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 7.3 - LICENSING OF CLEARING AND SETTLEMENT FACILITIES  

Division 2 - Regulation of CS facility licensees  

Subdivision C - Powers of ASIC and the Reserve Bank in relation to licensees  

SECTION 823CA   RESERVE BANK ASSESSMENT OF COMPLIANCE  

823CA(1)    

The Reserve Bank may do an assessment of:

(a)    how well a CS facility licensee is complying with standards determined under section 827D or 827DA ; or

(b)    how well a related body corporate of a CS facility licensee is complying with standards determined under section 827DA .

In doing the assessment, the Reserve Bank may take account of any information and reports that it thinks appropriate, including information and reports from an overseas regulatory authority.

823CA(1A)    

If the CS facility licensee is prescribed by the regulations for the purpose of this subsection, the Reserve Bank must do such an assessment at least once a year.

823CA(2)    

As soon as practicable after doing an assessment under this section, the Reserve Bank must give a written report on the assessment to ASIC.

823CA(3)    
If an assessment, or part of an assessment, relates to any other person ' s affairs to a material extent, the Reserve Bank may, at the person ' s request or of its own motion, give the person a copy of the written report on the assessment or the relevant part of the report.

823CA(4)    
If an assessment, or part of an assessment, relates to a serious contravention of a law of the Commonwealth or of a State or Territory, the Reserve Bank may give a copy of the written report on the assessment, or the relevant part of the report, to:

(a)    the Australian Federal Police; or

(b)    

the Chief Executive Officer of the Australian Crime Commission or a member of the staff of the ACC (within the meaning of the Australian Crime Commission Act 2002 ); or

(c)    the Director of Public Prosecutions; or

(d)    an agency prescribed by regulations made for the purposes of this paragraph.

823CA(5)    

The Reserve Bank may cause the written report on an assessment, or part of the report on an assessment, to be published.