S.L. 549.50 Art. 14Financial guarantee.

(1) The competent authority shall, prior to the commencement of any operations involving the accumulation or deposit of extractive waste in a waste facility, require a financial guarantee (such as in the form of a financial deposit, including industry-sponsored mutual guarantee funds) or the equivalent, in accordance with procedures to be decided by the competent authority, so that:

(a) all obligations under the permit issued pursuant to these regulations, including after-closure provisions, are discharged; and

(b) there are funds readily available at any given time for the rehabilitation of the land affected by the waste facility, as described in the waste management plan prepared pursuant to regulation 7 and required by the regulation 9 permit.

(2) The calculation of the guarantee referred to in sub-regulation (1) shall be made on the basis of:

(a) the likely environmental impact of the waste facility, taking into account in particular the category of the waste facility, the characteristics of the waste and the future use of the rehabilitated land; and

(b) the assumption that independent and suitably qualified third parties will assess and perform any rehabilitation work needed.

(3) The size of the guarantee shall be periodically adjusted in accordance with any rehabilitation work needed to be carried out on the land affected by the waste facility, as described in the waste management plan prepared pursuant to regulation 7 and required by the regulation 9 permit.

(4) Where the competent authority approves closure in accordance with regulation 12(2), it shall provide the operator with a written statement releasing him from the guarantee obligation referred to in sub-regulation (1) with the exception of after-closure obligations as referred to in regulation 12(3).