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 7.3B - CRISIS RESOLUTION FOR CS FACILITY LICENSEES  

Division 5 - Directions  

Subdivision B - Directions to give information to assist crisis management  

SECTION 841A   RESERVE BANK ' S DIRECTIONS POWER - INFORMATION TO ASSIST CRISIS MANAGEMENT  

841A(1)    
The Reserve Bank may, in writing, direct a person to give the Reserve Bank specified information, specified documents, or documents containing specified information, relating to the business of a body corporate if:

(a)    the body corporate:

(i) is a CS facility licensee; or

(ii) is a related body corporate of a CS facility licensee that is incorporated in Australia; or

(iii) was a related body corporate of a CS facility licensee before a transfer of business or shares under this Part and is incorporated in Australia; and

(b)    the Reserve Bank reasonably believes that the information or documents would assist the Reserve Bank to manage or respond to a condition in section 831A being satisfied in relation to the licensee; and

(c)    the Reserve Bank reasonably believes that the person can give the Reserve Bank the information or documents.

Note: The secrecy provision in section 79A of the Reserve Bank Act 1959 applies to information and documents obtained by the Reserve Bank under this section.

841A(2)    
The direction:

(a)    must specify a reasonable time by which, or a reasonable period during which, it is to be complied with; and

(b)    may specify the form and manner in which the information or documents must be given.

841A(3)    
The person must comply with the direction.

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

841A(4)    
If the person fails to comply with the direction, the Reserve Bank may apply to the Court for, and the Court may make, an order that the person comply with the direction.