ࡱ>  bjbj$$ 6*F|F|" 44444HHH8dtHC8BXXnnn$@&7777777$97<*74'@''744nn7F3F3F3'R4n4n7F3'7F3F37F7n@ݱ^&j' 67780C8>7a<p1a<F7a<4F7hF3'''77<3 '''C8''''a<''''''''' : Draft Gas (Compliance) Regulations 2006 Contents Regulations Title These regulations are the Gas (Compliance) Regulations 2006 Commencement These regulations come into force on [insert date of commencement]. Purpose These regulations provide for the monitoring and enforcement of the Gas (Switching Arrangements) Rules 2006 made by the Minister of Energy under section 43Q of the Gas Act 1992, as may be amended from time to time. Interpretation In these regulations, unless the context otherwise requires, Act means the Gas Act 1992 breach notice means any notice given under regulation 8 or 9 or 10 co-regulatory body means the industry body approved by the Governor General, by Order in Council made on the recommendation of the Minister of Energy under section 43ZL of the Act, to provide for co-regulation of the gas industry by the Government and that industry body consumer means a person who purchases gas for consumption; investigator means any investigator approved under regulation 21 notifying participant means a participant that gives a breach notice under regulation 8 market administrator means the co-regulatory body or any other person appointed by the co-regulatory body to be the market administrator participant means a switching participant as defined in the rules publish means, in relation to a document, to make that document available at no cost on the co-regulatory body's website at all reasonable times; and in any other manner that the co-regulatory body may decide registry operator means the service provider appointed by the co-regulatory body to establish, maintain, and operate the registry rules means the Gas (Switching Arrangements) Rules 2006 as amended from time to time and includes every schedule to the rules, any code of practice and any technical code and every amendment to deletion of, or addition to, any of the rules Rulings Panel or Panel means the Panel established by regulation 54. Any term that is defined in the rules and used, but not defined, in these regulations has the same meaning as in the rules. Any term that is defined in the Act and used in these regulations, but not defined in these regulations or the rules, has the same meaning as in the Act. Role of market administrator The role of the market administrator is to receive breach notices; and provide a filter so that breach allegations that do not raise material issues are not automatically referred to the investigation process and the Rulings Panel; and provide a fast and efficient resolution service for complaints that do not raise a material issue; and refer complaints that do raise material issues to investigators for investigation. To avoid any doubt, the co-regulatory body does not have a conflict of interest by reason of the fact that it may be carrying out the role of market administrator. Breaches In these regulations, unless the context otherwise requires, a reference to a participant that has breached a provision of the rules is a reference to a participant that has contravened the provision; or has attempted to contravene the provision; or has aided, abetted, counselled, or procured any other participant to contravene the provision; or has induced, or attempted to induce, any other participant, whether by threats or promises or otherwise, to contravene the provision; or has been in any way, directly or indirectly, knowingly concerned in, or party to, the contravention by any other participant of the provision; or has conspired with any other participant to contravene the provision. In these regulations, unless the context otherwise requires, a reference to a breach (including an alleged breach) of the rules refers only to a breach that was discovered, or ought reasonably to have been discovered, within 3 years of the date of the breach; and that occurred within 10 years of the date of any investigation or other proceedings under these regulations. Part 1 Reporting and investigation of breaches Participants must investigate complaints made to them Participants must investigate complaints made to them Any person may complain, in writing, to a participant about any business activity of the participant that the person believes might constitute a breach of the rules. The participant must ensure that the complaint is promptly, thoroughly, and fairly investigated by the participant, and that appropriate action is taken. The participant must promptly notify the person who made the complaint in writing of the result of the investigation and the action (if any) taken by the participant. Voluntary reporting to market administrator of breaches of rules Participant may notify market administrator of alleged breach If any participant believes, on reasonable grounds, that it or another participant has breached the rules, that participant may notify the market administrator as soon as possible. The notice must be in writing and must specify the participant that is alleged to have breached the rules; and the rule allegedly breached; and the circumstances relating to the alleged breach; and the date and time on which the alleged breach occurred. Consumer or other person may report to market administrator breach of rules Voluntary reporting of breaches of rules Any consumer or other person (other than a