Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
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Hide history noteExpert appointed by ASIC
794BA(1)
ASIC may, by written notice given to a market 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 market licensee under this Chapter.
794BA(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
794BA(3)
ASIC may, by written notice given to a market 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 market licensee under this Chapter.
Qualifications for appointment
794BA(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
794BA(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) .
794BA(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.
794BA(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) .
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