Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
ASIC may, by written notice given to a CS facility licensee, direct the licensee: (a) not to provide the licensee ' s services in relation to any transactions that:
(i) the licensee receives notice of after the direction is given; and
(b) to take, or refrain from taking:
(ii) relate to a specified financial product or class of financial products; or
(i) any actions; or
relating to dealings with transactions relating to a specified financial product or class of financial products;
(ii) one or more specified actions;
if subsection (2) applies.
823D(2)
This subsection applies if ASIC considers that: (a) the direction is necessary, or in the public interest, to protect people dealing in a financial product or class of financial products; or (b) the licensee has not done all things reasonably practicable to ensure the facility ' s services are provided in a fair and effective way.
823D(3)
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) .
823D(4)
The licensee must comply with the direction (even if, under subsection 823DA(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) .
823D(5)
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.
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