participant) may notify the market administrator if the consumer or other person believes, on reasonable grounds, that a participant has breached the rules; and that the consumer or other person is affected by that alleged breach. The co-regulatory body may notify the market administrator of an alleged breach of the rules by a participant of which the co-regulatory body becomes aware of by other means. Mandatory reporting to market administrator of alleged breaches Registry operator must notify market administrator of alleged breach If the registry operator believes, on reasonable grounds, that any participant has breached the rules, then the registry operator must notify the market administrator of the alleged breach as soon as possible. The notice must be in writing and must specify the participant that is alleged to have breached these regulations or the rules; and the rule allegedly breached; and the circumstances relating to the alleged breach; and the date and time on which the alleged breach occurred. The registry operator may include notices under subclause (2) in regular reports to the market administrator as agreed between the registry operator and the market administrator. Market administrator must notify participant allegedly in breach If the market administrator receives a breach notice, the market administrator must acknowledge receipt of the breach notice by any manner considered appropriate by the market administrator; and notify the participant allegedly in breach of the following: the name of the notifying participant; and the rule allegedly breached and the circumstances relating to the alleged breach; and the date and time the alleged breach occurred. The market administrator must use reasonable endeavours to give the acknowledgement and notice within 5 working days of receiving the breach notice. Alleged breach must be published and affected parties may join as parties At the same time as the market administrator gives notice under regulation 11(1)(b), the market administrator must publish the contents of that notice. Within 5 working days after the market administrator publishes the content of the notice under subclause (1), any participant may notify the market administrator that it considers that it is affected by the alleged breach and wishes to become a party to the breach notice. The participant is then joined as a party to the breach notice. Market administrator may request further information The market administrator may request information about the circumstances of the alleged breach from any of the following: the notifying participant or other person that gave the breach notice: the participant who is allegedly in breach: the registry operator: any other participant that has joined as a party to the breach notice Market administrator to determine materiality Market administrator to determine materiality The market administrator must determine whether an alleged breach raises a material issue on the information provided in the breach notice and any other information obtained in accordance with regulation 13. If, in the opinion of the market administrator, the alleged breach does not raise a material issue, the market administrator may, in its discretion, determine to take no action on the alleged breach; or attempt to resolve the alleged breach with the agreement of the parties in accordance with regulation 17. If, in the opinion of the market administrator, the alleged breach raises a material issue, the market administrator must refer the alleged breach to an investigator for investigation. If the market administrator is unable to determine whether an alleged breach raises a material issue because the market administrator does not have sufficient information, the market administrator must refer the alleged breach to an investigator for investigation. If, in the opinion of the market administrator, the alleged breach does not raise a material issue, the market administrator may still refer the alleged breach to an investigator for investigation if the market administrator considers the alleged breach warrants investigation. Factors to be taken into account when determining materiality The market administrator must, in determining whether or not an alleged breach raises a material issue, take into account the following factors: the severity of the alleged breach: whether the alleged breach had a material impact on the operation of the market: whether the alleged breach appears to have been intentional or malicious: whether the participant allegedly in breach took remedial action immediately, or soon after, following discovery of the breach: whether the alleged breach has a potential anti-competitive effect: whether the alleged breach has resulted in costs being borne by other participants or persons: whether the breach is admitted: whether the alleged breach was an isolated event, or indicates a systemic problem with compliance with the rules: whether the breach allegation is frivolous or vexatious or is not made in good faith: whether, considering the length of time that has elapsed between the date when the alleged breach became known to the participant allegedly in breach and the date when the alleged breach was reported to the market administrator, an investigation of the alleged breach is no longer practicable or desirable: whether the participant allegedly in breach has been or is subject to any