Western Australian Current Regulations Western Australian Current Regulations (1) In this
regulation —
licensee does not include a licensee who is a
local government.
(2) Each licensee is
to pay to the Chief Executive Officer, in accordance with subsection (3),
a financial assurance that —
(a) is
in an approved form; and
(b)
secures or guarantees payment of an amount determined by the Chief Executive
Officer, being an amount that in the opinion of the Chief Executive Officer is
equivalent to the average levy to be paid by the licensee in a return period.
Penalty: $5 000.
(3) The financial
assurance is to be paid to the Chief Executive Officer —
(a) in
the case of an existing licensee, not later than 2 weeks after commencement
day; and
(b) in
the case of a licensee who is granted a licence after commencement day, not
later than 2 weeks after the licence is granted.
(4) The licensee is to
maintain the financial assurance in accordance with any requirements of the
Chief Executive Officer of which the licensee has been given written notice.
Penalty: $5 000.
(5) The moneys from
any financial assurance that is called on or used by the Chief Executive
Officer are to be paid into the Fund.
(6) The Chief
Executive Officer is to review the amount of a financial assurance provided
under this regulation not later than 2 years after it is provided and
thereafter not later than 2 years after each review.
(7) The Chief
Executive Officer may at any time, by written direction, require a licensee to
increase the amount of the financial assurance provided by the licensee if the
Chief Executive Officer thinks it is appropriate to do so.
(8) A licensee is to
comply with a direction given to the licensee under subregulation (7).
Penalty: $5 000.
[Regulation 28 inserted: Gazette
26 Jun 1998 p. 3373; amended: Gazette 11 Dec 1998
p. 6601; 29 Sep 2006 p. 4266.]