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 7.5B - REGULATION OF FINANCIAL BENCHMARKS  

Division 2 - Licensing of financial benchmarks  

Subdivision H - Other matters  

SECTION 908BWA   ASIC ' S POWER TO REQUIRE EXPERT REPORT  

Expert appointed by ASIC

908BWA(1)    
ASIC may, by written notice given to a benchmark administrator licensee and a person (the expert ), appoint the expert to provide ASIC with an expert report on specified matters relating to the licensee ' s compliance with its obligations as a benchmark administrator licensee under this Chapter.

908BWA(2)    
ASIC may, by written notice given to the licensee, direct the licensee to reimburse ASIC for ASIC ' s expenses that:

(a)    are incurred in appointing and paying the expert to provide the report; and

(b)    are specified in the notice.

Expert appointed by licensee

908BWA(3)    
ASIC may, by written notice given to a benchmark administrator licensee, direct the licensee to appoint a person to provide ASIC with an expert report on specified matters relating to the licensee ' s compliance with its obligations as a benchmark administrator licensee under this Chapter.

Qualifications for appointment

908BWA(4)    
However, a person cannot be appointed under subsection (1) or (3) unless ASIC:

(a)    is satisfied that the person has the necessary skills or experience to provide the expert report; and

(b)    if subsection (3) applies - has approved the proposed appointment of the person.

Licensee ' s obligations

908BWA(5)    
The licensee must give all information, explanation and assistance to a person appointed under subsection (1) or (3) as the person reasonably requests for the preparation and provision of the expert report.

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

908BWA(6)    
If, under subsection (2) , ASIC directs the licensee to reimburse ASIC for ASIC ' s expenses, an amount equal to those expenses:

(a)    is a debt due and payable to ASIC; and

(b)    is recoverable by ASIC in:

(i) the Federal Court; or

(ii) the Federal Circuit and Family Court of Australia (Division 2); or

(iii) a court of a State or Territory that has jurisdiction in relation to the matter.

908BWA(7)    
The licensee must comply with any direction given under subsection (3) to the licensee.

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