other orders under these regulations: the likelihood that the same breach or a similar breach may occur in the future: whether the participant allegedly in breach has benefited from the breach: the complexity of facts warrant investigation: any other factors that the market administrator considers relevant. Decision to be expeditious and in a fair and reasonable manner The market administrator must make its determination under regulation 14 expeditiously and in a fair and reasonable manner. If regulation 14(2) applies, the market administrator must notify the following parties of his or her determination as soon as practicable: the notifying participant or other person that gave the breach notice; and the participant allegedly in breach; and any other participant that has joined as a party to the breach notice under regulation 12. Market administrator to use informal resolution process If regulation 14(2)(b) applies, the market administrator must endeavour to resolve the alleged breach with the agreement of the following parties: the notifying participant or other person that gave the breach notice; and the participant allegedly in breach; and any other participant that has joined as a party to the breach notice under regulation 12. In effecting an agreement, the market administrator may use any process that the market administrator thinks fit. Every settlement must be in writing; and specify the details of any breach of the rules that is admitted by a participant; and record the terms of the settlement. The persons referred to in subclause (1) must notify their acceptance of the terms of the settlement in writing to the market administrator. Market administrator must publish decisions When the market administrator has made its determination under regulation 14 the market administrator must notify the co-regulatory body of its determinations in a monthly report to the co-regulatory body; and publish its determination. Provisions relating to referral of alleged breaches to investigator Market administrator to refer alleged breaches to investigator This regulation applies if the market administrator determines under regulation 14(3) that an alleged breach raises a material issue in relation to compliance with the rules and must be referred to an investigator for investigation; or the market administrator determines under regulation 14(4) or 14(5) that the alleged breach will be referred to an investigator for investigation. The market administrator must refer the alleged breach to an approved investigator selected by the market administrator for investigation; and notify the following parties that the alleged breach has been referred to an investigator, providing the identity of that investigator and contact details: the notifying participant or other person that gave the breach notice; and the participant allegedly in breach; and (any other participant that has joined as a party to the breach notice under regulation 12; and provide the investigator with all relevant materials provided to or created by the market administrator concerning the alleged breach. Right to refer alleged breach to investigator directly This regulation applies if the market administrator has determined not to take any action on the alleged breach; or the attempt of the market administrator to resolve the alleged breach with the agreement of the parties in accordance with regulation 17 has been unsuccessful within 35 days after the breach was published under regulation 12. The following parties may require the market administrator to refer the alleged breach to the investigator: the notifying participant or other person that gave the breach notice; or the participant allegedly in breach; or any other participant that has joined as a party to the breach notice under regulation 12. If subclause (2) applies, regulation 19(2) applies to the market administrator. Approval and selection of investigators The co-regulatory body must approve 1 or more persons as investigators who have the requisite skills and experience to carry out an independent investigations of alleged breaches. In selecting an approved investigator under regulation 19, the market administrator must take reasonable steps to ensure that the investigator selected is free of conflicts of interest in carrying out the investigation. Investigator may appoint other persons to give advice In carrying out an investigation, the investigator may, subject to the agreement of the market administrator, appoint any external auditor, technical expert, or other persons that the investigator thinks fit to give advice or assistance to the investigator. Investigator must keep information confidential The investigator must keep, and must ensure that every person appointed by an investigator under regulation 22 keeps, confidential all information provided or disclosed to them, except to the extent that disclosure is required to enable the investigator or other person to carry out its obligations and duties under these regulations or the rules; or is otherwise compelled by law. The investigator must require participants that provide or disclose information to the investigator to identify any information that the participant considers to be confidential; and considers should not be included in the investigator's report under regulation 35(3). Funding of market administrator The co-regulatory body must fund the market