Document ID: chunk:federal_register_of_legislation:F2024L01639:clause:1_102
Version: federal_register_of_legislation:F2024L01639
Segment Type: clause
Provision Reference: sch 1 cl 102
Character Range: 102148–104668

102  Minister may require financial security to be in a particular form
 (1) For the purposes of paragraph 117(3)(a) of the Act:
 (a) the Minister may determine that the financial security that is or will be required to be provided, for the purposes of subsection 117(1) of the Act, in relation to a particular licence (whether or not the licence is in force) must be in a particular form, which may be a combination of different forms of financial security; and
 (b) if the Minister does so, the financial security must be in that form or those forms.
Note: The Minister may make a determination under this subsection whether or not the licence holder has already provided financial security. For cases where the licence holder has already provided financial security, see subsection (9).
 (2) A determination under subsection (1):
 (a) must be in writing; and
 (b) must specify the day on which the determination takes effect.
 (3) The day specified for the purposes of paragraph (2)(b) must be reasonable.

Procedure for making determination
 (4) Before making a determination under subsection (1), the Minister must give the licence holder written notice of the proposed determination.
 (5) The notice must:
 (a) set out the Minister's reasons for the proposed determination; and
 (b) invite the licence holder to make a written submission about the proposed determination; and
 (c) specify the day on or before which the submission must be made.
 (6) The day specified for the purposes of paragraph (5)(c) must be reasonable.
 (7) If the licence holder makes a submission on or before the day specified for the purposes of paragraph (5)(c), the Minister must take the submission into account in deciding whether to make the determination.
 (8) The Minister must give written notice of a determination under subsection (1) to the licence holder.

Determination may require existing financial security to be provided in a new form
 (9) To avoid doubt:
 (a) the Minister may determine under subsection (1) that financial security already provided by a licence holder in a particular form (the first form) must be provided in a different form (the second form); and
 (b) if the Minister does so, then:
 (i) any obligation that the licence holder has to provide the financial security in the first form continues until the end of the day before the day the determination takes effect; and
 (ii) on and after the day the determination takes effect, the licence holder must provide financial security in the second form.