Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (87 of 2024)

Schedule 2   Financial market infrastructure: new and enhanced regulatory powers

Part 10   Enhancing ASIC powers for other licensees

Corporations Act 2001

117   After section 908BW

Insert:

908BWA ASIC's power to require expert report

Expert appointed by ASIC

(1) ASIC may, by written notice given to a benchmark administrator licensee and a person (the expert ), appoint the expert to provide ASIC with an expert report on specified matters relating to the licensee's compliance with its obligations as a benchmark administrator licensee under this Chapter.

(2) ASIC may, by written notice given to the licensee, direct the licensee to reimburse ASIC for ASIC's expenses that:

(a) are incurred in appointing and paying the expert to provide the report; and

(b) are specified in the notice.

Expert appointed by licensee

(3) ASIC may, by written notice given to a benchmark administrator licensee, direct the licensee to appoint a person to provide ASIC with an expert report on specified matters relating to the licensee's compliance with its obligations as a benchmark administrator licensee under this Chapter.

Qualifications for appointment

(4) However, a person cannot be appointed under subsection (1) or (3) unless ASIC:

(a) is satisfied that the person has the necessary skills or experience to provide the expert report; and

(b) if subsection (3) applies - has approved the proposed appointment of the person.

Licensee's obligations

(5) The licensee must give all information, explanation and assistance to a person appointed under subsection (1) or (3) as the person reasonably requests for the preparation and provision of the expert report.

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

(6) If, under subsection (2), ASIC directs the licensee to reimburse ASIC for ASIC's expenses, an amount equal to those expenses:

(a) is a debt due and payable to ASIC; and

(b) is recoverable by ASIC in:

(i) the Federal Court; or

(ii) the Federal Circuit and Family Court of Australia (Division 2); or

(iii) a court of a State or Territory that has jurisdiction in relation to the matter.

(7) The licensee must comply with any direction given under subsection (3) to the licensee.

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