Document ID: chunk:federal_register_of_legislation:F2021L01011:reg:8
Version: federal_register_of_legislation:F2021L01011
Segment Type: reg
Provision Reference: reg 8
Character Range: 8361–9999

8  General requirements to approve applications
 (1) For paragraph 40(2)(d) of the Act, applications must meet the requirements required by this section to be approved.
Note: Under subsection 40(2) of the Act the applicant must also be a constitutional corporation, refine FSSP fuel at a refinery in Australia and refine fuel consistent with the requirements in section 7.
 (2) The Minister must not grant the application unless satisfied that:
 (a) the applicant has the capability to refine FSSP fuel at the refinery and has the intention to do so for the duration of the commitment period; and
 (b) the security provided for under subsection 6(3) is sufficient to mitigate the risks of non-repayment, having regard to the creditworthiness of the person providing the security and other relevant matters; and
 (c) the applicant intends to cooperate with the Department in relation to the preparation of the milestone report for fuel security services payments, including through access to appropriate financial information relating to the refinery's margin and the preparation of the milestone report; and
 (d) the approval of the application would not result in two persons being eligible for fuel security services payments for the same refinery and quarter; and
 (e) the applicant was not previously approved under section 40 of the Act for the same refinery.
 (3) For paragraph (2)(b) and without limiting other relevant matters, an investment grade credit rating of the person providing the security is prima facie evidence of the sufficiency of the creditworthiness of the person providing the security.
Part 4—Commitment periods