character Range: 8072–10933

decision.

 (4) If the transferor's authority decides that the transferor's application will be approved, the transferor's authority must:
 (a) notify the transferee's authority:
 (i) that the application will be approved; and
 (ii) of the transaction identification number assigned under paragraph (1) (b) of this step; and
 (b) debit the transferor's allocation account; and
 (c) set the date upon which the transfer will take effect for the purposes of water accounting; and
 (d) advise the transferor that the application has been granted.

Step 4 Finalisation of application by transferee's authority

 (1) When the transferee's authority receives notice that the transferor's authority has approved the application, then, unless an event has occurred since it gave notice to the transferor's authority under paragraph (7) (b) of step 2 that results in the application subsequently being prohibited, the transferee's authority must promptly:
 (a) approve the transfer; and
 (b) amend its records to reflect the effect of the transfer; and
 (c) calculate the volume of the allocation to be received by the transferee by applying any exchange rate notified by the Authority, and credit the transferee's allocation account accordingly; and
 (d) advise the transferee and any broker or other agent engaged to assist in making the transfer that the transfer has been finalised.

 (2) If the transferee's authority is unable to approve the application because of an event referred to in clause (1) of this step, the transferee's authority must:
 (a) promptly inform the transferor's authority; and
 (b) make arrangements with the transferor's authority to ensure that the transferor, the transferee and any broker or other agent engaged to assist in making the transfer are promptly informed that the application is not approved.

Step 5 Reconciling records

 (1) Within 7 days after the end of each month, each licensing authority within a State must send to the Authority:
 (a) a copy of the aggregate volume of all transfers of allocations and other forms of temporary transfers, into and out of the State in the month; and
 (b) a table setting out data relating to each transfer from which the aggregate volume was derived.

 (2) The Authority must examine whether there are any discrepancies between the information mentioned in paragraph (1) (a) and the information mentioned in paragraph (1) (b), of this step that is provided by each licensing authority.

 (3) The Authority must:
 (a) record any discrepancy other than an allowable discrepancy; and
 (b) provide the relevant licensing authority with a report on every discrepancy required by paragraph (a) to be recorded within 14 days after the end of the month in which the Authority receives the information referred to in clause (1) of this step.

 (4) In paragraph (3) (a) of this step, allowable