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 G - Directions to licensees  

SECTION 908BV   ASIC ' S POWER TO GIVE DIRECTIONS REQUIRING REPORTS  

908BV(1)    
ASIC may, in writing, direct a benchmark administrator licensee to give ASIC a report that:

(a)    deals with specified matters; and

(b)    if ASIC requires - includes an audit statement on the licensee ' s report on those matters.

908BV(2)    
A direction under subsection (1) must specify:

(a)    a reasonable period for giving ASIC the report; and

(b)    if paragraph (1)(b) applies - a person or body that is suitably qualified to prepare the audit statement.

908BV(3)    
(Repealed by No 87 of 2024, s 3, Sch 3[163] (effective 24 September 2024).)

908BV(4)    
A person commits an offence if:

(a)    the person is a benchmark administrator licensee; and

(b)    the person is given a direction under subsection (1) ; and

(c)    the person fails to comply with the direction.

Penalty: 100 penalty units.

908BV(5)    
A direction under subsection (1) is not a legislative instrument.