administrator and any investigators selected by the market administrator. The co-regulatory body may recover the costs of that funding from industry participants via levy regulations made under the Act. Nothing in this regulation limits the ability of the Rulings Panel to make orders under section 43X of the Act relating to the reasonable costs of an investigation. Investigation of alleged breaches Investigator must investigate The investigator must conduct an investigation of the facts surrounding the notified alleged breach. Party must co-operate with investigation Every participant must co-operate fully with any investigation carried out by the investigator, in accordance with section 43U of the Act. Privileges protected Privileges are protected in accordance with section 43V of the Act. Limits on investigation powers The investigation powers of the investigator are limited by section 43W of the Act. Procedures if alleged breach resolved by settlement Informal resolution process The investigator must endeavour to effect an informal resolution (a "settlement") of every alleged breach under investigation by agreement between the notifying participant or other person that gave the breach notice; and the participant allegedly in breach; and any other participant that has joined as a party to the breach notice under regulation 12. In effecting a settlement, the investigator may use any process that the investigator thinks fit, after consultation with the persons referred to in subclause (1). Settlements must be written, etc Every settlement must be in writing; and specify the details of any breach of the rules that is admitted by a participant; and record the terms of the settlement. The persons referred to in regulation 29(1) must notify their acceptance of the terms of the settlement in writing to the investigator. Rulings Panel decides whether to approve settlements The investigator must provide to the Rulings Panel a copy of the settlement; and a report containing as much of the information specified in regulation 36(3) as the investigator reasonably considers relevant in the circumstances of the matter. The investigator may make a recommendation to the Rulings Panel that the Rulings Panel should not approve the settlement on the ground that the settlement is not in the best interests of the gas industry or the public. The Rulings Panel must either approve the settlement, in which case the settlement is final and binding on all participants; or reject the settlement. Settlements must be published The co-regulatory body must publish the terms of every settlement approved by the Rulings Panel under regulation 31. However, the Rulings Panel may direct the co-regulatory body not to publish any part, or all, of any particular settlement if the Rulings Panel considers that there are special circumstances that justify the non-publication. What happens if Rulings Panel rejects settlement If the Rulings Panel rejects a settlement under regulation 31(3), it must direct the investigator to further endeavour to effect a settlement under regulation 29; or direct the investigator to abandon the investigation; or determine the alleged breach itself under regulations 35 to 46. What happens if investigator unable to effect settlement If, within the timeframe specified in subclause (2), an investigator is unable to effect a settlement between the parties, the investigator must refer the alleged breach to the Rulings Panel for determination. The timeframe is within 30 working days (or any longer period that the investigator agrees in writing) of the alleged breach being referred to the investigator under regulation 19; or if applicable, within 10 working days of the investigator further endeavouring to effect a settlement under a direction given under regulation 33(a). Procedure if alleged breach is determined by Rulings Panel Process if Rulings Panel to determine alleged breach This regulation applies if the Rulings Panel decides under regulation 33(c) that it will determine an alleged breach itself; or must determine an alleged breach under regulation 34 because an investigator has been unable to effect a settlement between the parties. The investigator must provide to the Rulings Panel a report and recommendation sufficient to enable the Rulings Panel to determine the alleged breach. The report must, to the extent reasonably practicable, specify or contain the following: the rule allegedly breached; and the participant allegedly in breach; and the estimated date and time the breach allegedly occurred; and the relevant issues raised by the participant allegedly in breach in response to the allegations of breach; and the comments made to the investigator by any other person in response to the relevant issues raised by the participant allegedly in breach; and any additional information that the investigator considers relevant to the decision of the Rulings Panel as to how the matter may be dealt with by the Rulings Panel; and the investigator's assessment of the impact of the conduct alleged to constitute the breach on the other participants; and the investigator's assessment of the likelihood of the alleged breach recurring; and details of any similar situations previously dealt with by the Rulings Panel, including any settlement approved by the Rulings Panel under regulation 31(3) in response to those situations (if known by the investigator); and a