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 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 5 - Provisions common to both kinds of compensation arrangements  

SECTION 892D   POWERS OF PART 7.5 AUTHORITY TO REQUIRE PRODUCTION OR DELIVERY OF DOCUMENTS OR STATEMENTS  

892D(1)    

The Part 7.5 authority in relation to Division 3 arrangements or Division 4 arrangements may require a person:

(a)    to deliver to the Part 7.5 authority documents or copies of documents, including documents of, or evidencing, title to financial products; or

(b)    to make out and deliver to the Part 7.5 authority a statement of evidence;

that the Part 7.5 authority considers will assist it in determining a claim for compensation that has been made, or that the Part 7.5 authority considers are necessary for the purpose of exercising the subrogated rights and remedies it has in relation to a claim (see section 892F ).

892D(2)    
The requirement must be made by notice in writing given to the person. The notice must:

(a)    so far as it requires documents or copies referred to in paragraph (1)(a) - identify or describe the documents or copies that are required; and

(b)    so far as it requires a statement referred to in paragraph (1)(b) - describe the matters in relation to which the person's evidence is required, and set out any requirements to be complied with in relation to how the statement is made out.

892D(3)    
The person must comply with the requirement.

892D(4)    

If the person fails, without reasonable excuse, to comply with the requirement, the Part 7.5 authority may apply to the Court for, and the Court may make, an order that the person comply with the direction.

892D(5)    

If the person fails, without reasonable excuse, to comply with the requirement, the Part 7.5 authority may disallow a claim made by the person.

Note: This subsection would not apply if the person subject to the requirement were someone other than a claimant.

892D(6)    

The Part 7.5 authority may, in writing, delegate the power given by this section to a person involved in the administration of the Division 3 arrangements or Division 4 arrangements.

892D(7)    

The relevant authority must return any documents (other than copies of documents) provided to it under this section as soon as practicable after the claim referred to in subsection (1) has been determined, and any proceedings relating to the determination of the claim (including any arising from the subrogation of the Part 7.5 authority for the claimant) have been completed.

892D(8)    

Subsection (7) does not apply if:

(a)    another law prohibits or prevents the return of the documents; or

(b)    the documents are no longer in the custody of the Part 7.5 authority; or

(c)    the person tells the Part 7.5 authority that the person does not want the documents back.