Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts(1) The waste manager may require a licensee to provide a financial assurance to the waste manager if satisfied that the assurance is justified to ensure compliance with a licence.
(2) Before requiring a financial assurance under subsection (1), the waste manager must consider—
(a) the nature of the waste activity; and
(b) the compliance record of the licensee; and
(c) the likelihood that remedial action will be necessary if the licensee fails to comply with a condition of the licence.
(3) A financial assurance must be in the form of—
(a) an unconditional bank guarantee; or
(b) a bond; or
(c) an insurance policy; or
(d) another form of security that the waste manager considers appropriate.
(4) The waste manager must not require a financial assurance of an amount greater than the total amount that the waste manager reasonably believes is necessary to remedy the foreseeable harm that could result from the failure to comply with the licence.
(5) A financial assurance must be provided—
(a) for the period stated in the licence; or
(b) if no period is stated, until the end of the licence.
(6) The waste manager may require the licensee to give a financial assurance under this part, even though the person has given a financial assurance under the Environment Protection Act 1997
, division 9.4.