copy of all correspondence with the investigator or market administrator relating to the alleged breach. The investigator must use reasonable endeavours to give the report to the Rulings Panel within 5 working days of the Rulings Panel deciding that it will determine the alleged breach; or the investigator referring the alleged breach to the Rulings Panel for determination under regulation 34. The investigator must forward a copy of the report to the following parties as soon as practicable: the notifying participant or other person that gave the breach notice; and the participant allegedly in breach; and any other participant that has joined as a party to the breach notice under regulation 12. Rulings Panel to set date for considering alleged breach If regulation 35(1) applies, the Rulings Panel must set a date for considering the alleged breach, and must give to the persons referred to in subclause (2), at least 20 working days written notice of the place, date, and time at which the Rulings Panel will consider the alleged breach. The following persons are entitled to be heard at the hearing or to provide written submissions and evidence if the matter is not set down for a hearing: the notifying participant or other person that gave the breach notice: the participant allegedly in breach: any participant that has joined as a party to the breach notice under regulation 12: the investigator who investigated the alleged breach. Part 2 Proceedings of Rulings Panel Rulings Panel may regulate own procedures The Rulings Panel may regulate its own procedures, except as otherwise provided in these regulations, and subject to the requirements of natural justice. The Rulings Panel must provide a summary of its procedures to the co-regulatory body and the co-regulatory body must publish those procedures. Rulings Panel must conduct hearings The Rulings Panel must set a matter that is being considered by the Rulings Panel down for a hearing if the Rulings Panel considers that it is appropriate for any participant to be given an opportunity to be heard; or if any participant requests a hearing in respect of the matter. Hearings must be in public, unless the Rulings Panel directs otherwise. If a matter is not set down for a hearing, the Rulings Panel must consider and decide the matter on the basis of the written submissions and evidence that it has received. Pre-hearing statements and materials If a matter is set down for a hearing, the Rulings Panel must ensure that the persons referred to in regulation 36(2) have been provided with a statement of the matter under consideration; and a copy of all relevant material collected or prepared during the course of the investigation of the matter up to the time the statement is provided. The Rulings Panel must comply with subclause (1) not less than 10 working days before the hearing; or if the Rulings Panel, in its discretion, decides that an urgent hearing is desirable, as soon as practicable. Private hearings may be opposed If the Rulings Panel considers that a hearing should be private, it must advise the co-regulatory body and the co-regulatory body must publish the decision of the Rulings Panel and the grounds for that decision. If a participant disagrees with this decision, it may make a written submission to the Rulings Panel setting out the reasons for its disagreement, within 5 working days of the decision being published. The Rulings Panel must consider the submission and then advise the co-regulatory body of its decision. The co-regulatory body publish any further decision of the Rulings Panel and the grounds for that further decision. Urgent hearings If the Rulings Panel considers that the subject matter of a hearing involves a significant area of dispute, or a matter of urgency, it must arrange for the hearing to take place as soon as practicable after the request for the hearing is made. Evidence not otherwise admissible The Rulings Panel, in carrying out any hearing, may receive in evidence any statement, document, or information that would not be otherwise admissible as evidence that may in its opinion assist it to deal effectively with the matter. This regulation is subject to regulation 27. Rights of persons entitled to be heard at Rulings Panel hearing Subject to regulations 38 to 40, any person that is entitled to be heard under regulation 36(2) at any hearing of the Rulings Panel, is entitled to be represented: must be given a reasonable opportunity to make written and oral representations: is entitled to call witnesses and to cross-examine any witness called against it: is entitled to make a plea to the Rulings Panel in mitigation of penalties: is entitled to have any other person present to give evidence. At any hearing of the Rulings Panel, the investigator who has investigated the alleged breach must, if requested to do so by the Rulings Panel, speak to his or her report and recommendation provided under regulation 35(2). Rulings Panel may request further information The Rulings Panel may request the investigator to obtain any further information if the Rulings Panel considers that, in relation to any matter before it, the Rulings Panel does not have sufficient information for it to determine what action to take under regulation 47. The Rulings Panel may make the request of its own initiative or following an application by any person referred to in regulation 36(2). Participants