Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Reserve Bank may, by written notice given to a CS facility licensee, direct the licensee to take:
(a) specified action that the Reserve Bank reasonably believes will promote compliance by the licensee with its obligations as a CS facility licensee under:
(i) paragraph 821A(1)(aa) or (ab); or
(ii) section 821BA; or
(iii) subsection 821C(3);
if the Reserve Bank reasonably believes that the licensee is not complying or is not likely to comply with those obligations; or
(b) specified action to comply with all or part of one or more standards in force under section 827D that applies to the licensee, if the Reserve Bank reasonably believes that the licensee is not complying with those standards or parts; or
(c) specified action to reduce systemic risk in the provision of the facility's services, if the Reserve Bank reasonably believes that the licensee:
(i) has not done; or
(ii) is unlikely to do;
all things reasonably practicable to reduce systemic risk in the provision of the facility's services.
(2) The direction must specify a reasonable time by which, or a reasonable period during which, it is to be complied with.
(3) The licensee must comply with the direction (even if, under subsection (4), the licensee has requested the Reserve Bank to refer the direction to the Minister).
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).
Referrals to the Minister
(4) If, at any time after a CS facility licensee receives a direction under subsection (1), the licensee requests in writing that the Reserve Bank refer the direction to the Minister, the Reserve Bank must do so immediately.
(5) The Minister may, if the Minister considers it appropriate after being referred the direction, direct the Reserve Bank to vary or revoke the direction.
(6) The Reserve Bank must comply with the direction given under subsection (5).
Note: The Reserve Bank will need to do so immediately: see paragraph 823K(1)(b).
(7) A direction given under subsection (5) is not a legislative instrument.