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 G - Other matters relating to ASIC or Reserve Bank powers  

SECTION 823W   ALL ASIC AND RESERVE BANK DIRECTIONS ETC. UNDER THIS PART - FAILURE BY OFFICERS TO TAKE REASONABLE STEPS TO ENSURE COMPLIANCE  

823W(1)    
An officer of a CS facility licensee contravenes this subsection if:

(a)    the officer fails to take reasonable steps to ensure that the licensee complies with a direction given under this Part by ASIC, or the Reserve Bank, to the licensee; and

(b)    it would be reasonable to expect that the officer ' s duties include ensuring that the licensee complies with that direction.

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

823W(2)    
If an officer of a CS facility licensee contravenes subsection (1) , the officer contravenes that subsection in respect of:

(a)    the first day the contravention happens; and

(b)    each later day (if any) the circumstances that gave rise to the contravention continue (including the day of conviction for any such offence or any later day).

Note: This subsection does not imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

823W(3)    
For the purposes of subsection (2) , a contravention of subsection (1) by an officer of a CS facility licensee in respect of a direction given to the licensee under subsection 823BB(8) or 823BC(8) is taken to begin on the later of:

(a)    the day by which the licensee was required to comply with the direction; and

(b)    the first day on which paragraph (1)(b) applied in relation to the officer and the direction.