(1) If ASIC considers that a derivative trade repository licensee is not complying with its obligations as a derivative trade repository licensee under this Part, ASIC may give the licensee written advice that it intends to give the licensee a specified direction to do specified things that ASIC believes will promote compliance by the licensee with those obligations. The advice must include the reasons for ASIC's intention to give the direction.
(2) As soon as practicable after giving the advice to the licensee, ASIC must give notice of the advice to the operator of each financial market, and of each clearing and settlement facility, with which the licensed derivative trade repository has arrangements to provide services relating to derivative trade data.
(a) after receiving ASIC's advice and reasons, the licensee does not take steps that in ASIC's view are adequate to address the situation; and
(b) ASIC still considers that it is appropriate to give the direction to the licensee;
ASIC may give the licensee the direction, in writing, with a statement setting out the reasons for giving the direction.
(4) The direction has effect until the earlier of the following times:
(a) the time ASIC revokes the direction under subsection (9);
(b) the end of the period (which may be up to 21 days) specified in the direction as the period during which the direction is effective.
(5) While the direction has effect, the licensee must comply with the direction.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(6) If the licensee fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the licensee comply with the direction.
(7) As soon as practicable after making or varying (see subsection (8)) the direction, ASIC must give a copy of the direction or variation to each of the operators referred to in subsection (2).
(8) ASIC may vary the direction by giving written notice to the licensee.
(9) ASIC may revoke the direction by giving written notice to the licensee. ASIC must also give written notice of the revocation to each of the operators mentioned in subsection (2).