Document ID: chunk:federal_register_of_legislation:F2018L00366:reg:10
Version: federal_register_of_legislation:F2018L00366
Segment Type: reg
Provision Reference: reg 10
Character Range: 9562–10835

10  Amount of deposit or deed of financial security required

       (1)      The ACMA must specify in writing, for the purposes of paragraph 13(2)(f), the amount required.

       (2)      A deed of financial security must be executed by an Australian-owned authorised deposit-taking institution (as defined in the Banking Act 1959) which is a bank.

       (3)      If a deed of financial security is executed by a person acting under a power of attorney for a body corporate, the applicant must give the ACMA a copy of the power of attorney with the deed.

       (4)      If a deed of financial security is given to the ACMA electronically before the closing date and time for the application, the original deed must be received by the ACMA no later than 3 business days after the closing date and time for the application (or, if the ACMA agrees to a later time, the agreed time) for the deed to be taken to have been given to the ACMA.

       (5)      An applicant is taken to have withdrawn its application if the ACMA is not satisfied that the person executing a deed of financial security is a person mentioned in subsection (2).

       (6)      The ACMA must tell an applicant in writing if it is taken to have withdrawn its application under subsection (5).