Commonwealth Consolidated Acts

SECURITY OF CRITICAL INFRASTRUCTURE ACT 2018 - SECT 12G

  (1)   An asset is a critical banking asset if it is any of the following assets:

  (a)   an asset where the following conditions are satisfied:

  (i)   the asset is owned or operated by an authorised deposit - taking institution;

  (ii)   the authorised deposit - taking institution is an authorised deposit - taking institution that, in accordance with subsection   (2), is critical to the security and reliability of the financial services and markets sector;

  (iii)   the asset is used in connection with the carrying on of banking business;

  (b)   an asset where the following conditions are satisfied:

  (i)   the asset is owned or operated by a body corporate that is a related body corporate of an authorised deposit - taking institution;

  (ii)   the body corporate is a body corporate that, in accordance with subsection   (3), is critical to the security and reliability of the financial services and markets sector;

  (iii)   the asset is used in connection with the carrying on of banking business.

Note:   The rules may prescribe that a specified critical banking asset is not a critical infrastructure asset (see section   9).

  (2)   For the purposes of subparagraph   (1)(a)(ii), the rules may prescribe:

  (a)   specified authorised deposit - taking institutions that are critical to the security and reliability of the financial services and markets sector; or

  (b)   requirements for an authorised deposit - taking institution to be critical to the security and reliability of the financial services and markets sector.

  (3)   For the purposes of subparagraph   (1)(b)(ii), the rules may prescribe:

  (a)   specified bodies corporate that are critical to the security and reliability of the financial services and markets sector; or

  (b)   requirements for a body corporate to be critical to the security and reliability of the financial services and markets sector.