Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:2_823bc
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 2 cl 823BC
Character Range: 249486–252133

823BC  Reserve Bank's power to require expert report

Expert appointed by Reserve Bank
 (1) The Reserve Bank may, by written notice given to a CS facility licensee and a person (the expert), appoint the expert to provide the Reserve Bank with an expert report on specified matters relating to the licensee's compliance with its obligations as a CS facility licensee under this Part.
 (2) The Reserve Bank may, by written notice given to the licensee, direct the licensee to reimburse the Reserve Bank for the Reserve Bank's expenses that:
 (a) are incurred in appointing and paying the expert to provide the report; and
 (b) are specified in the notice.
 (3) If, under subsection (2), the Reserve Bank directs the licensee to reimburse the Reserve Bank for the Reserve Bank's expenses, an amount equal to those expenses:
 (a) is a debt due and payable to the Reserve Bank; and
 (b) is recoverable by the Reserve Bank in:
 (i) the Federal Court; or
 (ii) the Federal Circuit and Family Court of Australia (Division 2); or
 (iii) a court of a State or Territory that has jurisdiction in relation to the matter.

Expert appointed by licensee
 (4) The Reserve Bank may, by written notice given to a CS facility licensee, direct the licensee to appoint a person to provide the Reserve Bank with an expert report on specified matters relating to the licensee's compliance with its obligations as a CS facility licensee under this Part.
 (5) The licensee must comply with any direction given under subsection (4) to the licensee.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).

Qualifications for appointment
 (6) A person cannot be appointed under subsection (1), or as directed under subsection (4), unless the Reserve Bank:
 (a) is satisfied that the person has the necessary skills or experience to provide the expert report; and
 (b) if subsection (4) applies—has approved the proposed appointment of the person.

Licensee must assist expert
 (7) The licensee must give all information, explanation and assistance to a person appointed under subsection (1), or as directed under subsection (4), as the person reasonably requests for the preparation and provision of the expert report.
 (8) If a person requests the licensee to give the person information, explanation or assistance under subsection (7), the Reserve Bank may, by written notice given to the licensee, direct the licensee to comply with the request by a specified day.
 (9) The licensee must comply with any direction given under subsection (8) to the licensee.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).