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 7.10B - FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT  

Division 4 - Powers, reporting and information sharing  

Subdivision A - Powers of CSLR operator  

SECTION 1069D   POWER TO OBTAIN INFORMATION AND DOCUMENTS  

1069D(1)    
If the CSLR operator has reason to believe that a person is capable of giving information or producing documents relevant to an application for compensation under this Part, the CSLR operator may, by written notice to the person, require the person:

(a)    to give to the CSLR operator, by writing, any such information; or

(b)    to produce to the CSLR operator such documents or copies of such documents as are stated in the notice;

in the manner and within the period specified in the notice.

1069D(2)    
The period specified in a notice given under subsection (1) must be at least 14 days after the day the notice is given.

1069D(3)    
If documents (whether originals or copies) are so produced, the CSLR operator:

(a)    may take possession of, and may make copies of, or take extracts from, the documents; and

(b)    may keep the documents for as long as is necessary for the purpose of dealing with the application; and

(c)    must, while keeping the documents, permit a person who would be entitled to inspect any one or more of them (if the documents were not in the possession of the CSLR operator) to inspect at all reasonable times such of the documents as that person would be so entitled to inspect.

1069D(4)    
A person must not fail to comply with a requirement made by the CSLR operator under subsection (1) .

Penalty: 30 penalty units.

1069D(5)    
Subsection (4) is an offence of strict liability.

1069D(6)    
Subsection (4) does not apply to the extent that the person has a reasonable excuse.

Note: A defendant bears an evidential burden in relation to the matter in this subsection (see subsection 13.3(3) of the Criminal Code ).

1069D(7)    
If a person who is, or was, a member of the AFCA scheme fails, without a reasonable excuse, to comply with a requirement made by the CSLR operator under subsection (1) , the CSLR operator must notify AFCA and ASIC of the person ' s failure to comply with the notice.

1069D(8)    
The CSLR operator must not require ASIC to give information or produce documents under this section.

Note: For information sharing between ASIC and the CSLR operator, see subparagraph 127(4)(aa)(ia) of the Australian Securities and Investments Commission Act 2001 .