Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteExpert appointed by ASIC
823BB(1)
ASIC may, by written notice given to a CS facility 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 CS facility licensee under this Chapter.
823BB(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.
823BB(3)
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.
Expert appointed by licensee
823BB(4)
ASIC may, by written notice given to a CS facility 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 CS facility licensee under this Part.
823BB(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
823BB(6)
A person cannot be appointed under subsection (1) , or as directed under subsection (4) , unless ASIC: (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
823BB(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.
823BB(8)
If a person requests the licensee to give the person information, explanation or assistance under subsection (7) , ASIC may, by written notice given to the licensee, direct the licensee to comply with the request by a specified day.
823BB(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) .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
