Contents

Part 1--Preliminary                                                                                                             1

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Objects................................................................................................ 2

4............ Simplified outline of this Act.............................................................. 3

5............ Definitions.......................................................................................... 3

Part 2--Minimum stockholding obligation                                                            8

Division 1--Introduction to this Part                                                                   8

6............ Simplified outline of this Part.............................................................. 8

Division 2--Minimum stockholding obligation                                             10

7............ Minimum stockholding obligation.................................................... 10

8............ Additional responsibility of Australian controlling corporation........ 10

Division 3--Entities subject to the minimum stockholding obligation 11

9............ Entities subject to the minimum stockholding obligation................... 11

10.......... Triggering the minimum stockholding obligation.............................. 11

11.......... Ceasing to be subject to minimum stockholding obligation............... 12

12.......... Exemptions....................................................................................... 13

Division 4--Designated quantity of MSO product                                      14

13.......... Designated quantity of MSO product............................................... 14

14.......... Target number of days for stockholding........................................... 14

15.......... Notice of quantity of MSO product.................................................. 15

16.......... Entity's advice about expected designated quantity........................... 15

17.......... Application to temporarily reduce quantity of stocks of MSO product 16

18.......... Secretary's decision on temporary reduction application................... 16

Division 5--Holding stocks of an MSO product                                          18

19.......... When an entity holds stocks of an MSO product.............................. 18

20.......... Excluded stocks................................................................................ 18

21.......... Stocks that are stored in Australia..................................................... 18

22.......... Holder of stocks: entity owns stocks and no other entity is the holder 19

23.......... Holder of stocks: entity entitled to take ownership of stocks and no other entity is the holder 19

24.......... Holder of stocks: stocks held, reserved or quarantined for entity and no other entity is the holder          20

25.......... Taking feedstocks at refinery into account........................................ 20

26.......... Rules in relation to legally enforceable arrangements........................ 21

Division 6--Suspension of minimum stockholding obligation               22

27.......... Suspension by Minister.................................................................... 22

28.......... Application for suspension by Secretary........................................... 22

29.......... Secretary's decision on suspension application................................. 23

Division 7--Other duties                                                                                           25

30.......... Notice of MSO activity in relation to MSO product......................... 25

31.......... Notice of intention to cease all MSO activities in relation to MSO product              26

32.......... Secretary's decision about cessation of all MSO activities in relation to MSO product           26

33.......... Compliance audits............................................................................. 27

34.......... Other audits....................................................................................... 28

35.......... Conduct of audits.............................................................................. 29

36.......... MSO compliance plan....................................................................... 29

Division 8--Assumption or division of minimum stockholding obligation            31

37.......... Determination of assumption or division of minimum stockholding obligation       31

Part 3--Fuel security services payment                                                                  33

Division 1--Introduction to this Part                                                                 33

38.......... Simplified outline of this Part............................................................ 33

Division 2--Fuel security services payment                                                   34

39.......... Application for fuel security services payment.................................. 34

40.......... Decision on application..................................................................... 34

41.......... Commitment period........................................................................... 35

42.......... Payability of fuel security services payment...................................... 36

43.......... Amount of fuel security services payment........................................ 36

44.......... Determination of margin sufficient to ensure refineries do not make a loss              38

45.......... Payment of fuel security services payment........................................ 38

46.......... Publication of information................................................................. 38

Division 3--Reporting and notification obligations                                   39

47.......... Reporting during commitment period................................................ 39

48.......... Notification of events during commitment period............................. 39

49.......... False or misleading information........................................................ 40

Division 4--Repayment obligations                                                                    41

50.......... Repayment if committed refinery ceases refining FSSP fuel............. 41

51.......... Rules in relation to repayment obligation.......................................... 42

52.......... Secretary may extend period of cessation.......................................... 43

53.......... Secretary must notify person of amount repayable under section 50. 43

54.......... Repayment in other circumstances.................................................... 44

55.......... Secretary must notify person of amount repayable under section 54. 44

Division 5--Other matters                                                                                       46

56.......... Defeasibility of statutory rights......................................................... 46

57.......... Uniformity........................................................................................ 46

58.......... Appropriation.................................................................................... 46

Part 4--Compliance and enforcement                                                                    47

59.......... Simplified outline of this Part............................................................ 47

60.......... Monitoring powers........................................................................... 47

61.......... Investigation powers......................................................................... 50

62.......... Civil penalty provisions.................................................................... 52

63.......... Requirement for person to assist with applications for civil penalty orders              53

64.......... Determining pecuniary penalty for contravention of minimum stockholding obligation           54

65.......... Civil penalties for contravention of minimum stockholding obligation 56

66.......... Infringement notices.......................................................................... 57

67.......... Penalties in infringement notices....................................................... 58

68.......... Secretary may publicise certain contraventions................................. 59

69.......... Enforceable undertakings.................................................................. 59

70.......... Injunctions........................................................................................ 61

Part 5--Other matters                                                                                                       63

Division 1--Introduction to this Part                                                                 63

71.......... Simplified outline of this Part............................................................ 63

Division 2--Review of decisions                                                                           64

72.......... Reviewable decisions........................................................................ 64

73.......... Notice of reasons and review rights.................................................. 65

74.......... Applications for reconsideration of decisions made by delegates...... 65

75.......... Reconsideration by responsible person............................................. 66

76.......... Deadline for reconsideration............................................................. 66

77.......... Review by the Administrative Appeals Tribunal............................... 67

Division 3--Other matters                                                                                       68

78.......... Further information about applications, notices and advice............... 68

79.......... Treatment of trusts............................................................................ 68

80.......... Appointment of authorised persons.................................................. 69

81.......... Approved forms................................................................................ 70

82.......... Delegation by Minister...................................................................... 70

83.......... Delegation by Secretary.................................................................... 71

84.......... Rules................................................................................................. 71

 

 

 

Fuel Security Act 2021

No. 65, 2021

 

An Act to make arrangements in relation to fuel security, and for related purposes

[Assented to 29 June 2021]

The Parliament of Australia enacts: