Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history note[
CCH Note:
No 13 of 2018, Sch 1[31] contains the following Application of amendments (effective 6 March 2018):
31 Application of amendments
]
(1)
The amendments made by this Part apply on and after the day on which the first authorisation of an external dispute resolution scheme, under Part
7.10A
of the
Corporations Act 2001
as amended by Part 1 of this Schedule, comes into force.
(2)
Without limiting subitem (1), the amendments made by items 13, 14 and 29 apply in relation to disclosures of information made on and after the day on which that authorisation comes into force, whether the information was acquired before, on or after that day.
ASIC may give AFCA a written direction under this section if ASIC considers that AFCA has not done all things reasonably practicable to ensure that the operations of the AFCA scheme are sufficiently financed.
1052BA(2)
The direction must set out the specific measures that AFCA must take to ensure that the operations of the AFCA scheme are sufficiently financed.
1052BA(3)
ASIC must not give a direction under this section unless ASIC has given AFCA written notice of at least 1 month of ASIC ' s intention to issue the direction.
1052BA(4)
AFCA must comply with a direction made under this section.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
1052BA(5)
If AFCA fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that AFCA comply with the direction.
1052BA(6)
A direction made under this section is not a legislative instrument.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.