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 C - Powers of ASIC and the Reserve Bank in relation to licensees  

SECTION 823BC   RESERVE BANK ' S POWER TO REQUIRE EXPERT REPORT  

Expert appointed by Reserve Bank

823BC(1)    
The Reserve Bank may, by written notice given to a CS facility licensee and a person (the expert ), appoint the expert to provide the Reserve Bank with an expert report on specified matters relating to the licensee ' s compliance with its obligations as a CS facility licensee under this Part.

823BC(2)    
The Reserve Bank may, by written notice given to the licensee, direct the licensee to reimburse the Reserve Bank for the Reserve Bank ' s expenses that:

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

(b)    are specified in the notice.

823BC(3)    
If, under subsection (2) , the Reserve Bank directs the licensee to reimburse the Reserve Bank for the Reserve Bank ' s expenses, an amount equal to those expenses:

(a)    is a debt due and payable to the Reserve Bank; and

(b)    is recoverable by the Reserve Bank 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.

Expert appointed by licensee

823BC(4)    
The Reserve Bank may, by written notice given to a CS facility licensee, direct the licensee to appoint a person to provide the Reserve Bank with an expert report on specified matters relating to the licensee ' s compliance with its obligations as a CS facility licensee under this Part.

823BC(5)    
The licensee must comply with any direction given under subsection (4) to the licensee.

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

Qualifications for appointment

823BC(6)    
A person cannot be appointed under subsection (1) , or as directed under subsection (4) , unless the Reserve Bank:

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

(b)    if subsection (4) applies - has approved the proposed appointment of the person.

Licensee must assist expert

823BC(7)    
The licensee must give all information, explanation and assistance to a person appointed under subsection (1) , or as directed under subsection (4) , as the person reasonably requests for the preparation and provision of the expert report.

823BC(8)    
If a person requests the licensee to give the person information, explanation or assistance under subsection (7) , the Reserve Bank may, by written notice given to the licensee, direct the licensee to comply with the request by a specified day.

823BC(9)    
The licensee must comply with any direction given under subsection (8) to the licensee.

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