must provide any information reasonably requested by the Rulings Panel or the investigator under this regulation. Subclause (3) is subject to regulation 27. Rulings Panel may seek advice The co-regulatory body may approve as industry experts any external auditor, technical expert, or other person to give advice or assistance to the Rulings Panel as and when required. In determining an alleged breach of the rules, the Rulings Panel may, subject to the agreement of the co-regulatory body, employ or otherwise seek advice or assistance from not more than 2 industry experts approved by the co-regulatory body. Participant may make written submissions Any person referred to in regulation 36(2) may make written submissions to the Rulings Panel on the subject of any penalty or order that the Rulings Panel may make in relation to that matter. Any submission under this regulation must be made by the date set by the Rulings Panel as the closing date for submissions. Part 3 Decisions Of Rulings Panel Orders that Rulings Panel may make Rulings Panel may make certain orders The Rulings Panel may, after considering any matter referred to it in respect of an allegation that a participant has breached the rules, make any order specified in section 43X(1) of the Act. Offence to breach compliance orders Every participant commits an offence, and is liable on summary conviction to a fine not exceeding $20,000, who breaches an order made under section 43X(1) of the Act. Rulings Panel may order payment of civil pecuniary penalty up to $20,000 The Rulings Panel may require a participant to pay to the Crown a civil pecuniary penalty of an amount not exceeding $20,000 in any case where that participant has breached any provision of the rules. When ordering payment of a civil pecuniary penalty, the Rulings Panel must take account of the level of civil pecuniary penalties it has ordered in any similar situations; and (seek to order payment of a civil pecuniary penalty that is commensurate with the seriousness of the case. In making that assessment, the Rulings Panel must have regard to the following matters: the severity of the breach: the impact of the breach on other participants: the extent to which the breach was inadvertent, negligent, deliberate, or otherwise: the circumstances in which the breach occurred: any previous breach of the rules by the participant: whether the participant disclosed the matter to the market administrator: the length of time the breach remained unresolved: the participant's actions on learning of the breach: any benefit that the participant obtained, or expected to obtain, as a result of the breach: any other matters that the Rulings Panel thinks fit. Rulings Panel decisions The Rulings Panel must use reasonable endeavours to make its final decision on each matter under its consideration within 40 working days of the date that it has received all written and oral submissions on the matter. The Rulings Panel must give the decision, in writing and together with the reasons for the decision, to the persons that were entitled to be heard under regulation 36(2). The Rulings Panel must notify the decision to the co-regulatory body as soon as practicable after it has made a final decision. Decisions must be published The co-regulatory body must publish the terms of every decision made by the Rulings Panel under this Part, together with the reasons for the Panel's decision, within 10 working days of receiving the decision from the Rulings Panel. However, the co-regulatory body must not publish any part, or all, of any particular decision if the Rulings Panel advises the co-regulatory body that there are special circumstances that justify the non-publication. Participants must comply with orders and directions Every participant must comply with every order relating to it, including any direction or arrangement made by the Rulings Panel for the purpose of giving effect to the order. Every participant must perform any action, or make any payment, directed by the Rulings Panel within 10 working days of receiving notice of the direction, or any longer period that the Rulings Panel allows. Sums to be paid by party are debt due Any sum due to be paid by a participant under these regulations is a debt due by the participant and is recoverable as such in court. A failure by a participant to pay a sum due to be paid under these regulations is a breach of these regulations. A sum that is not paid when due bears interest at the prescribed rate (within the meaning of section 87 of the Judicature Act 1908). Part 4 Rulings Panel Establishment of Rulings Panel Establishment of Rulings Panel A Rulings Panel is established. The Rulings Panel is a body corporate with perpetual succession. Functions of Rulings Panel Functions of Rulings Panel The functions of the Rulings Panel are to determine, in accordance with these regulations, whether a participant has committed a breach of the rules: propose to the co-regulatory body that it recommend to the Minister that a change should be made to any regulation or rule that the Rulings Panel considers, in the course of conducting any hearing of a matter, to be necessary or desirable: exercise any other functions or powers conferred on the Rulings Panel by these regulations. Membership of Rulings Panel Membership of Rulings Panel The co-regulatory body must, by written notice, appoint one person with the characteristics