Amount of financial assurances
31 Amount of financial assurances
The amount of a financial assurance may be determined by the regulator.
The regulator must not require financial assurances of an amount that is more than the total cost of carrying out the actions required to comply with the product stewardship requirements and targets.
The total cost is the amount that, in the regulator’s opinion, represents a reasonable estimate of—
the total likely costs and expenses that may be incurred by the person who lodged the action plan in carrying out the actions required, and
the total likely costs and expenses of the regulator in directing and supervising the carrying out of the actions.
The regulator may require a person who lodged an action plan to provide an independent assessment of the cost of the relevant actions for which the assurance is required.
This Act’s bill:Explanatory memorandumSecond reading speech
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