Commonwealth Consolidated Acts

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ASIC may require consolidation of compliance plan to be lodged

             (1)  ASIC may give the corporate director of a retail CCIV a direction, in writing, to lodge a consolidated copy of the CCIV's compliance plan with ASIC. The direction must specify the period (which must be at least 14 days after the direction is given) within which the corporate director must lodge the consolidation.

             (2)  The consolidation must set out:

                     (a)  the plan as modified to the time of lodgement; and

                     (b)  if required by ASIC's direction--the full text of provisions taken to be included in the plan by subsection 1226B(2).

             (3)  The corporate director must comply with the direction within the period specified in the notice.

             (4)  An offence based on subsection (3) is an offence of strict liability.

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