described in regulation 64 to be the member of the Rulings Panel. A member of the board of the co-regulatory body may not be the member of the Rulings Panel. The appointment is effective from the latest of the date specified in the notice of appointment; or the day that the appointee provides the co-regulatory body with written consent to the appointment and a written undertaking to be bound by these regulations. Alternate member The co-regulatory body may appoint as an alternate member of the Rulings Panel, a person with the characteristics described in regulation 64 who may act as the alternate of the member of the Rulings Panel in accordance with this regulation. The alternate member may act in place of the member, but only if the member is unable by illness, absence, or other reason to act as the member. The alternate member is to be treated as the member of the Rulings Panel for the purposes of the performance or exercise of any function, duty, or power under these regulations. Unless the context otherwise requires, a reference to a member in these regulations also includes a reference to the alternate member. No appointment of a person under this regulation as the alternate member and no acts done by that person or the Rulings Panel while that person is the alternate member, may in any proceedings be questioned on the ground that the occasion of the person's appointment had not arisen or had ceased. Restrictions on membership of Rulings Panel The following persons are disqualified from being the member of the Rulings Panel: a person who is an undischarged bankrupt: a person who is prohibited from being a director or promoter of, or being concerned or taking part in the management of, a company under section 382, 383, or 385 of the Companies Act 1993: a person who is subject to a property order made under section 10, 11, 12, 30, or 31 of the Protection of Personal and Property Rights Act 1988, or whose property is managed by a trustee corporation under section 32 of that Act: a person who has been convicted of an offence punishable by imprisonment for a term of 2 years or more or who has been sentenced to imprisonment for any other offence, unless that person has obtained a pardon or served the sentence or otherwise suffered the penalty imposed on the person: a person who has failed to disclose all interests under regulation 64: a person who is not a natural person. Term of appointment The member of the Rulings Panel holds office for the term specified in his or her notice of appointment, which may be up to 5 years; and may be reappointed; and continues in office despite the expiry of his or her term of office until the member is reappointed; or the member's successor is appointed; or the co-regulatory body informs the member by written notice that the member is not to be reappointed and no successor is to be appointed. This clause is subject to regulation 62. Removal and resignation of member The co-regulatory body must remove the member of the Rulings Panel in the event of that member's serious misconduct, inability to perform the functions of the office, or if the member becomes a person to whom any of the paragraphs in regulation 58 apply. The co-regulatory body must state its reasons in any notice of removal. The co-regulatory body must fill the vacancy created by a removal as soon as possible. The member of the Rulings Panel may resign from office by written notice to the co-regulatory body signed by the member. The resignation is effective on receipt by the co-regulatory body of the notice, or at any later time specified in the notice. No compensation The member of the Rulings Panel is not entitled to any compensation or other payment or benefit relating to his or her removal from office. Member ceasing to hold office The member of the Rulings Panel ceases to hold office if he or she resigns in accordance with regulation 60; or is removed from office in accordance with regulation 60 or any other enactment; or becomes disqualified from being a member under regulation 58; or otherwise ceases to hold office in accordance with any enactment. Validity of acts The acts of a person as the member of the Rulings Panel are valid even if the person's appointment was defective; or the person is not qualified for appointment. Characteristics of Rulings Panel The Rulings Panel must have the requisite knowledge, skills, and experience to carry out the functions to be performed by the Rulings Panel; and must act impartially in carrying out those functions. Member of Rulings Panel must not be interested No person may be appointed as the member of the Rulings Panel if that person has a material financial interest in a participant; or is a director, officer, member, employee, or trustee of a participant; or is otherwise directly or indirectly materially interested in a participant. The member is "interested" in a matter relating to the Rulings Panel if, and only if, the member is a party to, or will or may derive a material financial benefit from the matter; or has a material financial interest in another party to the matter or in a person to whom the matter relates; or is a director, officer, member, or trustee of another party to, or a person who will or may derive a material financial benefit from the matter; or is the parent, child, or spouse of another party to, or a person who will or may derive a material financial benefit