Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.5A - REGULATION OF DERIVATIVE TRANSACTIONS AND DERIVATIVE TRADE REPOSITORIES  

Division 5 - Regulation of licensed derivative trade repositories: other obligations and powers  

Subdivision B - Powers of Minister and ASIC to give directions etc.  

SECTION 904G   ASIC ' S DIRECTIONS POWER - LICENSEES NOT COMPLYING WITH THEIR OBLIGATIONS  

904G(1)    
ASIC may, by written notice given to a derivative trade repository licensee, direct the licensee to:

(a)    take one or more specified actions to promote compliance by the licensee with its obligations as a derivative trade repository licensee; or

(b)    refrain from taking one or more specified actions to promote compliance by the licensee with those obligations;

if ASIC considers that the licensee is not complying with those obligations.

904G(2)    
The direction:

(a)    must specify a reasonable time by which, or a reasonable period during which, it is to be complied with; and

(b)    must include the reasons for the direction; and

(c)    may deal with either or both of the matters in paragraphs (1)(a) and (b) .

904G(3)    
The licensee must comply with the direction (even if, under subsection 904GA(1) , the licensee has requested ASIC to refer the direction to the Minister).

Note: Failure to comply with this subsection is an offence: see subsection 1311(1) .

904G(4)    
If the licensee fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the licensee comply with the direction.