Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL AND SUSTAINABILITY REPORTING  

Division 1 - Annual financial reports, sustainability reports and directors ' reports  

Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .

SECTION 296E   ASIC DIRECTIONS  

Giving directions

296E(1)    
If ASIC considers that a statement made by an entity in a sustainability report is:

(a)    incorrect; or

(b)    incomplete; or

(c)    misleading in any way;

ASIC may, by written notice given to the entity, direct the entity to do any of the following:

(d)    confirm to ASIC that the statement is correct or complete;

(e)    explain to ASIC the statement;

(f)    give to ASIC information or documents that could substantiate or support the statement;

(g)    correct, complete or amend the statement in accordance with the direction;

(h)    if ASIC directs the entity to correct, complete or amend the statement:

(i) publish the corrected, completed or amended statement in accordance with the direction; or

(ii) give the corrected, completed or amended statement to specified persons in accordance with the direction.

296E(2)    
The entity must comply with the direction.

(a)    within the time specified in the direction, which must be a reasonable time; or

(b)    if the direction does not specify a reasonable time - within a reasonable time.

296E(3)    
ASIC may extend the time within which the entity must comply with the direction by written notice given to the entity.

296E(4)    
Before giving to an entity a notice that includes a direction under paragraph (1)(g) , or both a direction under paragraph (1)(g) and a direction under paragraph (1)(h) , ASIC must give the entity an opportunity:

(a)    to appear, or be represented, at a hearing before ASIC that takes place in private; or

(b)    to make submissions to ASIC on the matter.

Varying and revoking directions

296E(5)    
ASIC may vary a direction given under subsection (1) in like manner and subject to like conditions.

296E(6)    
ASIC may revoke a direction given under subsection (1) by written notice given to the entity.

Publication of directions

296E(7)    
As soon as practicable after giving, varying or revoking a direction mentioned in paragraph (1)(g) , ASIC must publish a notice of its action on its website.

Offences

296E(8)    
An offence based on subsection (2) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code .