from the matter; or is otherwise directly or indirectly materially interested in the matter. Obligation to disclose interest The member of the Rulings Panel who is interested in a matter relating to the Rulings Panel must disclose the nature of the interest in accordance with regulation 67 as soon as practicable after the member becomes aware that he or she is interested; and immediately step aside from any deliberations or decision of the Rulings Panel in relation to the matter. If subclause (1) applies, the alternate member must act in place of the member. Method of disclosure of interest If regulation 66 applies, the member must disclose the details listed in subclause (2) in an interests register and to the co-regulatory body. The details are the nature of the interest and the monetary value of the interest (if the monetary value can be quantified); or the nature and extent of the interest (if the monetary value cannot be quantified). Remuneration and expenses of Rulings Panel member The member of the Rulings Panel is entitled to receive, from the funds of the Rulings Panel, remuneration and other benefits for services as a member at a rate and of a kind determined by the co-regulatory body; and reasonable and actual travelling and other expenses relating to the performance of his or her duties and responsibilities as a member.. Other matters relating to Rulings Panel Funding of Rulings Panel The co-regulatory body must fund the Rulings Panel. The co-regulatory body may recover the costs of that funding from industry participants via levy regulations made under the Act. Powers The Rulings Panel has all the powers necessary to enable it to perform its functions. Miscellaneous provisions Rulings Panel to keep information confidential The Rulings Panel must keep confidential all information provided or disclosed to it under these regulations except to the extent that disclosure is required to enable the Rulings Panel to carry out its obligations and duties under these regulations; or is necessary for complying with regulations 66 and 67; or is otherwise compelled by a law other than these regulations. Rulings Panel may prohibit publication of information The Rulings Panel may prohibit the publication or communication of any information or document that is, or is intended to be, supplied or given or tendered to, or obtained by, the Rulings Panel under these regulations; or in connection with any notification, investigation, report, or procedure under Part 1 or 2 or 3. The Rulings Panel may make the prohibition only after it has had regard to the following factors: whether the information or document is confidential, commercially sensitive, or otherwise unsuited to publication or communication; and whether the publication or communication is required to enable the Rulings Panel to carry out its obligations under these regulations; and whether the publication or communication is compelled by a law other than these regulations; and the rules of natural justice. The Rulings Panel may make the prohibition on the application of any participant or on its own application; but only after notifying each participant that the Rulings Panel considers would be affected by the publication, communication, or prohibition; and only after having regard to any views that the participant may make known to the Rulings Panel within the time specified by the Panel. Liability of Rulings Panel member No member or employee of the Rulings Panel is personally liable for any liability of the Rulings Panel; or any act done or omitted to be done by the Rulings Panel, any member, or any employee of the Rulings Panel, in good faith in pursuance or intended pursuance of the functions, duties, or powers of the Rulings Panel. Rulings Panel costs and performance objectives As early as practicable before the beginning of each financial year, the co-regulatory body and the Rulings Panel must agree on a budget for the expenses anticipated by the Rulings Panel, and on any performance objectives for the next 12 months. Each month, the Rulings Panel must provide the co-regulatory body with a written report on actual costs incurred during the month compared with budgeted costs. If the Rulings Panel anticipates incurring expenditure in excess of any budgeted amount, it must notify the co-regulatory body and apply for a variation to the agreed budget. Rulings Panel reports quarterly on other matters At the end of each quarter of the financial year, the Rulings Panel must provide the co-regulatory body with a summary of the decisions made by the Rulings Panel during that quarter, including details of all awards of costs and compensation; and a summary of the current workload of the Rulings Panel, ability to meet performance objectives, and resources; and any other matters of concern. Rulings Panel reports annually At the end of each financial year, the Rulings Panel must provide the co-regulatory body with an annual report summarising the performance of the Rulings Panel against budget for the financial year; and summarising the decisions of the Rulings Panel during the financial year; and summarising the performance of the Rulings Panel during the financial year against agreed performance objectives; and commenting on any area of these regulations or the rules where the Rulings Panel considers that a change is required.      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