Release of financial assurance following trigger event
231B Release of financial assurance following trigger event
S. 231B inserted by No. 35/2023 s. 32.
Subject to section 231M, within 40 business days after being notified of a trigger event the Authority must—
release the financial assurance; or
notify the person who provided the financial assurance in writing of the intention of the Authority to refuse to release all or part of the financial assurance under section 231C, 231D, 231E or 231F.
A notice of intention under subsection (1)(b) must invite the person who provided the financial assurance to make a submission on the Authority's intention to refuse to release all or part of the financial assurance—
within 20 business days of the date of the notice; or
within any other period agreed between the Authority and the person.
The Authority must consider any submission received under subsection (2) before refusing to release a financial assurance under section 231C, 231D, 231E or 231F.
This Act’s bill:Explanatory memorandumSecond reading speech
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