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 D - Reserve Bank ' s directions powers  

SECTION 823G   RESERVE BANK ' S DIRECTIONS POWER - DIRECTIONS TO ENHANCE RESOLVABILITY  

823G(1)    
The Reserve Bank may, by written notice given to:

(a)    a body corporate that is a CS facility licensee; or

(b)    a body corporate that:

(i) is a related body corporate of a CS facility licensee; and

(ii) is incorporated in Australia;

direct the body corporate to take:

(c)    specified measures to comply with all or part of one or more standards in force under section 827DA that applies to the body corporate, if the Reserve Bank reasonably believes that the body corporate is not complying with those standards or parts; or

(d)    specified action to manage or resolve an impediment to the effective management of or response to a condition in section 831A being satisfied in relation to the CS facility licensee, if the Reserve Bank reasonably believes that the body corporate:

(i) has not done; or

(ii) is unlikely to do;

all things reasonably practicable to manage or resolve the impediment.

823G(2)    
The direction must specify a reasonable time by which, or a reasonable period during which, it is to be complied with.

823G(3)    
The body corporate must comply with the direction.

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