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 7.5B - REGULATION OF FINANCIAL BENCHMARKS  

Division 2 - Licensing of financial benchmarks  

Subdivision F - Other obligations of licensees  

SECTION 908BQ   OBLIGATION TO NOTIFY ASIC OF CERTAIN MATTERS  

908BQ(1)    
A person commits an offence if:

(a) the person is a benchmark administrator licensee; and

(b) the licensee becomes aware of any of the following events:

(i) that the licensee may no longer be able to comply with an obligation under section 908BP ;

(ii) that the licensee has failed to comply with an obligation under section 908BP ;

(iii) that a person becomes or ceases to be a director, secretary or senior manager of the licensee;

(iv) that a person becomes or ceases to be a director, secretary or senior manager of a holding company of the licensee; and

(c) the licensee fails to give written notice to ASIC of:

(i) the event; and

(ii) such related information (if any) as is prescribed by the regulations for the purposes of this subparagraph;

as soon as practicable after becoming aware of the event.

Penalty: 100 penalty units.

908BQ(2)    
Without limiting subparagraph (1)(b)(iii) or (iv), that subparagraph applies to the case where a person:

(a) changes from one of the positions mentioned in that subparagraph to another; or

(b) changes from a position mentioned in that subparagraph to a position mentioned in the other subparagraph.